Acumen Research and Consulting Hydro Turbine Market Size 2019 - 2026 | Page 2

There are several driving factors in the hydro turbine market, such as increased demand for global energy, increasing demand for cleaner energy technologies, strict policy objectives, and more. In its 13th five-year energy development plan, China, the world’s largest hydroelectric country, intends to have a further 60 GW of hydroelectric power by 2020. The market faces some disadvantages, such as turbine design challenges, dam-related environmental concerns, relocation problems and rehabilitation of stakeholders, long periods of gestation, high installation costs for dams, and more. These factors may act as roadblocks for the growth of the market studied. In 2016, the global total installed hydroelectric capacity reached an estimated 31.5 GW, including pumped-storage capacity. The need for reliable, clean and affordable energy from countries seeking to meet the carbon reduction targets laid down in the Paris Agreement is the main driver of the capacity increase. In addition, recent years have increased the need for rapidly responding energy storage technologies, due to the rapid growth in renewable energy sources. There has been a evolving environment for river grid storage, with various new technology being delivered nearly exclusively through hydropower storage. The battery storage is evolving and increasing at a rapid pace as pumped storage still supplies more than 95 percent of the world’s energy storage demands. Some 6.4 GW of pumped storage power was installed in 2016, almost twice as much as in 2015. The above factors contribute to the growth in the world’s hydropower industry. In recent years, the hydroelectric industry has seen significant growth, as the largest end-user of hydro turbines. In order to reduce cost and improve hydro power efficiency and environmental performance, innovative technologies develop. View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/hydro-turbine- market Would like to place an order or any question, please feel free to contact at [email protected] | [phone]