Industries across the globe are more inclined towards sources such as solar, water, and wind. In which, demand for water turbines is widely rising to convert kinetic energy into mechanical energy to generate electricity. These are anticipated to increase the water turbine market share along with the water turbine market future trends during the forecast period.
Water turbine being a renewable source, provides energy with a lower environmental impact. The adoption of water turbines is used for power generation from right from household applications to industrial applications. These factors are boosting the water turbine market growth over the last few decades.
Due to healthy economic growth and expected improvement in the living standards of people, developing countries are expected to enlarge the water turbine market size in recent years.
Due to this increasing power demand for water turbines and less availability of power from non-renewable energy sources, industries are leaning in the direction of renewable energy sources. This creates favourable growth in the adoption of water turbines and escalates the water turbine adoption trends.
There are different types of water turbines, such as the Pelton turbine, which is used for high head, and low flow power plants, and the cross-flow turbine for high flow are estimated to grow the water turbine market key trends and opportunities during the forecast period.
Such features of a different turbine according to flow generation endured maximum efficiency at a time of power generation. This leads to a rise in the sales of water turbines as well as the water turbine market opportunities during the forecast period.
What are Some of the Factors Spearheading the Water Turbine Market?
The adoption of water turbines due to generate power is rising as it is a clean energy source, i.e. these energy sources do not contaminate the atmosphere thermal and nuclear power generation plants which boosts the water turbine market growth in the coming forecast period.
The major reason behind growing the hydro-power plant is the renewable resource which is anticipated to rise in demand for water turbines in recent years. Government support for power generation through renewable energy creates a less regulated atmosphere in the market, driving demand for water turbines.
The electricity generation by water turbine is of low cost as compared to the conventional method, i.e. by fossil fuels. This plays a major role in raising the water turbine market size, which is growing the water turbine market's future trends during the forecast period.
Water turbines are censured of impacting the lives of underwater bodies, i.e. the fish population and also affect the water quality after the installation of the plant. However, all these factors are anticipated to have a moderate effect on the water turbine market growth.
Further, water turbine plants can cause low dissolved oxygen levels in the water. This problem may be injurious to riparian habitats, which can hamper the water turbine market growth. The water turbine market is expected to witness the launch of new products. One such example is hybrid water wind turbines. These wind turbines stores water for the generation of hydroelectricity is the leading innovative factor that has helped to grow the water turbine market trends & forecasts in recent years.
In hybrid water wind turbines, once the wind stops blowing, the towers act like batteries and enable the water turbine to produce electricity is supposed to grow the water turbine market size in the coming year.
The Performance of the North America Water Turbine Market
North America is expected to hold the major water turbine market share by acquiring 24.0% of the share in the water turbine market during the forecast period from 2022 to 2032.
Due to raising the favorable incentives offered by the government for the utilization of green solutions, the rise in economies and low-cost electricity leads to escalating the water turbine market size in the North America region as per the water turbine market report during the forthcoming period.
Who are Some of the Key Competitors in the Water Turbine Market?
Some prominent key market participants in the water turbine market are GENERAL ELECTRIC, Wärtsilä, Alterra Power Corporation, Energy Development Corporation, Nautilus LLC, Canyon Industries, Inc., The James Leffel & Co, Toshiba India Pvt. Ltd., Ram Power Corporation, Enel Spa, Sumitomo Corporation, Gilbert Gilkes & Gordon Ltd., and Calpine Corporation.
The key water turbine market player is using a set of methodology to enlarge the water turbine market size. The above key industries are playing a prominent character to function their responsibility to acquire the lion’s water turbine market share while increasing sales of water turbines during the forecast period.
Therefore, they adopt mergers, acquisitions, partnerships, product launches, and other techniques to increase water turbine market demand analysis in the coming years.
Recent Development in the Water Turbine Market is:
The new Nachtigal hydropower plant in Cameroon will receive seven 60MW Francis turbines from GE Renewable Energy in February 2019. The consortium headed by GE Renewable Energy will conduct the $87 million contract with Elecnor.
Ethiopian Electric Power awarded GE Hydro France a multimillion-dollar contract in January 2019 to produce and test turbine generators for five power generating units. For the production of the hydro turbine, GE Hydro France will receive a staggering €53.9 million.
GE Power and Navayuga Engineering Company Ltd. entered into a contract in January 2018 for the design, manufacture, supply, erection, testing, and commissioning of 12 units of 80MW vertical Kaplan turbine generators. The contract is estimated to be worth Rs. 818.3 crores.
