Global Hydro Turbine Market to Witness Growth by ~5% CAGR throughout 2022 – 2030
Research Nester published a report titled “Hydro Turbine Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers a detailed overview of the global hydro turbine market in terms of market segmentation by technology, capacity, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global hydro turbine market is
anticipated to grow at a CAGR of
~5% over the forecast period, i.e., 2022 – 2030.
The market is divided on the basis of technology into reaction and impulse, out
of which the reaction segment is estimated to garner the largest market share
over the forecast period, owing to the ability of this technology to produce
maximum power at low water supply. Over 60% of the hydro power stations use
this technology. On the basis of application, the market is segmented into
commercial, industrial, and others, out of which, the commercial segment is
estimated to gain notable market share over the forecast period. The growth of
the segment can be attributed to increasing utility-scale hydro power plants
around the world.
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The global hydro turbine market is estimated
to grow on the back of rising adoption of hydroelectricity, as a greener
alternative to thermal power, which is generated from burning coal.
Hydroelectricity is renewable, as the water used to rotate the turbine can be
reused ever time. The growing construction of dams, and hydro powerplants in
developed and developing nations, such as, United States, Brazil, China, India,
and Canada, among others, is estimated to boost the market growth. Furthermore,
government initiatives on reducing carbon footprint, and promoting
hydroelectricity are further expected to fuel the growth of the market.
On the basis of region, the global hydro
turbine market is segmented into five major regions including North America,
Europe, Asia Pacific, Latin America and Middle East & Africa region. The
market in the Asia Pacific region is projected to grow at the highest CAGR over
the forecast period, owing to the rising government initiative to promote
hydroelectricity in countries, such as, India, and China, along with favorable
landscape in the region. Presence of large rivers in this region, is also one
of the factors driving the market growth.
The research was global in nature and
conducted in North America (U.S., Canada), Europe (U.K., Germany, France,
Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland,
Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin
America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific
(China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia,
New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi
Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of
Middle East and Africa). In addition, areas like Market size, Y-O-Y growth
& Opportunity Analysis, market players competitive study, investment
opportunities, demand for future outlook etc. have been covered and displayed in
the research report to ensure it dives deep to achieve strategic competitive
intelligence in the segment.
Increasing
Adoption of Hydroelectricity to Boost the Market Growth
As per
report of the International
Hydropower Association (IHA), 60% of the total renewable electricity is
generated by hydro powerplants, and is responsible for 16% of total electricity
generation globally.
Hydropower holds the major share in the total electricity
generated by renewable sources, as it is feasible, abundant, and largely
accepted by the masses. Rising demand for renewable energy and up-surge
in construction of hydro powerplants are the major factors driving the market
growth.
“The
Final Report will cover the impact analysis of COVID-19 on this industry.”
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However,
absence of favorable landscape in many countries is expected to operate as key
restraint to the growth of the global hydro turbine market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global hydro turbine market which includes company profiling of Voith GmbH & Co. KGaA, GE Group, Siemens AG, ANDRITZ Hydro, Kirloskar Brothers Limited, Harbin Electric Machinery Company Limited, Canyon Hydro, Cornell Pump Company, LITOSTROJ POWER d.o.o., Toshiba Energy Systems & Solutions Corporation and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydro turbine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision in order to avoid future uncertainties.
Contact for more
Info:
AJ Daniel
Email: info@researchnester.com
U.S. Phone: +1 646 586 9123
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