How Hydro Turbines Market will Grow at Highest CAGR

The overall production of hydroelectricity is improved on account of the recent technological advancements with regards to energy generation from hydropower. This is expected to boost the global hydro turbines market as per Fortune Business Insights in their new study. The study is titled, “Hydro Turbines Market Size, Share and Global Trend By Turbine Type (Impulse Turbine, Reaction Turbine), By Head Type (Low Head Turbine (Up to 30m), Medium Head Turbine (30 to 300m), High Head Turbine (Above 300m)), By Installation Site ((Small Hydro Power Plant (Up to 1 MW), Medium Hydro Power Plant (1 MW – 10 MW), Large Hydro Power Plants (Above 10MW)), and Geography Forecast till 2026.”

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According to the report, the increasing demand for using clean energy resources for environment safety is creating growth opportunities for hydro turbines market in the long run. The turbine helps to convert potential energy into kinetic energy. The blades of the turbine help to convert the produced energy into mechanical energy, which is further converted into electricity by the turbine rotor turning a generator rotor. The rising demand for electricity worldwide is prognosticated to expand the market for hydro turbines in the future.

Some of the companies operating in the global hydro turbine market are Siemens AG, Toshiba Energy, Andritz AG, Voith Group, Canadian Hydro Components Ltd, Harbin Electric Corporation, Canyon Hydro, Kirloskar Brothers Ltd., General Electric, WWS Wasserkraft GmbH, Gilbert Gilkes & Gordon, and Cornell Pump Co.

“Increasing Demand for Electricity and Natural Resource Conservation to Boost Market”

Hydro turbine market is classified on the basis of head type, installation site, and turbine type. The reaction turbine category constitutes of a bulb, Francis, and Kaplan turbines, whereas the impulse turbine type includes cross-flow and pelton wheel turbines. Turbines are used for various purposes based on their technical parameters. For instance, the Kaplan turbine is used for the lower head application while the pelton turbine is used for high head application. Additionally, the cross-flow turbine is used for micro-hydro plants. Francis turbine, on the other hand, is a combination of reaction and impulse turbine and is used accordingly.

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A major factor propelling the growth of the global hydro turbine market is an increasing need for environmental conservation. The increasing demand for protecting natural resources is creating lucrative growth opportunities for the market. This is because the energy produced by hydroelectric power plants is not only clean but also safe for the environment. Furthermore, it provides irrigation facilities for crop yielding. This, coupled with, the effective management of flood control is also a major driver for the global market. Thus, the demand for hydro turbines is anticipated to increase remarkably in the coming years.

On the flipside, hydroelectric power plants may change the water temperature and the flow of the river, thus, acting as a barrier to the growth of the global market in the future. Furthermore, the complexities associated with the designing and mechanism of hydro turbines may vary from one machine to another as per the water bodies and this may hamper the market in the forthcoming years. Nevertheless, the fact that hydro turbines are environment-friendly may bring better growth opportunities for the global market in the future.

“Focus on Reduction of Greenhouse Emissions to Help Asia Pacific Emerge as the Fastest Growing Region”

Fortune Business Insights forecasts North America to dominate the global hydro turbines market during the forecast period. This is because developed nations namely, the U.S., and Canada represent the largest share of renewable energy in the region, of which hydroelectric power constitutes a major portion. The demand for hydro turbines is anticipated to increase in the coming years on account of the rising focus on renewable energy. Furthermore, in the Alpine region and Europe, hydropower is a mature technology, thus producing an immense amount of hydroelectricity in countries such as Sweden, Norway, Italy, France, and Austria.

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Additionally, the global hydro turbines market in Asia Pacific is anticipated to emerge as the fastest-growing region. This is owing to the gradual switching towards renewable energy sources for reducing greenhouse emissions. The market in China is expected to position itself as a major energy exporter in the coming years. Governments in Asia Pacific are also focusing on reducing their dependence on imported diesel and trying to adapt nature-friendly energy sources, thus providing a huge scope of growth for hydro turbines and power generated from them.

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This release was published on openPR.