Hydropower Turbine Market Overview:
Hydropower Turbine Market is forecast to grow at a CAGR of 3.01% and cross USD 2.86 Billion by 2025.
Top Impacting Factors
Upward investments toward the replacement of conventional power-generating technologies with advance sustainable and clean solutions are set to propel the market to a great extent. In case of point, regulators in the entire European Union has set a target to reduce carbon emissions by 20% by 2020 from 1990 levels, by promoting the utilization of renewable resources.
Factors such as rising demand for energy on a global scale, a climb in need for cleaner technologies for power production, and stern emission policy targets are liable to drive the hydro turbine market over the forecast period. Also, hydropower is considered as the world’s largest source of renewable electricity generation, grabbing 15.9% of global electricity produced in the year 2018. With new hydropower projects endorsed, the demand for hydro turbines is likely to increase.
In fact, another factor, such as ongoing technological advancement in turbine design coupled with the incorporation of IIOT devices to advance efficiency, will arouse market size inevitably. In the case point, in July 2017, NTN Corporation introduced NTN Micro Hydro Turbine, the independent power type compact hydroelectric generator, to generate electricity efficiently by placing it in the existing water channel.
One of the significant factors taking the market to the extreme level is the growing demand for the continuous power supply from local communities in off-grid areas. This could further enhance product adoption over the forecast period. Moreover, some prominent features such as improved efficiency, long life span, and high reliability and less operation & maintenance cost could encourage product adoption.
Segmentation of Market: Hydropower Turbine
The global Hydropower Turbine market is further studied among various segments, such as by type, capacity, and application.
The segmentation through capacity has included Less than 1 MW, between 1 – 10 MW, and above 10 MW segments.
The segmentation through type has included reactive, impulse, gravity, and others.
The segmentation through application has included Power Generation, Power Storage, Marine, and Aeronautics segments.
Regional Outlook
Regionally, North America has been invested heavily in the generation of hydropower as well as releasing the potential application of hydropower turbines in the marine and aeronautics field.
Also, the region of Europe has acquired a share of some of the most developed hydroelectricity generation sectors in the world. In this region, Norway recorded to generate more than 90% of its energy needs through hydropower. Europe prioritizes renewable energy and, consequently, and by this, it is thriving the European hydropower turbine market.
Asia-Pacific: The most significant and fastest-growing region for this market, Asia-pacific, has excellent hydropower potential along with tremendous energy demand. The low cost of energy conversion and the renewable nature of hydroelectricity are the chief reasons for its adoption in this region. China leads the world in the creation of hydroelectricity, and India has tremendous hydropower potential that it is just realizing.
Whereas Middle East & Africa is considered a small market, though, this region boasts the most untapped hydropower potential in the world. The rising industrialization and urbanization are solely responsible for rising energy demand. International agencies such as UNIDO are proactively promoting the setting up of micro and small hydroelectric plants in this entire region. In the last, the region of South America has limited hydropower potential when compared to other regions, and also is much underutilized. This acts as a driver for the market in the region.
Top Market Contenders
General Electric, Toshiba Energy, Andritz, Siemens, Kirloskar Brothers Ltd., Hitachi Ltd., Canyon Industries Inc., Canadian Hydro Components Ltd., Cornell Pump Co., WWS Wasserkraft GmbH, Gilbert Gilkes & Gordon, and Capstone Turbine are some of the top market contenders investing in the market on a great extent.
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