The global pumped hydroelectricity storage turbines market is expected to witness exponential growth during the forecast period
The global pumped hydroelectricity storage turbines market is expected to progress with ~5.01% CAGR from 2020 to 2027.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 150 numbers of pages of the project report. Avail of the in-depth table of content & market synopsis on “Global Pumped Hydroelectricity Storage Turbines Market Information from 2020 to 2027.
Pumped-storage hydropower (PSH) is a type of hydroelectric energy storage. These systems make use of hydropower turbines to generate electricity. In this configuration, two water reservoirs at different elevations are employed to generate power as discharge water moves down through a turbine to generate electricity. Additionally, it draws power to pump recharge water to the upper reservoir. The main principle behind the operation of pumped storage power plants is both simple and ingenious. They are used to store energy and generate hydroelectric power through turbines.
There has been a rise in the demand for pumped hydroelectricity storage turbines in North America and Asia-Pacific.The market in Asia-Pacific is one of the largest markets for pumped hydroelectricity storage turbines in the world. The region is one of the largest markets for energy consumption in the world. There is an increased demand for energy in Asia-Pacific because of the growing population and rising per capita disposable income. Emerging economies such as India and China promise sizeable growth due to proposed government legislation to increase investments in the renewable energy sector.
The global pumped hydroelectricity storage turbines market is estimated to witness ~5.01% CAGR during the period from 2020 to 2027
The global market for pumped hydroelectricity storage turbines is segmented based on type and region.
By type, the pumped hydroelectricity storage turbines market is segmented into Pelton and Francis. The Pelton turbine segment is expected to hold a larger share in the global market during the forecast period. A Pelton wheel turbine is a hydraulic turbine, and its primary application is in the hydropower plant for producing electricity. Pelton wheels are used where a high head is available, as in the case of pumped hydroelectricity storage turbines, the static pressure head of water is employed.
By region, the pumped hydroelectricity storage turbines market is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific dominates the global pumped hydroelectricity storage turbines market. Countries in the region are developing rapidly in terms of manufacturing output and services offered. However, the growth has also increased the emission rates. Countries such as China and India are among the highest carbon dioxide producers globally, which in turn demand a sustainable energy power generation mix. Additionally, most of the countries in Asia-Pacific have abundant seashores, which will also support the growth of hydropower generation in the region. Such factors will drive the global pumped hydroelectricity storage turbines in the region during the forecast period
The important players operating in the global pumped hydroelectricity storage turbines market are Voith GmbH & Co. KGaA (Germany), General Electric(US), Toshiba Corporation (Japan), Mitsubishi Heavy Industries, Ltd . (Japan), NuStreem LLC (US), GUGLER Water Turbines GmbH (Germany), and Natel Energy (US).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global pumped hydroelectricity storage turbines market, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing & cost analysis.