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Hydraulic Turbine
WILMINGTON, DE , UNITED STATES, May 8, 2024 /EINPresswire / -- The global hydraulic turbines Market size was valued at $0.9 billion in 2019, and is projected to reach $1.5 billion by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
The hydraulic turbines market is poised for continued growth as the global transition towards clean energy accelerates. Innovations in turbine technology, coupled with supportive policies and increasing investments in hydropower infrastructure, will drive market dynamics, fostering sustainable energy development and contributing to the decarbonization of the power sector.
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Increase in demand for renewable power sources is expected to drive the market growth. Moreover, replacement of old coal and fossil fuel power plants with renewable power sources is another major factor that propels the hydraulic turbine market growth. Governments across the globe are promoting sustainable energy sources, which can replace conventional fossil fuel sources. Moreover, rise in prominence of various technologies such as low head turbines and small hydro plants is expected to create new market opportunities.
The hydraulic turbines market is a vital segment within the broader renewable energy industry, playing a crucial role in the generation of clean and sustainable electricity. Hydraulic turbines harness the energy of flowing water to produce mechanical power, which is then converted into electrical energy through generators. These turbines are utilized in various applications, including hydroelectric power plants, irrigation systems, and industrial processes.
Hydraulic turbine is used to generate electricity using kinetic energy of falling water. Falling water on turbine creates mechanical energy, which is further converted into electrical energy through hydroelectric generator. Generally, hydraulic turbine is made of stainless-steel structure, which consists of one rotor with blades. Hydraulic turbines find major applications in industrial and commercial sectors for production of renewable and clean energy.
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The market for hydraulic turbines has witnessed steady growth in recent years, driven by increasing global initiatives to reduce reliance on fossil fuels and mitigate climate change. Governments and energy companies worldwide are investing in hydropower projects as part of their renewable energy portfolios, further boosting the demand for hydraulic turbines.
One key trend shaping the market is the emphasis on enhancing turbine efficiency and performance. Manufacturers are continuously innovating to develop advanced turbine designs that can operate efficiently across a wide range of water flow conditions. Improvements in materials, design optimization, and computational modeling techniques are driving these advancements, leading to higher energy conversion rates and lower operational costs for hydropower projects.
The integration of digital technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) is transforming the hydraulic turbines market. Smart turbine monitoring and control systems enable real-time performance optimization, predictive maintenance, and remote operation, enhancing overall reliability and efficiency while reducing downtime and operational risks.
Key market segments
By Product Type
. Reaction
. Impulse
By Rating
. Small (Less than 1MW)
. Medium (1MW to 10MW)
. Large (10MW and above)
End-User
. Industrial
. Commercial
. Residential
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Key Market Players:
. Siemens AG
. Norcan Hydraulic Turbine Inc.
. KIRLOSKAR BROTHERS LTD.
. Voith GmbH & Co. KGaA
. LITOSTROJ POWER GROUP
. General Electric
. Gilbert Gilkes & Gordon Ltd326
. Andritz AG
. Canyon Industries Inc.
Key Findings of the Study:
. The impulse turbine segment is projected to grow at the highest CAGR of around 5.9%, in terms of revenue, during the forecast period.
. By end-user, the industrial segment held more than 30% market share with a CAGR of 6.9%, in terms of revenue, during the forecast period.
. By region, the Asia-Pacific dominated the market with more than 50% market share.
David Correa
Allied Market Research
+1 503-894-6022
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