Hydropower Turbine Market Size Expected to Grow at a CAGR over 4.55% from 2020 to 2027

Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Hydropower Turbine Market.

Market Synopsis

Growing at a CAGR of 4.55%, the market is expected to grow from USD 2.011 billion in 2018 to USD 2.741 Billion in 2025.

The hydropower turbine market is growing on the back of increasing energy requirement, increasing emphasis on renewable energy sources, low cost and high efficiency of hydropower conversion.

Moreover, hydropower turbines are finding new use in diverse areas such as building automation, marine sector and in aeronautics which is further boosting this market.

Segmentation

By Type

Hydropower turbines are classified as reactive, impulse, gravitational, pump among others. Each of these types has a very specific utility that makes hydropower turbines ideal for applications even beyond their traditional utility of generating hydropower. Reactive hydropower turbines have the most demand and they usually find utility in medium and small hydroelectric power generation plants. China and India have a huge requirement for small and medium hydroelectric plants to meet rural energy needs and this is again causing the reactive hydropower turbine market to grow. China is investing heavily in huge hydroelectric power plants and is thus driving the impulse hydropower turbine market. The Baihetan dam with an output of 1600 MW are to be operational around 2021 and will use 12 huge gas-powered reactive turbines.  For hydroelectric projects with usually low flow and high inlet pressure, impulse turbines are used as they generate steady kinetic energy which is to be used to move the turbine blades. In 2018, India met 13.44% of its energy requirements via hydroelectricity, with an emphasis on small and medium scale hydropower plants which use impulse turbines. Gravitational hydropower turbines generate electricity enough to supply small villages and hamlets. It enriches the water quality while having almost negligible environmental impact. This energy can be converted to mechanical energy as well suited for small scale rural enterprises. Pump type hydropower turbines are used in power storage facilities and considering that 99% of the world’s power storage is hydroelectric in nature, this type of hydropower turbine is essential within the power storage industry.

Access Report Details @ https://www.marketresearchfuture.com/reports/hydropower-turbine-market-8224

By Capacity

Many of the world’s hydropower turbines are utilized in small (below 1 MW) and medium (Between 1MW – 10 MW) capacity hydroelectricity plants. But the largest and fastest growing market share belongs to hydropower turbines used in large scale hydroelectricity production (above 10 MW). South America and East Asia are propelling the market for large hydropower turbines as they are setting up huge hydroelectric dams. India is managing its rural energy demands by setting up several small and medium sized hydropower plants. However, the most potential for small and medium scale hydropower plants is within Africa and Europe, with the African market virtually untouched but expecting heavy investment soon.

By Application

Power generation remains the largest and fastest growing market segment within the global hydropower turbine market. Over 16% of the world’s energy requirement are fulfilled via hydropower and this number is rising with China and India, the world’s first and third largest energy consumers respectively, increasingly investing in it. Furthermore, Africa has the most untapped hydroelectric power generation potential and a rising energy demand which will further this market segment. Power storage is a critical component of power distribution and it is used to satisfy demand during peak requirement. Almost all the world’s current power storage is hydroelectric in nature, and it is causing the growth of the hydropower turbine market. The key requirement of power storage is the ability to rapidly vary power generation levels, something which can be done in hydroelectric power plants. Thus, being a smaller market segment than power generation, the power storage application of hydropower turbines holds an effective monopoly within the segment.  An increasing number of applications for hydropower turbines are being developed within the marine and aeronautics sector.