Hydropower Turbine Market Growth Boost by Rising Technology, Demand and Potential of Hydroelectric Power Generation
New York, US, March 31, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Hydropower turbine Market Research Report, by Type, Application, Region, and Capacity – Forecast Till 2030”, the global market for Hydropower turbines is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 3.01%. The reports further anticipate the market to acquire a valuation of around USD 3.26 Billion by the end of 2030.
Hydropower Turbine Market Overview
Hydropower Turbines are extremely energy-efficient and have the capacity to convert nearly 90% of energy into electricity. The global market for hydropower turbines has displayed massive development in recent times. The main parameter supporting the market’s development is that these hydropower turbines are highly energy efficient.
The listing of the prominent leaders across the global hydropower turbine market includes players such as:
- Capstone Turbine
- General Electric
- Canyon Industries Inc.
- Hitachi Ltd.
- Toshiba Energy
- Cornell Pump Co.
- Kirloskar Brothers Ltd.
- Canadian Hydro Components Ltd.
- WWS Wasserkraft GmbH
- Gilbert Gilkes & Gordon
- Among others.
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Hydropower Turbine Market USP Covered
The global hydropower turbine market has displayed massive development in recent times. The main parameter supporting the market’s development is that these hydropower turbines are highly energy efficient. Furthermore, the escalating demand and potential of hydroelectric power generation are also considered a crucial parameter backing the market growth worldwide. Moreover, the excellent energy conversion provided using hydropower turbines is predicted to boost the market’s performance over the coming years. In addition, factors such as the design and manufacture of hydropower turbines are not overtly complex, need zero fuel, have very low maintenance cost, and have high applicability in building automation; the marine industry and the aeronautical industry are also likely to have a positive impact on the development of eth market over the assessment era.
Hydropower Turbine Market Report Scope:
|Market Size 2030||2030: Significant value|
|CAGR during 2022-2030||3.01% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Capacity, Application|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||The high demand and potential of hydroelectric power generation The excellent energy conversion offered using hydropower turbines Very low maintenance cost Requires zero fuel Design and manufacture of hydropower turbines is not overtly complex|
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On the other hand, certain aspects may impede the market’s growth. The primary parameter restricting the market’s growth is the high up-gradation cost of setting up hydropower turbines, given the requirement for supporting infrastructure. Furthermore, the changes introduced by the arrival of the pandemic and the lack of policy standardization regarding hydropower turbines are also likely to limit the performance over the coming years.
Hydropower Turbine Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the hydropower turbine market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Hydropower Turbine Market Segment Analysis
Among all the types, the reactive segment is predicted to secure the top position across the global market for hydropower turbines over the assessment era. These turbines are highly utilized for low-head and medium-head applications. The water pressure hitting the turbine changes as per the volume of water available, making it ideal for use where reservoirs can offer water and constant pressure to guarantee a steady supply.
Among all the capacity ranges, the less than 1 MW segment is predicted to ensure the top spot across the global market for hydropower turbines over the assessment era. The expanding sector with very little of its full potential being realized, micro hydropower plants can insignificantly affect its environment and are a brilliant source of power generation for utilization in the plant’s immediate vicinity.
Among all the application areas, the power generation segment is predicted to secure the main spot across the global market for hydropower turbines over the coming years. Nations such as Norway have nearly all their energy demands met through hydropower generation, and the leading nations generating hydropower are India, Russia, the US, Canada, and China.
Hydropower Turbine Market Regional Analysis
The global hydropower turbine market is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the North American region is predicted to ensure the top spot across the global hydropower turbine market over the assessment era. The region is known for releasing the potential application of hydropower turbines in the marine & aeronautics field, which is considered the main parameter supporting regional market development. Furthermore, the region is heavily vested in the generation of hydropower and is also likely to boost the regional market’s growth over the coming years.
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The European regional hydropower turbine market is anticipated to showcase substantial development over the assessment era, given the presence of the most developed hydroelectricity generation sectors.
The Asia-Pacific regional hydropower turbine market is predicted to display the maximum growth rate over the coming years owing to the renewable nature of hydroelectricity, excellent hydropower potential, huge energy demand, and low energy cost of energy conversion.
growing natural gas production across the Southeast Asian countries in the region.
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