Global hydropower turbines are expected to add 1,600 gigawatts by 2022
发布时间：2020-06-19
According to Technavio's latest market research report, the global hydro-turbine market is expected to grow at a compound annual rate of more than 4% in 2018-2022.
The key driver of market growth is the increased demand for high-capacity energy storage. Due to the rapid development of infrastructure and the increasing demand for technology-supported electricity, global energy demand is constantly increasing. Meanwhile, with the expansion of population scale and global economic growth, the demand for electricity will continue to increase. Using renewable energy to generate electricity is one of the solutions to reduce power shortage and environmental damage.
Technavio highlights the growth of the pumped storage market as one of the key emerging trends in the global hydro turbine market during the forecast period.
Pumped storage is a storage mechanism used to generate hydropower based on electricity demand. This mechanism involves pumping water from a lower reservoir to an elevated reservoir with the help of a reversible pump.
In terms of product types, large hydropower turbines accounted for the largest market share in 2017, accounting for nearly 72 percent of the market. The application sector is expected to continue to dominate the global market throughout the forecast period.
Regionally, Asia-Pacific accounted for nearly 42 percent of the market in 2017, and the region's market share is expected to increase further in 2018-2022.
Globally, hydropower turbines are expected to grow by nearly 1,600 gigawatts (GW) per installed capacity by 2022.
