Hydro Turbine Market Competitive Analysis with Forecast to 2031

𝐇𝐲𝐝𝐫𝐨 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟑𝟏
• The global hydro turbine market was valued at US$ 2.2 Bn in 2021
• It is estimated to expand at a CAGR of 5.0% from 2022 to 2031
• The global hydro turbine market is expected to reach US$ 3.6 Bn by the end of 2031

𝐑𝐞𝐚𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 - https://www.transparencymarketresearch.com/hydro-turbine-market.html

𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐲𝐝𝐫𝐨 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

Hydropower is the world's largest source of renewable electricity generation. Hydropower is considered to be a clean source of fuel and does not contribute to carbon emission. Hydro turbines, or water turbines, are electro-mechanical machinery and apparatus utilized in power generation projects for hydropower generation. Impulse turbine and reaction turbine are the two major types of hydro turbines. Market for hydro turbines is primarily being driven by significant requirement for energy in large economies across the globe. Furthermore, growing worldwide climate change concerns make hydropower a more acceptable electricity option. Renewables were the only energy source for which demand increased in 2020, despite the pandemic, while consumption of all other fuels declined. The Hydro Energy Market Update forecasts new global renewable power capacity additions for 2021 and 2022. The hydropower market produced 275 gigawatts of electricity globally in 2020 despite pandemic-induced supply chain challenges and delays in construction. The global hydro turbines market is projected to grow at decent growth rate from 2022 to 2031, due to rise in demand for sustainable hydro electric power generation sources.
Rise in Demand for Cost-effective Electricity Generated through Hydro Turbines to Drive Market

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=17642

Construction and deployment of hydropower projects has been increasing for providing a better renewable source of electricity, as hydropower generation does not emit global warming gasses or other air pollutants. Hydro turbines have the capacity to convert up to 90% of the energy of water into electric energy. Advances in technologies and high efficiency have led to the decline in cost of generation of hydroelectricity. The cost of generation of hydropwer is estimated to be about 40% less expensive than that by using fossil fuels.
Hydropower has an advantage over wind power because water is denser than air. Therefore harnessing the mechanical energy of wind requires a greater force to rotate wind generator as compared to that required to rotate a hydro generator.
All these factors contribute to the rising demand for electricity generated through hydro turbines especially in emerging economies, as this is a domestic source of energy, without being dependent upon fossil fuel sources.
Advancements in Technology along with Advanced Grid Integration to Propel Market

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=17642

Large-scale hydropower developments are being integrated into small-scale projects. This facilitates greater conversion of water energy into electricity. Moreover small-scale water powered generators help reduce technology cost and enable hydro turbine for home use or for use in more compact support structures.
Technological advancements such as pumped-storage hydropower (PSH) functions similar to a big battery. It pumps water to a higher elevation, which can subsequently be released at any time to turn hydraulic turbines and cater to the energy demand
Marine and hydrokinetic (MHK) technologies convert the energy of waves, tides, and rivers and ocean currents into electricity. With more than 50% of the U.S. population living within 50 miles of the nation's coasts, MHK technologies hold significant potential to supply renewable electricity to consumers in coastal load centers.

Several technology and equipment companies are using their apps and IoT for devices to replace functions that once required dedicated meters or computers, providing users the ability to instantaneously access information regarding the details of turbines.
Rising Requirement for Renewable Energy in Emerging Economies
Emerging economies are estimated to offer significant opportunities for power generation through renewable energy in the next few years. The competitiveness of such energy sources, in countries that need to increase production capacity in order to keep in step with economic growth rates, makes them an increasingly sought-after energy option. Hydropower, currently, has a key role in the transition to clean energy not only through the massive quantities of low-carbon electricity it produces but also because of its unmatched capabilities for providing flexibility and storage.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=17642

Hydroelectric power generation in emerging countries is presently able to offer a competitive electricity generation price. Flexibility of technologies also makes them it more competitive option for direct supply to business or industrial sectors, especially when access to the grid is difficult, which is often a common case in emerging economies.
Wide Range of Head Capacity of Medium Head Hydro Turbines to Boost Demand
Based on head type, the global hydro turbines market has been classified into low head, medium head, and high head. The head height from low head to high head turbines ranges from 2 meter to 1500 meter. Medium head turbine systems generally have head capacity up to 100 meters. The medium head segment accounted for a major share of 38.8% of the global market in 2021. The segment is estimated to grow at an above average growth rate of 4.5% during the forecast period. The growth is attributed to the application of these turbines in both situations where there is a significant amount of water flowing or a significant drop in the height of water.

In terms of value, Europe and North America are also prominent markets for hydro turbines, and these regions held 16.2% and 9.9% share, respectively, of the global hydro turbine market in 2021. The market in Europe and North America is expected to grow at CAGR of 4.1% and 4.2%, respectively, during the forecast period.

𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐇𝐲𝐝𝐫𝐨 𝐓𝐮𝐫𝐛𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The global hydro turbines market comprises several small and large-scale manufacturers and suppliers who are controlling a majority of the market share. A majority of the firms are adopting expansion strategies with comprehensive research and development and new ways of reducing the adverse impacts caused by using hydropower. Expansion of product portfolios and mergers and acquisitions are notable strategies adopted by key players. The General Electric Co., ANDRITZ AG, Toshiba Energy, Harbin Electric Machinery, Siemens AG, and Kirloskar Brothers Ltd are prominent hydro turbine manufacturers operating in the market.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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