Hydraulic Turbine Market growing at a CAGR of 5.7% from 2020 to 2027.
According to a new report published by Allied Market Research, titled, “hydraulic turbine market by product type, rating, and end-user: global opportunity analysis and industry forecast, 2020–2027”, The global hydraulic turbines Market size was valued at $0.9 billion in 2019, and is projected to reach $1.5 billion by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
Hydraulic turbine is used to generate electricity using
kinetic energy of falling water. Falling water on turbine creates mechanical
energy, which is further converted into electrical energy through hydroelectric
generator. Generally, hydraulic turbine is made of stainless-steel structure,
which consists of one rotor with blades. Hydraulic turbines find major
applications in industrial and commercial sectors for production of renewable
and clean energy.
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Increase in demand for renewable power sources is
expected to drive the market growth. Moreover, replacement of old coal and
fossil fuel power plants with renewable power sources is another major factor
that propels the hydraulic turbine market growth. Governments across the globe
are promoting sustainable energy sources, which can replace conventional fossil
fuel sources. Moreover, rise in prominence of various technologies such as low
head turbines and small hydro plants is expected to create new market
opportunities.
On the basis of type, impulse turbine emerged as the
market leader. This is attributed to rise in demand in small and medium sized
hydropower plants, and chemical and pharmaceutical industries. Moreover, the
efficiency of energy conversion from kinetic to mechanical energy is higher in
case of impulse turbine than that of reaction turbine.
On the basis of rating, the 10MW and above segment
accounted for the highest revenue share in 2019. This was attributed to
application of hydraulic turbines in industrial and commercial sectors. Most of
these hydraulic turbines are used for hydraulic power plants for power
generation. As initial installation and infrastructure cost is high for
hydraulic turbines, it is not used for small scale applications.
On the basis of end user, the industrial segment is
expected to witness the highest market growth in 2019. This is attributed to
strong demand from various industrial end-users for generation of hydropower.
Moreover, new incentives and tax credit schemes from governments are expected
to further attract new end-users in this sector.
Region wise, Asia-Pacific accounted for the highest
revenue share in 2019, owing to rise in concern from governments across
emerging nations, such as China, India, and South Korea, regarding zero
emission norms. Moreover, China being the largest producer of hydropower is
expected to foster growth of the market in Asia-Pacific. Total production of
hydropower in China is around 5 times than that of the U.S.
Major players have adopted business expansion, merger,
and acquisition to sustain the intense market competition. Some of the key
players profiled in the hydraulic turbine industry include General Electric
Company, Siemens AG, Andritz AG, Toshiba Hydroelectric Power, Kirloskar
Brothers Ltd, and Litostroj Power Group.
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COVID-19 scenario analysis:
- The hydraulic
turbine market witnessed mixed impact of COVID-19 pandemic in countries
such as China, Brazil, and India.
- In China,
hydropower witnessed reduction in demand, however, there has also been a
reintroduction of hydropower development.
- Brazil
hydraulic turbine market was affected, owing to cancellation of large
number of projects
- Moreover,
owing to social distancing and lockdown norms, industry players are forces
to follow strict restrictions, which affected operations of hydraulic
turbines. For instance, in 2020, Statkraft halted construction of its two
projects of 100 MW and 52 MW in India and Chile, respectively.
- Supply chain
disruption and travel restriction of personnel largely impacted ongoing
projects. In addition, restrictions on cross border transport delayed
material replenishment.
- Shift in
trend toward remote working is considered as a vital solution to improve
the market conditions. Various automation companies such as ABB and
Siemens are accelerating remote connectivity to ensure access to field
operators and service engineers who cannot be on-site at this time.
- These
companies are providing control room livestreams, process data,
operational insights, and plant key performance indicators to users
sheltering at home. Such remote monitoring of critical assets, augmented
reality maintenance support, and online tools for training and spare parts
stocking are expected to provide new market opportunities post COVID-19.
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Key findings of the study:
- The impulse turbine segment is
projected to grow at the highest CAGR of around 5.9%, in terms of revenue,
during the forecast period.
- By end-user,
the industrial segment held more than 30% market share with a CAGR of
6.9%, in terms of revenue, during the forecast period.
- By region,
the Asia-Pacific dominated the market with more than 50% market share.
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