Research Nester published a report titled “Hydro Turbine Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global hydro turbine market in terms of market segmentation by technology, capacity, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global hydro turbine market is anticipated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The market is divided on the basis of technology into reaction and impulse, out of which the reaction segment is estimated to garner the largest market share over the forecast period, owing to the ability of this technology to produce maximum power at low water supply. Over 60% of the hydro power stations use this technology. On the basis of application, the market is segmented into commercial, industrial, and others, out of which, the commercial segment is estimated to gain notable market share over the forecast period. The growth of the segment can be attributed to increasing utility-scale hydro power plants around the world.
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The global hydro turbine market is estimated to grow on the back of rising adoption of hydroelectricity, as a greener alternative to thermal power, which is generated from burning coal. Hydroelectricity is renewable, as the water used to rotate the turbine can be reused ever time. The growing construction of dams, and hydro power
plants in developed and developing nations, such as, United States, Brazil, China, India, and Canada, among others, is estimated to boost the market growth. Furthermore, government initiatives on reducing carbon footprint, and promoting hydroelectricity are further expected to fuel the growth of the market.
On the basis of region, the global hydro turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period, owing to the rising government initiative to promote hydroelectricity in countries, such as, India, and China, along with favorable landscape in the region. Presence of large rivers in this region, is also one of the factors driving the market growth.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Increasing Adoption of Hydroelectricity to Boost the Market Growth
As per report of the International Hydropower Association (IHA), 60% of the total renewable electricity is generated by hydro power plants, and is responsible for 16% of total electricity generation globally.
Hydropower holds the major share in the total electricity generated by renewable sources, as it is feasible, abundant, and largely accepted by the masses. Rising demand for renewable energy and up-surge in construction of hydro powerplants are the major factors driving the market growth.
However, absence of favorable landscape in many countries is expected to operate as key restraint to the growth of the global hydro turbine market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global hydro turbine market which includes company profiling of Voith GmbH & Co. KGaA, GE Group, Siemens AG, ANDRITZ Hydro, Kirloskar Brothers Limited, Harbin Electric Machinery Company Limited, Canyon Hydro, Cornell Pump Company, LITOSTROJ POWER d.o.o., Toshiba Energy Systems & Solutions Corporation and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydro turbine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.