Hydraulic Turbine Market Growth Accelerating at a Rapid Pace due to Innovative Strategies
Increase in demand for renewable power sources is expected to drive the market growth. Moreover, replacement of old coal and fossil fuel power plants with renewable power sources is another major factor that propels the hydraulic turbine market growth. Governments across the globe are promoting sustainable energy sources, which can replace conventional fossil fuel sources. Moreover, rise in prominence of various technologies such as low head turbines and small hydro plants is expected to create new market opportunities.
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On the basis of type, impulse turbine emerged as the market leader. This is attributed to rise in demand in small and medium sized hydropower plants, and chemical and pharmaceutical industries. Moreover, the efficiency of energy conversion from kinetic to mechanical energy is higher in case of impulse turbine than that of reaction turbine.
On the basis of rating, the 10MW and above segment accounted for the highest revenue share in 2019. This was attributed to application of hydraulic turbines in industrial and commercial sectors. Most of these hydraulic turbines are used for hydraulic power plants for power generation. As initial installation and infrastructure cost is high for hydraulic turbines, it is not used for small scale applications.
On the basis of end user, the industrial segment is expected to witness the highest market growth in 2019. This is attributed to strong demand from various industrial end-users for generation of hydropower. Moreover, new incentives and tax credit schemes from governments are expected to further attract new end-users in this sector.
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Region wise, Asia-Pacific accounted for the highest revenue share in 2019, owing to rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms. Moreover, China being the largest producer of hydropower is expected to foster growth of the market in Asia-Pacific. Total production of hydropower in China is around 5 times than that of the U.S.
Major players profiled in the hydraulic turbine industry include :
• General Electric Company
• Andritz AG
• Siemens AG
• Kirloskar Brothers Ltd
• Toshiba Hydroelectric Power
• Litostroj Power Group
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COVID-19 scenario analysis
• The cancellation of new projects due to COVID-19 pandemic and the followed lockdown has severely affected the market growth across the globe, especially in China and Brazil.
• In addition, the industry players were forced to follow strict restrictions and social distancing norms, which affected the operations of hydraulic turbines.
• The prolonged lockdown disrupted the supply chain. Moreover, the restrictions on international and domestic travel negatively impacted the ongoing projects.
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