Press release
Hydro Turbine Market size and Key Trends in terms of volume and value -2024
A hydro turbine is an equipment which utilizes the kinetic and potential energy of flowing water and converts it into mechanical energy to generate electricity with the help of blades. This process is known as generation of hydropower or hydroelectric power.
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There are two major types of hydro turbines: reaction and impulse, which are further classified into propeller, francis, and kinetic; and pelton and cross-flow, respectively. Factors influencing the choice of hydro turbine are the height of the standing water (i.e. the head), its flow, volume, the depth at which it must be set, installation cost, and final efficiency.
Reaction turbines generate power with the combined action of moving water and the pressure it exerts. They are given preference at sites with a lower head and higher flow. Impulse turbines, on the other hand, utilize the velocity of the water to generate electricity and are thereby suitable for a higher head and lower flow. Hydro turbines are widely used for power generation, agriculture, electricity production, mechanical drive, marine applications, and industrial pumps.
Hydro Turbine Market: Market Trends
A major factor driving this market is the increasing demand for renewable energy. In the present scenario, there is a stark need to develop methods such as hydropower which causes minimal harm to natural resources.
Some restraints the market may experience are design challenges, high installation costs of dams and generators, and an overall dearth of awareness regarding the use of hydro turbines.
It can be concluded that the market may experience a steady growth rate during the forecast period.
Hydro Turbine Market: Region-wise Outlook
The market in Asia Pacific is projected to expand during the forecast period, owing to the fact that a majority of countries such as India and Bangladesh are agriculture-driven. China and India are major economies estimated to drive the market in the near future. North America is likely to exhibit a stable demand as well, due to the favorable incentives offered by the government for the utilization of these systems. The rising need for renewable sources of energy is anticipated to propel the market in Europe too. However, Middle East & Africa and Latin America are expected to witness a comparatively sluggish growth rate.
Hydro Turbine Market: Key Players
Major key players operating in the market include Kirloskar Brothers Limited, Siemens AG, Cornel Pumps, and General Electric.
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