Below are some of the key findings from the hydropower turbines market research report
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Global Hydropower Turbines Industry Overview
A key factor driving the growth of the market is the increased need for bulk energy storage. The increase in the demand for energy is a global phenomenon, owing to the rapid developments observed in sectors such as infrastructure, and the use of technology to support functioning demands for power. The need for power will continue to increase with the growing size of the population and the growth of the global economy. Adoption of renewable energies for power production is one of the solutions to reduce power shortages.
The growth in the pumped hydro storage market is identified as one of the key emerging trends in the global hydropower turbines market. Pumped hydro storage is a water storage mechanism that is used for hydropower generation based on electricity demand. The mechanism involves water pumped from a lower reservoir to an elevated reservoir with the help of reversible pumps. These pumps use the excess electricity produced by pumping water back into the elevated reservoir during low power requirements to produce electricity when required. Some of the benefits of pumped hydro storage include stability, storage capacity, and ancillary benefits. This hydropower turbines market trend is expected to drive the market to grow at a CAGR of over 4% during the forecast period.
Top hydropower turbines companies covered in this market research report
The hydropower turbines market is moderately fragmented. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, this hydropower turbines industry analysis report will aid clients to identify new growth opportunities and design new growth strategies.
The report offers a complete analysis of various companies including:
- ANDRITZ
- GENERAL ELECTRIC
- Hitachi Mitsubishi Hydro
- Siemens
- TOSHIBA
Hydropower turbines market segmentation based on geographic regions
- Americas
- APAC
- EMEA
With a complete study of the growth opportunities for the companies, the APAC region will account for the highest growth of this market throughout the forecast period. APAC led the market in 2017 with a market share of nearly 42% of the hydropower turbines market share. The market share occupied by this region is anticipated to increase during 2018-2022.
Hydropower turbines market segmentation based on application
- Small hydropower turbines
- Large hydropower turbines
The large hydropower turbines segment will account for the highest growth in the market. The large hydropower turbines segment held the largest market share in 2017, accounting for nearly 72% of the market. This application segment is expected to dominate the global market throughout the forecast period Additionally, the report also provides an accurate prediction of the contribution of the various applications segments to the growth of the hydropower turbines market size.
Key highlights of the global hydropower turbines market for the forecast years 2018-2022:
- CAGR of the market during the forecast period 2018-2022
- Detailed information on factors that will accelerate the growth of the hydropower turbines market during the next five years
- Precise estimation of the global hydropower turbines market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- Growth of the hydropower turbines industry across the Americas, APAC, and EMEA
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details on the factors that will challenge the growth of hydropower turbines companies
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