Hydro Turbine Market Expected to Reach US$ 3,020.3 Mn by 2027
Posted by aartimule on August 23rd, 2021
According to a new market report published by Transparency Market Research (titled “Hydro Turbine Market (Type – Impulse Turbine (Pelton Turbine and Cross Flow Turbine) and Reaction Turbine (Kaplan Turbine, Francis Turbine, and Bulb Turbine); Installation Site – Pico Hydro Plants (0 kw – 5 kw), Micro Hydro Plants (5 kw – 100 kw), Mini Hydro Plants (100 kw – 500 kw), and Large Hydro Plants (more than 500 kw); Head Type – Low Head (Less than 30 m), Medium Head (30 m to 300 m), and High Head (300 m to 1500 m) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2027,” the global hydro turbine market is expected to reach a value of US$ 3,020.3 Mn by 2027. In terms of value, the market is estimated to expand at a CAGR of 4.7% during the forecast period from 2018 to 2027. Based on volume, the market stood at around 7,015 units in 2017. The Asia Pacific hydro turbine market is projected to witness the highest growth during the forecast period both in terms of value (US$ Mn) and volume (Units). The market witnessed considerable growth in the Asia Pacific region due to increasing government initiatives to deal with frequent power shortages. China and India are major economies estimated to drive the market in the near future.
The hydro turbine market is influenced by the prime driving factor of advancements in technology along with advanced grid integration. In terms of type, the reaction turbinesegment is anticipated to gain the largest share with total value of US$ 2,313.3 Mn by 2027 at a CAGR of 4.8% annually. However, environmental concern of hydropower generation is one of the major challenges restraining the growth of the market. Nevertheless, the market is anticipated to grow due to rising requirement of hydro turbines in emerging economies for renewable energy.
In 2017, based on type, the reaction turbine segment accounted for value of about US$ 1,472.1 Mn in the global hydro turbine market. Demand for reaction turbine type is increasing because these turbines are preferred for power generation due to their advantage of remaining dipped in water and because they use the pressure energy of water to generate power. Based on head type, the medium head (30 m to 300 m) segment is anticipated to reach US$ 1,157.9 Mn at a CAGR of 4.5% by 2027. A low-head dam is one with a water drop of less than 30 m and a producing capacity up to 15,000 kW. High-head (300 to 1500) dams can create more power at lower costs than low-head dams; however, construction of large dams may be limited by economic conditions, by environmental considerations, or by lack of suitable sites. In contrast, there are many existing medium head dams and drops in elevation where medium generating plants could be installed. New medium-head dams could be built to increase output as well. The key to the usefulness of such units is their ability to generate power near where it is needed, reducing the power inevitably lost during transmission. The above factors are expected to boost the medium head (30 m to 300 m) segment during the forecast period. In terms of installation site, large hydro plants (more than 500 kw) segment is anticipated to reach US$ 1,912.0 Mn at a CAGR of 4.8% by 2027.
Some of the key players profiled in the global hydro turbine market are General Electric Co., ANDRITZ AG, Toshiba Energy, Harbin Electric Machinery, Kirloskar Brothers Ltd., Siemens AG, Canyon Industries Inc., Cornell Pump Co., Gilbert Gilkes & Gordon Ltd, WWS Wasserkraft GmbH, and Canadian Hydro Components Ltd.
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Joined: April 16th, 2020
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