New York, US, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Pumped Hydroelectric Storage Turbines Market Research Report: Information by Type and Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 5.6 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5.01% during the assessment timeframe.
Because of the presence of numerous international & domestic industry players, the global pumped hydroelectric storage turbines market is both fragmented and competitive. Contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and other innovative strategies have been employed by these players in order to remain at the forefront while simultaneously meeting the increasing demand of customers. They are also investing in a variety of research and development operations.
Pumped Hydroelectric Storage Turbines Market Key Players
Eminent industry players profiled in the global pumped hydroelectric storage turbines market report include-
- Voith GmbH & Co. KGaA (Germany)
- General Electric(US)
- Toshiba Corporation (Japan)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- NuStreem LLC (US)
- GUGLER Water Turbines GmbH (Germany)
- Natel Energy (US).
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Pumped Hydroelectric Storage Turbines Market Report Scope:
| Report Metric | Details |
| The revenue forecast in 2030 | USD 5.6 Billion |
| Growth Rate | CAGR of 5.01% from 2022 to 2030 |
| Key Market Opportunities | Hybrid &Symbiotic Concepts |
| Key Market Drivers | Increased Demand for Sustainable Energy in Power Generation Mix. Rising Electricity Demand. |
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Pumped Hydroelectric Storage Turbines Market Drivers
Growing Need for Reliable and Clean Energy Sources to Boost Market Growth
The growing need for reliable and clean energy sources coupled with the perks of hydrogen energy storage like high reliable power generation & reduced carbon emissions will boost market growth over the forecast period.
Pumped Hydroelectric Storage Turbines Market Opportunities
Increase in Electricity Demand to offer Robust Opportunities
As the world's population grows, so does the need for and usage of electricity. As a result, it can thus be deduced that as power demand rises, so will the demand for electricity infrastructure. The rising usage of energy in household, industrial, and transportation uses is predicted to drive up demand for power. As a result, increased demand for electricity for power generation is predicted to feed demand for pumped hydroelectric storage turbines to generate electricity globally.
Restraints and Challenges
High Investments to act as Market Restraint
High operation voltage in utility-scale installations necessitates large investments and improved power device system efficiency. These contradicting criteria have a significant impact on market health. Furthermore, the high costs of turbine installation, hydropower generation, operations, and maintenance stifle market expansion.
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Pumped Hydroelectric Storage Turbines Market Segmentation
The pumped hydroelectric storage turbines market is bifurcated based on type.
By type, the pelton turbine segment will lead the market over the forecast period. A Pelton wheel turbine basically is a hydraulic turbine that is used to generate electricity in hydropower plants. Pelton wheels are utilized where there is a high head available, such as in pumped hydroelectricity storage turbines, where the static pressure head of water is exploited.
COVID-19 Analysis
The commencement of the COVID 19 epidemic had a dual impact on the market for pumped hydroelectric storage turbines. Despite the COVID 19 problems, demand for energy has remained strong. Hydroelectric power generation system installations were relatively expensive due to rising electricity rates. The pumped hydroelectric storage turbines business has grown in response to the increased use of renewable energy storage applications. Industry participants, on the other hand, faced a variety of challenges, including as procuring components and drawing people from quarantines required to create energy storage systems to supply finished products. Furthermore, the pandemic-induced disruption of supply chains resulted in a lack of crucial core components and raw material production. As a result, product prices increased while market demand decreased. The need for pumped hydroelectric storage turbines is expected to rise steadily in the future.
Regional Analysis
APAC to Head Pumped Hydroelectric Storage Turbines Market
Asia-Pacific is one of the world's largest markets for pumped hydroelectricity storage turbines. The region has one of the world's major energy consumption markets. Energy demand is increasing in Asia-Pacific as the population grows and per capita disposable income rises. Because of projected government laws to promote investments in the renewable energy sector, emerging economies such as India and China promise significant growth. The Asia-Pacific region domineers the global market for pumped hydroelectricity storage turbines. Countries in the region are quickly developing in terms of manufacturing production and service offerings. However, growth has resulted in higher emission rates. Countries such as China & India are among the world's largest carbon dioxide producers, necessitating a sustainable energy power generation mix. Furthermore, the majority of Asia-Pacific countries have an abundance of seashores, which will help the region's expansion in hydropower generation. During the projected period, such variables will boost the global pumped hydroelectricity storage turbines in the region.
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By 2028, the Asia Pacific pumped hydro storage industry would have grown to more than 170 GW in size. Accelerating economic expansion, combined with favorable government measures aimed at deploying sustainable electrical networks, will drive regional market growth. Growing concerns about power supply security, combined with the ongoing integration of PHS systems to maintain power quality, will boost industry figures even further. Furthermore, the rapid expansion of renewable networks in places with restricted grid connection, as well as increased investments from financial institutions such as the Asian Development Bank and the International Finance Corporation, would encourage the use of renewable energy. The China market revenue is expected to expand through 2028 as a result of rising industrial electricity consumption and promising regulatory initiatives aimed at the development of the PHS sector. According to the NEA, the Chinese government announced a long-term development plan from 2021 to 2035 to increase the country's pumped storage hydropower volume to 62 million kilowatt-hours (kWh) by the end of 2025, as part of efforts to drive clean energy and meet carbon emission reduction targets. Furthermore, rapid investment and commercialization in residential and utility-based electrification units will fuel the Chinese PHS industry's growth.
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