The global water turbine market was worth US$ 2.4 Billion in the year 2022 and is expected to reach US$ 3.8 Billion by the year 2032 at a CAGR of 4.7% between 2022 and 2032.
Hydroelectric power is amongst the ancient energy resources that provide clean energy. Hydroelectricity’s production could be enhanced through rapid advancements in technology. These days, hydroelectric power plant is located in almost every corner of the world for generating electricity wherein turbine forms a vital element. This turbine is a mechanical device wherein kinetic energy is obtained from water’s potential energy. In other words, the turbine does help in running the turbine blades wherein potential energy gets converted into mechanical energy. Turbine rotor does turn a generator rotor converting mechanical energy into electrical energy. Population explosion asks for expansion of industrial as well as residential spaces, which, in turn, demands higher quantity of electricity. As such, there would be no stoppage to water turbine market in the near future.
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The developing economies are more into adoption of hydel power; mainly due to the fact that there is a depletion of non-renewable energy resources like coal.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Water Turbine market’. It has its dedicated team of analysts and consultants to deploy an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“Innovations to come through as a cornerstone of water turbine market in the near future”, says an analyst from Future Market Insights.
Key Takeaways from Water Turbine Market
- Europe holds the largest market share due to governments’ regulations revolving around clean power generation. Regions like France, Sweden, Norway, Austria, and Italy are the torchbearers.
- North America and the Asia-Pacific stand second and this respectively on this count and the scenario is expected to remain unchanged even in the forecast period. The Asia-Pacific is led by India and China.
- MEA is dominated by Democratic Republic of Congo, Nigeria, Zambia, Sudan, and South Africa. The region is expected to grow on a hassle-free note in the forecast period.
Competitive Water Turbines
- The novel Nachtigal hydropower plant, in February 2019, did receive seven 60 MW Francis turbines from ‘GE Renewable Energy’.
- Ethiopian Electric Power, in January 2019, did award a multimillion-dollar contract with GE Hydro France for producing and testing turbine generators for 5 power generating units.
- Navayuga Engineering Company Ltd., in January 2018, inked a contract with GE Power for designing, manufacturing, supplying, erecting, commissioning, and testing of 12 units of 80 MW vertical Kalpan turbine generators.
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What does the Report Cover?
- The research study is based on design (impulse turbine, Pelton wheel, Turgo, water wheel, Jonval wheel, Archimedes screw, reaction turbine, Francis turbine, Kalpan turbine, Tyson turbine, and Gorglow turbine), and by application (power generation, power storage, marine, and aeronautics).
- With growing demand for renewable energy, the global water turbine market is expected to grow on a turbulent note in the forecast period.
Key Segments
By Design:
- Impulse Turbine
- Pelton Wheel
- Turgo
- Water Wheel
- Jonval Turbine
- Archimedes Screw
- Reaction Turbine
- Francis Turbine
- Kaplan Turbine
- Tyson Turbine
- Gorglow Turbine
By Application:
- Power Generation
- Power Storage
- Marine
- Aeronautics
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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