Hydropower Turbine Market to Grow with a CAGR of 4.40% through 2028
Rising concerns over climate change &
environmental sustainability and government initiatives promoting renewable
energy development are likely to drive the Market in the forecast period.
According to TechSci Research report, “Hydropower
Turbine Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Hydropower Turbine Market is
experiencing a surge in demand in the forecast period. One of the primary
drivers propelling the global hydropower turbine market is the accelerating
transition towards renewable energy sources. As concerns over climate change
and environmental sustainability continue to mount, governments, businesses,
and individuals worldwide are increasingly seeking cleaner alternatives to
fossil fuels. In this context, hydropower stands out as a well-established and
reliable renewable energy source. Hydropower
turbines play a pivotal role in harnessing the energy of flowing water to
generate electricity, making it an essential component of the renewable energy
landscape. Its contribution to reducing greenhouse gas emissions and mitigating
the effects of climate change has led to increased investments in hydropower
projects globally. Governments and utilities are incentivized to develop and
expand hydropower capacity as they work towards meeting renewable energy
targets and reducing carbon footprints. This transition to renewable energy
sources fuels the demand for hydropower turbines, driving innovation in turbine
technology and the growth of the global market. Another significant driver of
the global hydropower turbine market is the growing emphasis on energy security
and grid stability. In an era of increasing energy demand and concerns about
the reliability of energy supply, hydropower offers a dependable solution.
Unlike some renewable sources like wind and solar, hydropower provides a
consistent and controllable flow of electricity, making it invaluable for
maintaining grid stability. Hydropower plants can quickly respond to
fluctuations in energy demand, acting as a stabilizing force on the electrical
grid. This capability is particularly important as countries seek to reduce
their dependence on imported fossil fuels, enhance energy resilience, and
minimize the risk of blackouts or energy shortages. The reliability of
hydropower turbines in delivering a constant power supply makes them a
preferred choice for utilities and governments worldwide. In summary, the global hydropower turbine
market is driven by the transition to renewable energy sources and the
increasing importance of energy security and grid stability. These drivers
underscore the critical role that hydropower plays in the quest for
sustainable, reliable, and environmentally friendly electricity generation.
Browse over XX Market data Figures spread
through XX Pages and an in-depth TOC on "Global Hydropower Turbine Market.”
The Global Hydropower Turbine Market is segmented into
type, application, capacity and region. Based on type, The Reactive (Reactive
also known as Francis) segment held the largest Market share in 2022. Francis
turbines are highly versatile and can operate effectively across a wide range
of water flow rates and heads. This adaptability makes them suitable for a broad
spectrum of hydropower projects, from low-head to high-head applications. Their
flexibility in handling varying flow conditions is a significant advantage in
regions with fluctuating water availability. Francis turbines are renowned for their
efficiency. They can convert a significant portion of the kinetic energy from
flowing water into electricity. This high efficiency is attractive to
hydropower developers because it maximizes the energy output from a given water
source, optimizing the return on investment. Francis turbines provide stable
and predictable performance under varying load conditions. They can adapt to
changes in water flow and load demand, making them reliable for continuous
power generation. This stability is essential for maintaining grid reliability
and meeting energy demand. Francis turbines have been in use for many decades
and have undergone continuous improvement. Their design and manufacturing
processes are well-established, leading to the production of high-quality and
durable turbines. This maturity in technology contributes to their dominance in
the market. The adaptability of Francis turbines allows them to be used in a
wide range of geographic locations and climate conditions. They are found in
various settings, from mountainous regions with high-head hydropower potential
to river-based projects with lower heads. Based on application, The Power Generation segment
held the largest Market share in 2022. Hydropower has been a reliable and
proven source of electricity generation for over a century. It represents one
of the oldest and most established forms of renewable energy. As a result, the
infrastructure for hydropower generation, including dams, reservoirs, and
hydropower plants, has been extensively developed, making it the leading
application for hydropower turbines. Hydropower projects can be developed in a
wide range of geographical locations, from high mountainous regions with
significant heads to lowland river systems. This versatility means that
hydropower resources are abundant in many parts of the world, contributing to
its dominance in power generation. Hydropower turbines provide reliable and
consistent electricity generation. Unlike some other renewable sources, such as
wind and solar, which are weather-dependent and intermittent, hydropower can be
controlled and dispatched as needed. This stability makes it an ideal source
for baseload and peaking power generation, ensuring a steady supply of
electricity. Hydropower turbines are known for their high efficiency in
converting the kinetic energy of flowing water into electricity. They can
achieve efficiency levels well above 90%, making them a cost-effective and
energy-efficient choice for power generation. Once hydropower plants are
constructed, their operating and maintenance costs are relatively low compared
to fossil fuel-based power plants. This cost-effectiveness makes hydropower an
attractive option for utilities and governments aiming to reduce electricity
production costs. Hydropower is a clean and environmentally friendly source of
energy. It produces no direct greenhouse gas emissions during operation and has
a minimal environmental footprint compared to many other forms of electricity
generation. This environmental advantage aligns with global efforts to combat
climate change and reduce air pollution. Hydropower plants and their associated
turbines have long lifecycles, often exceeding 50 years with proper
maintenance. This long-term reliability and durability are attractive to
investors and utilities seeking a stable and enduring source of electricity.
Major companies operating in the Global Hydropower
Turbine Market are:
- General
Electric Company
- Voith
Group
- Andritz
AG
- Siemens
Energy AG
- Harbin
Electric Corporation
- Dongfang
Electric Machinery Co. Ltd
- Hitachi
Ltd
- Mitsubishi
Heavy Industries Ltd
- Toshiba
Corp.
- GE
Renewable Energy
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global Hydropower Turbine Market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. The primary driver of the global hydropower turbine market is the
increasing demand for clean and renewable energy sources. Governments,
industries, and consumers are embracing hydropower due to its reliability, low
environmental impact, and efficiency. Hydropower turbines are essential in
meeting sustainability goals and ensuring a stable energy supply, making them a
crucial component of the global transition towards cleaner and more sustainable
energy solutions. Also,
The Asia-Pacific region is expected to remain the largest market for hydropower
turbines during the forecast period, due to the presence of a number of large
hydroelectric projects in the region. China, India, and Brazil are expected to
be the key markets in the region. North America and Europe are also expected to
witness significant growth in the hydropower turbine market during the forecast
period. This is due to the increasing focus on renewable energy development in
these regions. Therefore, the Market of Hydropower Turbine is expected to boost in the
upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Hydropower Turbine Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type
(Reactive, Impulse, Gravity, Others), By Capacity (Less than 1 MW, Between 1 -
10 MW, Above 10 MW), By Application (Power Generation, Power Storage, Marine,
Aeronautics), By Region, By Competition”, has evaluated the future growth
potential of Global Hydropower Turbine Market and provides statistics &
information on Market size, structure and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Hydropower Turbine Market.
Contact
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com