Hydro Turbine Market is projected to be worth USD 3.99 billion by 2033 and is anticipated to surge at a CAGR of 5.22%.
A hydro turbine is a mechanical device that converts the mechanical energy of flowing water into electrical energy. It is required for the generation of hydroelectric power, a renewable and sustainable energy source. As water runs downhill or through a dam, the turbine's blades or runners gather kinetic and potential energy. The rushing water rotates the blades, transferring energy to a shaft connected to a generator.
Global Hydro Turbine Market Driving Factors and Challenges
The hydro turbine market is expanding rapidly as a result of various compelling dynamics impacting the global energy landscape. One of the key drivers of this expansion is the growing demand for clean and sustainable energy sources. As concerns about climate change and environmental damage grow, there is a rising emphasis on shifting away from reliance on fossil fuels and toward renewable energy options. Hydro turbines provide a dependable and efficient method of generating electricity from moving water, perfectly coinciding with the global desire to cut carbon emissions.
However, the hydro turbine sector is beset by a variety of issues. The environmental impact of building dams and altering streams to accommodate turbines is significant. Large-scale hydroelectric projects can harm habitat, disrupt water flow patterns, and even displace communities. It is challenging to strike a balance between energy development and environmental preservation. Furthermore, the viability of hydroelectric projects is affected by geographical factors such as the availability of adequate water supplies and related infrastructure.
Impact of COVID-19 on Global Hydro Turbine Market
The global hydro turbine market, like many other industries, was badly damaged by the COVID-19 pandemic. The initial epidemic caused manufacturing process disruptions, supply chain disruptions, and project delays as lockdowns and limitations were implemented globally. These disruptions affected the production and delivery of hydro turbine components, resulting in project delays and cost overruns. Furthermore, the pandemic's unpredictability caused some investors to reconsider their financial commitments to large-scale infrastructure projects, particularly hydropower projects.
Hydro Turbine Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Andritz AG, Canyon Industries Inc., General Electric Company, Gilbert Gilkes & Gordon Ltd, Kirloskar Brothers Ltd, Litostroj Power Group, Norcan Hydraulic Turbine Inc., Siemens AG, Voith GmbH & Co. KGaA, WWS-Wasserkraft GmbH.
Global Hydro Turbine Market Segmentation:
By Technology: Based on the Technology, Global Hydro Turbine Market is segmented as; Reaction, Impulse.
By Capacity: Based on the Capacity, Global Hydro Turbine Market is segmented as; Small (Less than 10MV), Medium (10MW-100MW), Large (Greater Than 100MW)
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.