Hydraulic Turbines Market: Overview
The market size for hydraulic turbines was USD 1032.4 million in 2021, projected to grow at a CAGR of 5.5 percent during the forecast period. Diverse factors that are driving the market growth of the Hydraulic Turbine market are rapidly growing industrialization in arising economies and different regulations and policies taken y the government. In addition, using renewable sources of energy for producing electricity is fueling the market growth of Hydraulic turbines. The Global Hydraulic Turbine Market report delivers a holistic evaluation of the market. The report presents a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a substantial role in the market.
Hydraulic Turbines are utilized to distribute, produce, and convert electricity. The benefit of hydro turbines is an alternate energy source; thus, require of the hydro turbine is increasing. Environmental regulation is the most influential factor behind fueling the market growth of Hydraulic Turbines, as governments have taken enterprises to decrease pollution; Hydraulic Turbine is utilized as an eco-friendly power generator. Furthermore, electricity is generated utilizing renewable sources instead of fossil fuels and a non-renewable source that causes pollution; technological advancements and inventions are leading to a decrease in the manufacturing cost of Hydraulic turbines; thus, demand for Hydraulic turbines is growing day by day.
The major power producers are moving from coal to renewable sources or natural resources for power generation, which is projected to fuel the market over the forecast period. The hydraulic turbines are created for efficient power generation using a feasible source. In the case of premature turbines, the resulting pressure is directed through nozzles, and the source spread is ignited to propel the turbine blades. For hydraulic reaction turbines, the feed material from rivers or dams goes through the blades to drive the turbine. Government endeavors to fulfill continuous power deficiencies are undertaking measures to frequently improve their power generation capacity for fulfilling the requirements of households and industries.
Hydraulic Turbines Market: COVID-19 Impact
The COVID-19 pandemic hardly hits the global hydraulic turbine generator market since December 2019. The COVID-19 pandemic has brought a lot of disruption across the globe. Due to the COVID-19 pandemic, various manufacturing facilities across various countries were shut down due to lockdown conditions that adversely impacted the market. Those companies who were involved with the nuclear turbine generator have not continued their work yet due to a lack of availability of workforce, which might hinder the growth of the market.
Hydraulic Turbines Market: Drivers
Various Strategies by Key Players to Drive Market Growth
The key companies operating in the industry are highly inclined towards the adoption of different growth strategies, including capacity expansion, partnerships, mergers and acquisitions, geographical development, new product launches, and product innovation to stay competitive in the marketplace. This is expected to positively impact significant market growth. Hence owing to the growth and manufacturing of innovative solutions, the hydraulic turbines market is increasing over the forecast period. For instance, in October 2021, Utico and Siemens inscribed a technology and supply agreement for Dubai's Hassyan plant Utico, a Ras Al Khaimah-based private utility company, inscribed an engineering and supply services preliminary agreement with Germany's technology giant Siemens for the Hassyan seawater change osmosis plant project in Dubai. The Hassyan plant, which will have a capacity of 120 million imperial gallons per day, is built under the independent water producer model. Furthermore, in September 2021, Kirloskar introduced NEO Series 4-inch Borewell Submersible Pumps. These pumps are positively efficient, securing 30% higher discharge and 60% more life over current offerings in the market. The energy-saving elements provide 60% savings on electricity bills. Innovative Sand Fighter Design that prohibits the entry of sand protects the pump-set brushes in sandy borewells.
Energy Generated Through Hydraulic Turbines toPrevalent Non-Polluting Source of Electricity Driving Market Growth
The energy generated through hydraulic turbines is anticipated to be the most dominant non-polluting source of electricity. Other popular sources to fulfill energy needs, such as hydro technology with a more inferior environmental impact, have small hydro plants, low head turbines, and run-of-river. Vendors focus on price, quality of portability, service, performance, and accessibility owing to high competition prevailing in the market. A growing population base around the globe is augmenting the need for power generation. Companies operating in the hydraulic turbine market are essentially buying power from other sources that may cost more than the average market price to overcome additional seasonal demand.
Hydraulic Turbines Market: Restraints
Growing Adoption of Renewable Energy Sources and Energy Storage Technologies to Hamper Market Growth
The energy storage market has grown exponentially over the forecast period. In 2018, the World Bank Group (WBG) committed to invest USD 1 billion in a program to accelerate investments in battery storage for electric power systems in low- and middle-income nations. In addition, the World Bank supported a USD 300 million loans for the China Renewable Energy and Battery Storage Promotion Project to expand the integration and utilization of renewable energy by deploying battery storage systems at scale. This investment was planned to expand the usage of wind and solar power and improve grid reliability, stability, and power quality in producing countries while decreasing carbon emissions. Battery energy storage systems can store these energies during peak production with the help of batteries embedded in them, leading to less waste of energy. Battery storage allows balance in the grid and improves power quality regardless of the generation source.
