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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hydro Turbine Market: Global Opportunity Analysis and Industry Forecast 2020–2027
Request Now !An electro-mechanical equipment is used in hydropower generation projects for producing electricity commonly known as hydro turbine. Hydro turbine transmits power to a revolving energy manufacturing shaft from moving water. The turbines spin or turn as a reaction to the water in their blades. A series of blades are mounted on a plate or spinning shaft. Subsequently, water is passed through the turbine over the blades, enabling the inner shaft to rotate. Electricity is generated by subsequent transfer of this rotational motion to a generator. The type of turbine chosen for hydropower plants depends on the amount of water that flows (known as the hydroelectric discharge) and the height of the water storage (known as the hydraulic head). Technological innovation and rapid development have improved overall hydroelectric power production.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Type, Technology, Capacity, and Region |
Regions covered | North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA) |
Companies covered | General Electric Co., ANDRITZ AG, Toshiba Energy, Harbin Electric Machinery, Kirloskar Brothers Ltd., Siemens AG, Canyon Industries Inc., Cornell Pump Co., Gilbert Gilkes & Gordon Ltd., and WWS Wasserkraft GmbH |
Factors such as increase in global energy demand, rise in need for cleaner power generation technology, and implementation of stringent emission regulation objectives are expected to boost the growth of the global hydro turbine industry. In addition, hydropower is the primary source of renewable energy production in the world, and with new hydropower plants being approved, hydro turbine demand is expected to increase. Global hydro turbine market dynamics are mostly linked to advancements in technology related to hydro turbine and advanced grid integration. Moreover, the construction and development of hydropower generation projects are increasing, as hydropower generation does not produce air pollutant and other global warming gasses, thus boosting the demand for electricity from hydro turbines, particularly in developing economies.
Renewable energy needs in developing economies are anticipated to grow, offering lucrative opportunities for hydro turbine manufacturers. Flexibility in technology often offers a more strategic advantage for hydraulic ventures, especially where grid access is challenging, as is often the case in developing markets, for direct shipping to companies and industries. Most of leading producers of hydro turbines are planning their long-range growth plans instead of short-term cost savings. In addition, favorable government subsidies and rise in energy demands in developed countries are projected to offer potential growth avenues for the market. However, several drawbacks, such as high installation cost of dams, long gestation periods, ecological concerns related to dams, and design challenges of the turbine are likely to impede the growth of the market.
Key segments covered
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The global hydro turbine market is expecting a slowdown, owing to the outbreak of COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown. This pandemic is further likely to slow down the world’s economic development. In addition, logistical delays trigger constraints in the implementation of new projects. Thus, with decline in the economic growth, the hydro turbine industry is anticipated to witness negative impacts.
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