The global hydraulic turbines market continues its upward trajectory, with a market size of USD 1032.4 million in 2021 and a projected compound annual growth rate (CAGR) of 5.5 percent during the forecast period. Several driving forces are propelling this growth, including rapid industrialization in emerging economies, government regulations favoring clean energy sources, and a growing focus on renewable energy for electricity generation.
Harnessing Clean Energy for a Sustainable Future
Hydraulic turbines play a pivotal role in the distribution, production, and conversion of electricity. Their appeal lies in their ability to harness the power of water, offering an eco-friendly alternative for power generation. As governments worldwide strive to reduce pollution and embrace renewable energy sources, hydraulic turbines have emerged as a sustainable solution. Moreover, advancements in technology are driving down manufacturing costs, making hydraulic turbines increasingly accessible.
Shifting from Fossil Fuels to Renewables
Major power producers are transitioning from coal to renewable energy sources, further fueling the hydraulic turbines market. These turbines are designed for efficient power generation using sustainable sources, and government initiatives to bridge power deficits are contributing to the growth by continuously improving power generation capacity.
Navigating the Pandemic Challenge
Despite the challenges posed by the COVID-19 pandemic, the global hydraulic turbine generator market has demonstrated resilience. Temporary disruptions occurred due to lockdowns, impacting manufacturing facilities across multiple countries. The nuclear turbine generator segment faced workforce shortages, but as the situation stabilizes, the market is regaining momentum.
Key Players Driving Market Growth
Key industry players are actively adopting various growth strategies, such as capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launches, and innovation, to maintain competitiveness. These strategies are expected to have a positive impact on market growth. For instance, Utico and Siemens recently entered into a technology and supply agreement for the Hassyan seawater desalination plant project in Dubai, while Kirloskar introduced NEO Series 4-inch Borewell Submersible Pumps, offering higher efficiency and energy savings.
Hydraulic Turbines: A Dominant Non-Polluting Energy Source
Hydraulic turbines are set to become the dominant non-polluting source of electricity. With a growing global population, the demand for power generation is increasing. Companies operating in the hydraulic turbine market are exploring various sources to meet this demand, even if it means purchasing power at higher prices during peak seasons.
Challenges Ahead
While hydraulic turbines are thriving, the growing adoption of renewable energy sources and energy storage technologies poses challenges. The energy storage market has seen significant growth, with investments aimed at improving grid reliability and reducing carbon emissions. Battery energy storage systems are increasingly prevalent, enhancing grid stability and power quality.
Segment and Regional Overview
Reaction turbines, which harness power from the pressure and movement of water, are dominating the market, particularly Francis turbines. In the medium (1 MW to 10 MW) category, the demand for ongoing power supply in off-grid areas is driving growth, with low-head hydro turbines gaining momentum due to their low maintenance and minimal environmental impact.
In terms of regions, North America leads the market, with a strong preference for hydroelectric power plants. Europe boasts mature hydropower technology, while Asia Pacific countries focus on expanding hydroelectric capacity. Africa is turning to hydropower for economic development and sustainable growth.
Competitive Landscape
Leading players in the hydraulic turbines market include General Electric Company, Siemens AG, Andritz AG, Toshiba Hydroelectric Power, Kirloskar Brothers Ltd, and Litostroj Power Group, among others. These companies are actively shaping the markets growth through technological innovations and strategic collaborations.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hydraulic-turbines-market
Visit Our Blogs:
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: [email protected]
This press release first seen on Brilad
COMTEX_442717386/2840/2023-10-31T07:38:24
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No The Daily News Journal journalist was involved in the writing and production of this article.