Hydropower Turbine Market 2020 Current Scenario, Growth Opportunity, Top Leaders, Regional Trends, Sales Revenue, Future Scope and Forecast by 2025
The global hydropower turbine market can attain a growth rate of 4.55% during the forecast period (2018-2024), reports Market Research Future (MRFR). The report also says that the market can touch a valuation of more than USD 2741.7 Billion by 2024.
Top Players Profiled
General Electric, Andritz, Toshiba Energy, Kirloskar Brothers Ltd., Siemens, Canyon Industries Inc., Hitachi Ltd., Cornell Pump Co., Canadian Hydro Components Ltd., WWS Wasserkraft GmbH, Capstone Turbine, Gilbert Gilkes & Gordon are the top players in the worldwide market for hydropower turbine.
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Top Drivers and Primary Challenges
Soaring demand for dependable and constant electricity in the industrial sector is set to drive the growth of the hydropower turbine market. The prime focus has been on the mitigation of supply-demand mismatch among utilities, which has resulted in substantial investments in developing sustainable power generation sources, mainly hydro. To illustrate, in April 2019, the U.S. Department of Energy reports that it will be providing about USD 26.1 million financial aid to boost the use of modern manufacturing techniques as well as materials to develop new water technologies.
Sizeable investments in the replacement of conventional power-generating technologies with modern, clean and sustainable solutions can benefit the market in the coming years. For example, several regulators across the European Union are aiming to bring down carbon emissions by 20% by the year 2020, compared to 1990 levels. This feat is achievable only with the use of renewable resources, for which a number of countries are striving for and this can possibly help the market reach greater heights in the near future.
Frequent technological advancements in turbine design combined with the rising integration of IIOT devices are expected to boost the market size. Citing a reference, in July 2017, NTN Corporation had developed NTN Micro Hydro Turbine, which is an independent power type compact hydroelectric generator that produces a large amount of electricity when placed in the existing water channel.
Global Hydropower Turbine Industry Segmentation:
Type, capacity and application are the primary segments as per which MRFR experts have conducted the study of the global hydropower turbine market.
Type-wise segments in the report are reactive, impulse, gravity, and others. The others segment comprises turbines use in building automation, pump hydropower turbines, etc. Reactive forms the largest market as it finds widespread use in low head and medium head applications.
The market, depending on capacity, includes Less than 1 MW, Between 1 – 10 MW and above 10MW. Above 10 MW, in addition to being the fastest-growing segment, is also the largest segment in the global market, on account of the generation of a massive amount of renewable energy without the use of fuel. Case in point, the Three Gorges dam located in China consists of an installed capacity of 22500 MW and has the ability to supply more than 1.5% of China’s energy requirement.
Application-dependent segments in the market are power generation, power storage, marine, and aeronautics. Power Generation has been identified as the largest and the fastest expanding sector in the market. Countries such as Norway are getting their energy demands catered to by hydropower generation and the significant countries that produce hydropower include Canada, China, the United States (US), India and Russia. Hence, this segment shows a lot of potential to achieve further growth in the near future.
The main regions with a high concentration of hydropower turbine market include Asia Pacific (APAC), the Middle East and Africa (MEA), South America, North America, and Europe.
North America is substantially dependent on hydropower, with hydropower turbines finding widespread use in the marine and aeronautics field. The United States (U.S.) market for hydropower turbines is expected to expand significantly in the near future, supported by favorable government initiatives to boost the adoption of renewable technologies. Sizeable investments in the refurbishment of hold hydropower facilities with new ones can also stimulate business growth in the region.
Europe is inundated with some of the most developed hydroelectricity generation sectors in the world. Norway is known for producing over 90% of its energy requirements through hydropower. The region lays prime focus on renewable energy, which subsequently boosts the growth of the hydropower turbine market. Fast-paced adoption of sustainable generation technologies that back the region’s nuclear baseload also works in favor of the hydropower turbine market. For instance, the France government aims to elevate the hydropower capacity by at least 3GW by the year 2020.
APAC has been estimated to be the largest and the fastest growing regional market for hydropower turbine. The region has a tremendous hydropower potential accompanied by massive energy demand. The regional market also notes high demand owing to low cost of energy conversion as well as the renewable nature of hydroelectricity. China is the leading market, in terms of production of hydroelectricity while India consists of high hydropower potential that is being realized by a number of companies at a global level.
MEA is a small market but is brimming with an increased untapped hydropower potential across the globe. Rapidly increasing industrialization as well as urbanization in the region is giving a boost to the energy demand, which calls for the establishment of the hydropower turbine market. International agencies like UNIDO are increasingly promoting the development of micro and small hydroelectric plants, which has given way to market growth in the region.
South America has restricted hydropower potential, especially when compared to other regions. However, this potential is extremely underutilized and the exploration of this aspect by various companies can lead the market to better position in the upcoming years.
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