Hydraulic Turbine Market Top Companies
Some of the key players profiled in the hydraulic turbine market include General Electric Company, Siemens AG, Andritz AG, Toshiba Hydroelectric Power, Kirloskar Brothers Ltd, and Litostroj Power Group.
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.
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.
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.
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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. 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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