Hydro Turbine Market to Discern Magnified Growth during 2021 - 2031

Electromechanical equipment is used in hydropower generation projects for producing electricity commonly known as a hydro turbine. A Hydro turbine transmits power to a revolving energy manufacturing shaft from moving water. The turbines spin or turn as a reaction to the water in their blades. A series of blades are mounted on a plate or spinning shaft. Subsequently, water is passed through the turbine over the blades, enabling the inner shaft to rotate. Electricity is generated by the subsequent transfer of this rotational motion to a generator. The type of turbine chosen for hydropower plants depends on the amount of water that flows (known as the hydroelectric discharge) and the height of the water storage (known as the hydraulic head). Technological innovation and rapid development have improved overall hydroelectric power production.

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Key drivers of the global hydro turbine market

Factors such as an increase in global energy demand, a rise in the need for cleaner power generation technology, and the implementation of stringent emission regulation objectives are expected to boost the growth of the global hydro turbine industry. In addition, hydropower is the primary source of renewable energy production in the world, and with new hydropower plants being approved, hydro turbine demand is expected to increase. Global hydro turbine market dynamics are mostly linked to advancements in technology related to hydro turbines and advanced grid integration. Moreover, the construction and development of hydropower generation projects are increasing, as hydropower generation does not produce air pollutants and other global warming gasses, thus boosting the demand for electricity from hydro turbines, particularly in developing economies.

Market Scenario: opportunities and challenges

Renewable energy needs in developing economies are anticipated to grow, offering lucrative opportunities for hydro turbine manufacturers. Flexibility in technology often offers a more strategic advantage for hydraulic ventures, especially where grid access is challenging, as is often the case in developing markets, for direct shipping to companies and industries. Most of the leading producers of hydro turbines are planning their long-range growth plans instead of short-term cost savings. In addition, favorable government subsidies and a rise in energy demands in developed countries are projected to offer potential growth avenues for the market. However, several drawbacks, such as the high installation cost of dams, long gestation periods, ecological concerns related to dams, and design challenges of the turbine are likely to impede the growth of the market.

COVID-19 scenario analysis

The global hydro turbine market is expecting a slowdown, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdowns, which has led to the shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown. This pandemic is further likely to slow down the world's economic development. In addition, logistical delays trigger constraints in the implementation of new projects. Thus, with a decline in economic growth, the hydro turbine industry is anticipated to witness negative impacts.

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Market Key Segments:

By Type
• Reaction Turbine
• Kaplan Turbine
• Bulb Turbine
• Francis Turbine
• Impulse Turbine
• Cross Flow Turbine
• Pelton Turbine

By Technology
• Reaction
• Impulse

By Capacity
• Small (Less than 10MW)
• Medium (10-100MW)
• Large (Greater than 100MW)

By Region
• North America (U.S., Canada, Mexico)
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)

Key Market Players: General Electric Co., ANDRITZ AG, Toshiba Energy, Harbin Electric Machinery, Kirloskar Brothers Ltd., Siemens AG, Canyon Industries Inc., Cornell Pump Co., Gilbert Gilkes & Gordon Ltd., WWS Wasserkraft GmbH

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Key benefits of the report

• This study presents the analytical depiction of the global hydro turbine industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global hydro turbine market share.
• The current market is quantitatively analyzed to highlight the global hydro turbine market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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