Hydraulic Turbine Market: Flowing Energy | Asia-Pacific 6.3% Growing by Japan, South Korea, Taiwan, Singapore
Hydraulic Turbine
Hydraulic Turbine Market Revenue is projected to exceed USD 1.5 billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, December 6, 2023 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The global hydraulic turbine 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 turbines have been a reliable and efficient means of generating electricity for many decades. As technology continues to evolve, there are ongoing efforts to enhance the performance and sustainability of hydraulic turbines, contributing to the broader goals of clean and renewable energy production.
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The Asia-Pacific dominated the market with more than 50% market share.
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.
Top Companies
General Electric Company, Siemens AG, Andritz AG, Toshiba Hydroelectric Power, Kirloskar Brothers Ltd, and Litostroj Power Group.
A hydraulic turbine is a device that converts the energy from flowing or falling water into mechanical energy, which is then used to generate electrical power. These turbines are a crucial component of hydropower systems and play a significant role in the generation of renewable energy.
Hydraulic turbines are widely used in hydropower plants, which harness the energy of rivers, streams, and waterfalls to generate electricity.
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.
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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.
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.
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.
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.
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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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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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