Global Hydropower Turbine Market Overview:
The Hydropower Turbine Market is slated to cross USD 2741,7 billion valuation with a CAGR of 4.55% during the forecast period covering 2019 to 2025. Market Research Future (MRFR) identifies low maintenance cost, hike in the inclusion of latest technologies, better research-related funding, environmental concerns, excellent energy conversion capacity, simple design, and others as major driving factors.
However, high installation costs and a lack of standardized policies can affect the market.
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- General Electric
- Toshiba Energy
- Kirloskar Brothers Ltd.
- Canyon Industries Inc.
- Hitachi Ltd.
- Cornell Pump Co.
- Canadian Hydro Components Ltd.
- WWS Wasserkraft GmbH
- Capstone Turbine
- Gilbert Gilkes & Gordon
The global market report on the hydropower turbine market includes segments like type, capacity, and application. These segments and their data can be productive for the players involved in the global market.
By type, the market can be studied on the basis of reactive, gravity, impulse, and others. The reactive segment is expected to dominate the market. The ‘others’ segment includes pump hydropower turbines, turbines use in building automation, etc.
By capacity, the global report on the Hydropower Turbine Industry includes segments like less than 1MW, between 1-10 MW, and above 10MW. The last one is the largest one and is expected to register the fastest growth rate during the forecast period.
By application, the study of the hydropower turbine market includes a discussion of power generation, marine, aeronautics, and power storage. The power generation segment is both the largest and the fastest-growing sector.
Regionally, North America has been invested heavily in the generation of hydropower as well as releasing the potential application of hydropower turbines in the marine and aeronautics field.
Also, the region of Europe has acquired a share of some of the most developed hydroelectricity generation sectors in the world. In this region, Norway recorded to generate more than 90% of its energy needs through hydropower. Europe prioritizes renewable energy and, consequently, and by this, it is thriving the European hydropower turbine market.
Asia-Pacific: The most significant and fastest-growing region for this market, Asia-pacific, has excellent hydropower potential along with tremendous energy demand. The low cost of energy conversion and the renewable nature of hydroelectricity are the chief reasons for its adoption in this region. China leads the world in the creation of hydroelectricity, and India has tremendous hydropower potential that it is just realizing.
Whereas Middle East & Africa is considered a small market, though, this region boasts the most untapped hydropower potential in the world. The rising industrialization and urbanization are solely responsible for rising energy demand. International agencies such as UNIDO are proactively promoting the setting up of micro and small hydroelectric plants in this entire region.
In July 2020, researchers from the Technical University Munich announced that a hydropower plant, with the ability to reduce the influence on aquatic life in rivers, has started functioning in Germany. The plant has a concealed turbine in a shaft placed in the riverbed that will not affect the free flow of fish during their migration downstream. Hydropower plants are known for their ability to reduce carbon footprint by providing alternative power, which curbs the use of fossil fuel. However, it also impacts the natural environment by altering the aquatic life. In a conventional method, the water is channelized towards the turbine and the current created by that can affect the movement of fish; in fact, it can kill them. This new design is expected to be a game-changer.
In August 2020, experts from the Yakut Scientific Center with affiliation from the Siberian Branch of the Russian Academy of Sciences made an announcement that they have developed a compact hydropower plant. This can generate electricity for remote northern areas and comes with a built-in pump that gets activated by river currents. The inventors believe that this would be a good choice for those regions as they use diesel power plants that are quite expensive and residents there prefer staying in the dark to avoid huge electricity bills.
However, the recent COVID-19 crisis is expected to create problems for the market. The pandemic has broken down supply chains and affected countries financially, which is why the stalling of projects are happening. However, governments are launching countermeasures that can change the market scenario.
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