Global Water Turbine Market: Overview
Water turbine is often called as hydro turbine. Water turbines are considered to be the heart of any hydro power plant. A water turbine is a rotary machine that converts kinetic energy and potential energy of water into mechanical work. Water turbines provide energy with a low impact on the environment. A water turbine is generally considered clean power producer, as the turbine causes essentially no change to the water. Water turbines use a renewable energy source. 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. In the conventional methods of power generation, fossil fuel is used. However, fossil fuel is a non-renewable source of energy and its use 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 and they can serve as auxiliary power units. Water turbines are employed for distribution, conversion, production, and efficient usage of electricity.
Global Water Turbine Market: Key Segments
The water turbine market can be segmented based on design, application, and region. Based on design, the market can be segmented 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. Applications of water turbines are aeronautics, marine, power storage, and power generation.
Increasing use of water turbines as they employ an alternative energy source is a major driver of the water turbine market. Advancements and technological inventions are leading to reduction in manufacturing costs. Environmental regulations and government subsidies lead to curb pollution. Increasing demand for water turbines due to their eco-friendly power generation is a major factor driving the market for water turbines.
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 much dependent on fossil fuels such as coal, oil, and natural gas. Moreover, safety of the crew needs to be considered during the installation of water turbines. Maintenance costs of water turbines are high.
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 witnessed high demand for water turbines in the last few years, due to eco-friendly energy norms imposed by governments of these countries. Demand for water turbines for use in power generation is increasing significantly in North America. Governments are offering subsidies on water turbines in order to curb environmental pollution. Countries in Africa and Latin America are recovering from economic slowdown and hence, the water turbine market in these countries is likely to expand at a sluggish pace during the forecast period.
Global Water Turbine Market: Key Players
Key players operating in the global water turbine market are General Electric, Inc., Alterra Power Corporation, Wartsila Corporation, Sumitomo Corporation, The James Leffel & Co., Calphine Corporation, and Enel Spa.
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