Press release
Water Turbine Market Pegged for Robust Expansion During 2024 - 2031 | General Electric, Alterra Power Corporation
Water Turbine Market
Water turbines convert kinetic energy of flowing water into mechanical or electrical energy. They are commonly used generators in hydropower projects. Hydropower is considered one of the most efficient and cost-effective forms of renewable energy.
Market Dynamics:
The water turbine market is expected to grow owing to increasing focus on renewable sources of energy globally. Hydropower is one of the most developed forms of renewable energy and presently accounts for over 16% of the total electricity production worldwide. Many countries are investing heavily in hydropower projects to reduce dependence on conventional sources. Additionally, technological advancements have enabled development of mini and micro hydropower systems suitable for small-scale applications. This is further expected to drive the adoption of water turbines during the forecast period.
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Major Drivers Shaping the Growth of Water Turbine Market: Increasing Demand for Renewable Energy Sources
With growing concerns over climate change and depleting fossil fuel reserves, many countries are encouraging increased use and production of renewable energy sources. Hydropower is one of the most established and widely used renewable energy sources for generating electricity. Globally, hydropower accounts for over 16% of the total electricity generated from renewable sources. Water turbines play a vital role in hydropower electricity generation by converting the kinetic energy of moving water into mechanical energy to rotate generators for power production. The increasing focus on developing renewable energy capacity to replace conventional fossil fuel sources is expected to drive significant investments in new hydropower projects which in turn will boost the demand for water turbines in the coming years.
Major Opportunity for Growth in Water Turbine Market: Increasing Renovation and Modernization of Ageing Hydropower Assets
Many hydropower plants globally, especially in developed regions, have been operational for several decades. Over time, the performance of outdated turbines and other equipment in these ageing hydropower stations has degraded considerably due to wear and tear. According to industry estimates, refurbishing and upgrading ageing hydropower assets with modern and more efficient turbine technologies could potentially increase global hydropower capacity by about 14%. Governments and utilities are increasingly recognizing the need to renovate ageing hydropower infrastructure to extend their lifetime and boost power generation capacity. This presents significant opportunities for water turbine manufacturers to replace or retrofit old turbines with new designs offering higher efficiencies. The replacing and modernizing of existing hydropower fleets worldwide is poised to open up a lucrative business avenue for players in the water turbine market.
Emerging Trend Favoring Adoption of Low-head Water Turbines
Traditionally, hydropower plants have been designed for locations with high water heads ranging between 30-200 meters. However, with the availability of advanced turbine designs optimized for low-head applications ranging from 1-10 meters, more sites characterized by low hydraulic heads such as irrigation canals, urban waterways and abandoned quarries are now being tapped for power generation. These low-head water turbines offer advantages such as lower civil works costs and ability to operate under low flow conditions. Their higher tolerance of sediment-laden water also makes them suitable for developing countries. Going ahead, the market is expected to witness rising demand for specialized low-head turbines to capitalize on potential untapped energy sources from low-head sites near urban settlements. This emerging trend signifies new revenue streams for water turbine manufacturers focused on innovative designs for low hydraulic head applications.
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Top Companies Featured in This Report:
★ General Electric
★ Alterra Power Corporation
★ Energy Development Corporation
★ Canyon Industries inc.
★ Gilbert Gikes & Gordon Ltd
★ Sumitomo Corporation
★ are some of the major players operating in the global water turbine market.
Market Segmentation:
By Product Type:
★ Reaction Turbines
★ Gorglow turbine
★ Tyson turbine
★ Kaplan turbine
★ Francis turbine
★ Others
★ Impulse turbine
★ Water wheel
★ Pelton wheel
★ Turgo turbine
★ Cross-flow turbine
★ Jonval turbine
★ Screw turbine
★ Reverse turbine
By Applications:
★ Aeronautics
★ Marine
★ Power storage
★ Power generation
★ Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Water Turbine Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Water Turbine Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Water Turbine Market?
📈 How does the market share of Water Turbine Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Water Turbine Market?
📈 Which segment of the Water Turbine Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Water Turbine sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/868
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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