Hydraulic Turbines Market was stood around US$ 1 billion in 2020 and is expected to grow at a significant CAGR of around 5% during the forecast period (2021-2027). Water turbine is a device capable of transforming potential energy from the head of water into mechanical energy. Turbines can vary widely in form and application. There are varying types of hydraulic turbines. One type is the pure impulse machine in which the flow is low but the head is large. Reaction turbines in which the pressure drops in both fixed and rotating parts of the machine cover a wide range of combinations. Hydraulic turbines are machines which convert hydraulic energy into mechanical energy. The mechanical energy that is developed by the turbine runs an electric generator which is directly coupled to the shaft of the turbine. The generator develops electric power which is also known as hydroelectric power. In general, a water turbine consists of a wheel called runner which is provided with especially designed blades or buckets. There is a large amount of hydraulic energy in the water when it strikes the runner and causes it to rotate.
Key reason for the growth of the hydraulic turbines market is the ongoing energy crisis and environment pollution. These have been a threat to human survival and the economic growth of the world because of excessive exploitation of fossil fuels. The best replacement to fossil fuels is renewable energy and is being increasingly adopted in most countries over the past decade. According to the United States Department of Energy, the hydropower capacity in the 2019 in the United States was 80.25 GW which accounted for 6.7% of the total electricity generation in the country. Hydropower still has a huge potential of development, especially in countries like Africa, where less than 10% of hydropower potential has been tapped to date. Even though, Hydraulic turbines are a great opportunity to acknowledge the energy crisis, the hydropower development poses complex challenges and risks. Creation of reservoirs sometimes leads to the resettlement of whole communities, the flooding of large areas of land and significant changes to the natural river system. Other factors such as the growing population which is leading to the higher energy needs is leading to the significant growth of the hydraulic turbines market.
General Electric Company, Siemens AG, Andritz AG, Canyon Industries Inc., Voith GmbH & Co. KGaA, Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Ltd., Norcan Hydraulic Turbine Inc., Litostroj Power Group, and WWS-Wasserkraft GmbH are some of the prominent players operating in the Hydraulic Turbines market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Technology, Impulse Turbine segment holds the major share”
Based on Technology, the hydraulic turbines market is segmented into Impulse Turbine and Reaction Turbine. Amongst technology, the impulse turbine segment of the market held the significant market share and is likely to showcase considerable growth during the forecast period. Impulse turbines can change their direction of fluid flow or gas jet at high velocities. When the turbine blades are moving, there is no pressure change in the fluid (liquid or gas). Both Impulse and Reaction turbines are used for small scale hydropower with the selection depending on the head and flow rate conditions of the site.
“Amongst Capacity, More Than 10,000 kW Segment holds the major share”
Based on Capacity, the hydraulic turbines market is segmented into Less Than 1000 kW, Between 1000 - 10000 kW, and More Than 10000 kW. Amongst capacity, More Than 10000 kW segment accounted considerable revenue share in 2020. The key reason for this is that hydraulic turbines are mainly used in industrial and commercial sectors. Other than that, hydraulic turbines are also highly used in hydraulic power plants for power generation.
“Amongst Application, Power Storage and Generation segment holds the major share”
Based on Application, the hydraulic turbines market is segmented into Marine, Oil and Gas, Power Storage and Generation, and Others. The power storage and generation segment held prominent market share in 2020. The Government of India initiated the 1,000 MW Pakal Dul hydroelectric project in 2018 and the 330 MW Krishnaganga hydroelectric project in Jammu and Kashmir’s Kishtwar district. Furthermore, China installed additional 8.54 GW of hydropower in 2018 increasing China’s total installed capacity to 352 GW.
“Amongst End-User, Industrial Segment holds the major share”
Based on end-user, the Hydraulic Turbines market is segmented into Residential, Commercial, and Industrial. Amongst end-user, the industrial segment of the market held the significant revenue share in 2020 and is likely to showcase considerable growth during the forecast period. Key reason for the high rise in the industrial segment is attributed to the strong demand from various industrial end-user for generation of hydropower. The new government incentives and tax credit schemes are expected to attract new end-users.
“Asia Pacific represents one of the largest markets of Hydraulic Turbines market”
For a better understanding of the market dynamics of the Hydraulic Turbines market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market owing to increasing population and industrialization in the region.
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