Pumped Hydroelectric Storage Turbines Market to rise at CAGR of 5.01% through 2027 – Report by Market Research Future (MRFR)
New York, July 29, 2021 (GLOBE NEWSWIRE) — Pumped Hydroelectric Storage Turbines Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Pumped Hydroelectric Storage Turbines Market Research Report, Type and Region – Forecast till 2027” the market grow at a rate of 5.01% during the forecast period 2020-2027.
The global pumped hydroelectric storage turbines market witness significant traction. Factors such as the rising demand for sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. Growing challenges ranging from the pandemic to climate change, sustainable power supply, and energy storage solutions become imperative. With the rising demand for reliable and safe power supply, the market is estimated to gain significant traction during the years ahead
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Competitive Analysis
List of the Key Companies Profiled in the Pumped Hydroelectric Storage Turbines Market Research Report are:
- General Electric (US)
- Voith GmbH & Co. KGaA (Germany)
- Toshiba Corporation (Japan)
- NuStreem LLC (US)
- Mitsubishi Heavy Industries
- Ltd. (Japan)
- Natel Energy (US)
- GUGLER Water Turbines GmbH (Germany)
Manufacturers strive to increase production capacities with low weight and improved cost-efficiency. Manufacturers are exploring possibilities of expanding their global footprint and inverter portfolio after mastering their research and development.
Browse In-depth Market Research Report (155 pages) on Pumped Hydroelectric Storage Turbines
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For instance, recently, on July 11, 2021, GE Renewable Energy announced the completion of important milestones at the Tehri and Kundah pumped hydro storage projects. GE manufactured most of the equipment locally for these two pumped hydro storage power plants. Both hydropower projects use GE’s hydro turbines and pumped storage technology for power generation.
In another instance, on July 01, 2021, Drax, a leading pumped hydro plant operator and power generation company in the UK, announced its plans for a new underground pumped hydro storage power station and seek planning permission to expand its Cruachan site in Scotland to 1.04GW alongside the company’s existing 440MW pumped hydro storage station dubbed the Hollow Mountain.
Upon completion, the site would provide stability services to the power system, acting as a giant water battery. The capacity expansion would help cut energy costs by reducing the need to turn off wind energy generation.
Growing Off-Grid/ On-Grid Hydroelectric Power for Commercial and Industrial Uses
The market witnesses rising household installations of hydroelectric power systems. Besides, growing numbers of hydropower plants connected to the grid and grid-scale battery energy storage systems substantiate the market growth. Product standardization and enhanced research & innovations are major market trends, ensuing large technology adoption over the years.
Additionally, the market growth attributes to the growing need for energy conservation and reduced petroleum fuel consumption. Technological advances escalate market sales, improving hydrogen technologies. Augmenting demand for clean and reliable energy sources, alongside the benefits of hydrogen energy storage, such as reduced carbon emissions and high reliable power generation, substantiate the market demand.
High Capital Requirements Challenges Market Growth
High operation voltage in utility-scale installations requires high investments and higher system efficiency for the power devices. These contradictory requirements are major factors affecting market health. Also, prohibitive costs associated with turbine installation and hydropower generation, operations, and maintenance impede the market growth. Nevertheless, the growing power generation mix is expected to create lucrative opportunities for vendors operating in the market.
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COVID-19 Impacts
The onset of the COVID 19 pandemic had a duel effect on the pumped hydroelectric storage turbines market. Rise in demand for energy remained robust amid the COVID 19 challenges. Due to elevated electricity bills, installations of hydroelectric power generation systems were relatively high. Increasing renewable power storage applications fostered the pumped hydroelectric storage turbines industry.
On the other hand, industry players faced various problems, such as obtaining components and attracting workers from quarantines required to develop energy storage systems to deliver end products. Also, the pandemic-driven disrupted supply chains created the scarcity of key raw components and raw materials production. Resultantly, product prices were spiked, whereas the market demand was lowered. The demand for pumped hydroelectric storage turbines is estimated to increase continually, henceforth.
Segmentation
The market is segmented into types and regions. The type segment is sub-segmented into pelton and francis turbines. Of these, the pelton turbine segment accounts for the largest market share due to increasing applications in hydropower plants. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global pumped hydroelectric storage turbines market. APAC is the largest consumer market accounting for a vast population base. Besides, rising per capita disposable income and rapidly growing economies in this region create substantial energy demand. Moreover, the abundant availability of natural resources in the region allows the market to perceive increased demand.
Factors such as increasing government initiatives to foster renewable energy and the presence of many industry players in this region are major market trends. India and China hold sizeable shares in the APAC pumped hydroelectric storage turbines market. Also, vast seashores in the APAC region support the growth of the market. Rapid urbanization & industrialization in this region push the market growth, increasing energy consumption and demand.
Segmentation of Market covered in the research:
Information by Type (Pelton and Francis) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2027
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