Hydraulic Turbines Market: Segment Overview
Reaction Turbineto Dominate Market due to its Increasing Generating Power
A reaction turbine develops power from the connected action of pressure and moving water. These turbines generate maximum power output from a low unrestricted water head and high velocities. Almost 60% of turbines operated in hydropower plants are reaction turbines.Francis turbines are from the reaction turbine class of hydro turbines and are the numerous widely operated turbines in hydropower plants. As of 2017, almost 55% of the turbines installed at the current facilities in the United States are Francis turbines.In May 2018, Bharat Heavy Electricals Limited (BHEL) secured a contract from SJVN Arun-3 Power Development (SAPDC) to execute the 900 MW Arun-3 hydroelectric project. Under the USD 80 million deal, BHEL is anticipated to design, manufacture, supply, and commission four vertical 225 MW Francis turbines and generator sets.Kaplan turbines are installed in the new power plant in countries such as the United States, China, and India, as they are well-suited for the low-head sites and have adequate efficiency. Hence, promulgating the development of the hydro turbine market.
With Growing Demand for Continuous Owner Supply, Medium (1 MW to 10 MW) Category Dominated Market
The medium (1 MW to 10 MW)segment is anticipated to hold the largest market share over the forecast period due to the growing demand for ongoing owner supply from local communities in off-grid areas. At the same time, low-head hydro turbines are anticipated to grow at the fastest pace owing to low maintenance and minimal ecological and environmental complications.
Hydraulic Turbines Market: Regional Landscape
North America to Dominate Market due to Growing Preference for Hydroelectric Power Plant
The United States and Canada represent the biggest share of renewable energy in North America, with which hydroelectric power donates a major portion. Hydroelectric power plant accounts for approximately 7% of the total electricity generation. Advanced technology and an increasing focus on renewable energy are expected to improve the demand for hydro turbines. Hydropower is a mature technology in northern Europe and the Alpine region. Countries like Norway, France, Sweden, Italy and Austria are leading in the European region in generating hydroelectricity. The recent trend in pumped repository hydro small station and investment towards the refurbishment and modernization of living facilities to minimize environmental impacts. These factors are causing the demand for hydro turbines in the market. China is moving towards renewable energy to decrease its greenhouse emissions and position itself as a major energy exporter; hydropower continues to be the foundation of its energy transition.
Many countries in the Asia Pacific region are concentrating on expanding hydroelectric power capacity to decrease the country's dependence on imported diesel fuel. Overall, the market potential in the Asia Pacific seems complementary to developing a hydro turbine. Despite the natural resources, access to electricity in Africa is limited and uneven. African government is increasingly turning to renewable energy to spur expansion and livelihoods. Hydropower presents an opportunity for economic development and the achievement of sustainable development growth. Numerous countries such as Ethiopia, the Democratic Republic of Congo, Zambia, South Africa, Sudan, and Nigeria are doing great in generating hydroelectric power, which is expected to increase the growth of the hydro turbine in MEA.
Global Hydraulic Turbines Market: Competitive Landscape
In February 2019, General Electric signed a contract with Nachtigal Hydro Power Company, jointly owned by the Republic of Cameroon, Electricite de France (EDF), International Finance Corporation, Africa 50, and STOA, to deliver seven new 60 MW Francis turbines.Furthermore, in June 2019, General Electric signed a contract with Hydro-Quebec, a Canadian government company, to elevate existing Hydro Quebec's Montagnais substation's protection and control system. Moreover, in October 2021, JSW Energy inks a wind turbine supply contract with GE Renewable Energy. JSW Energy said that it had inscribed a contract with GE Renewable Energy to supply 810 MW of onshore wind turbines for the companies under construction pipeline of around 2.5 GW of renewable projects in India.
A few of the players in the Hydraulic Turbines Market include General Electric Company, Siemens AG, Andritz AG, Toshiba Hydroelectric Power, Kirloskar Brothers Ltd, and Litostroj Power Group.And others.
The Global Hydraulic Turbines Market is Segmented as Below:
By Product Type
Key Elements Included In The Study: Global Hydraulic Turbines Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more