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Water Turbine Market

Water Turbine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Water Turbine: Introduction

  • Water turbine is often called hydro turbine. Water turbine is considered to be the heart of any hydro power plant. It is a rotary machine that converts kinetic energy and potential energy of water into mechanical work. Water turbines provide energy with low impact on the environment. Water turbine is generally considered clean power producer, as it causes essentially no change to the water. Water turbines use renewable energy sources. Several countries have started installation of power plants in order to cater to the increasing demand for energy. High-capacity water turbines are utilized for generation of electricity. Fossil fuel is used in the conventional methods of power generation. However, fossil fuel is a non-renewable source of energy. Its usage causes pollution. Hence, pressure to shift toward renewable energy sources has been intensifying. Industries are increasingly adopting renewable sources of energy such as water, solar, and wind. Water turbines are connected to electric generators for the generation of electricity. They can serve as auxiliary power units. Water turbines are employed for distribution, conversion, production, and efficient usage of electricity.

Key Drivers and Restraints of Water Turbine Market

  • The water turbine market is primarily driven by the surge in investments in hydropower energy and favorable government initiatives and policies to promote the adoption of renewable technologies. Policy interventions by countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are creating high demand for renewable energy across the globe. However, high cost of production is poised to be a major restraint of the global water turbine market during the forecast period. Generation of power is still largely dependent on fossil fuels such as coal, oil, and natural gas. Furthermore, safety of the crew needs to be considered during the installation of water turbines. Maintenance costs of water turbines are high. These factors are hampering the global water turbine market.

COVID-19 Impact Analysis

  • The coronavirus pandemic has adversely impacted investment in the hydropower industry, due to the disruption in supply chain of raw materials such as concrete and turbine. Hydropower projects that rely on local suppliers for vast quantities of concrete and other materials during the construction phase have been unable to keep up with the demand due to production being suspended, staff shortages, and restrictions on movement.
  • In many countries, construction has been allowed to continue, with contractors following public health guidelines such as social distancing and self-isolation. However, the progress is inevitably slower.
  • Slowdown and cancellation of various hydropower projects due to disruption in supply chain and shortage of workforce is expected to hamper the demand for water turbines in the near future

Global Water Turbine Market: Key Segments

  • The global water turbine market can be segmented based on design, application, and region
  • Based on design, the water turbine market can be divided into reaction turbine and impulse turbine. Reaction turbines are of the following types: Gorglow, Tyson, Kaplan, and Francis. Impulse turbines are of the following types: Archimedes screw, Jonval turbine, water wheel, turgo wheel, and pelton wheel.
  • Based on application, the global water turbines market can be segregated into aeronautics, marine, power storage, and power generation

Global Water Turbine Market: Regional Analysis

  • In terms of region, countries in Asia Pacific such as India, China, Singapore, and Japan are emerging markets for water turbines, due to rapid urbanization and industrialization in these countries. Countries in Europe such as the U.K., Germany, and France have been witnessing high demand for water turbines since the last few years, due to eco-friendly energy norms imposed by governments of these countries. Demand for water turbines for usage in power generation is increasing significantly in North America. Governments of countries in the region are offering subsidies on water turbines in order to curb environmental pollution. Countries in Africa and Latin America are recovering from economic slowdown; hence, the water turbine market in these countries is likely to expand at a sluggish pace during the forecast period.

Key Players Operating in Global Market

Key companies operating in the global water turbine market are

  • General Electric, Inc.
  • Alterra Power Corporation
  • Wartsila Corporation
  • Sumitomo Corporation
  • The James Leffel & Co.
  • Calphine Corporation
  • Enel Spa

Global Water Turbine Market: Research Scope

Global Water Turbine Market, by Design

  • Reaction
  • Impulse

Global Water Turbine Market, by Application

  • Aeronautics
  • Marine
  • Power Storage
  • Power Generation

Global Water Turbine Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
Water Turbine Market

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