The global hydraulic turbine market is estimated to witness substantial growth over the forecast period owing to the rapid exhausting conventional sources of energy. Need to replenish the traditional energy reserves and the requirement for alternative sources of energy are the prime drivers influencing the market. Intensive R&D activities, maintenance, and large scale production of energy are some of the factors that would fulfill the ever-rising demand for energy over the next six years. The development of private energy-generating enterprises is predicted to generate significant growth prospects across government organizations and large private enterprises.
The energy generated through hydraulic turbines is anticipated to be the most prevalent non-polluting source of electricity. Other popular sources to fulfill energy needs such as hydro technology with a lower environmental impact include small hydro plants, low head turbines, and run-of-river. Vendors focus on price, quality of service, portability, performance, and accessibility owing to high competition prevailing in the market. Growing population base around the world is augmenting the need for power generation. Companies operating in the hydraulic turbine market are largely buying power from other sources that may cost more than the average market price to overcome additional seasonal demand.
The major power producers are shifting from coal to renewable sources or natural resources for power generation which is projected to fuel the market over the forecast period. The hydraulic turbines are built for efficient power generation using a feasible source. In the case of impulsive turbines, the resulting pressure is directed through nozzles and the source feed is ignited to drive the turbine blades. For hydraulic reaction turbines, the feed material rivers or dams go through the blades to drive the turbine. Government initiatives to fulfill continuous power shortages are undertaking measures to frequently enhance their power generation capacity for fulfilling the requirements of households and industries.
The renewable energy sector is forecasted to gain tremendous momentum in the hydraulic turbines market over the next six years. Various world organizations have come up with a significant interest in adopting renewable energy technologies and diversifying its energy portfolio. Consumers and government bodies have discovered over the years the imperative effects of global warming and carbon emissions, and are taking severe efforts for reducing current carbon-dioxide levels as well as monitoring future emission intensity.
The requirement of hydraulic turbines is driven by the replacement of the gas power stations and aging coal plants by sources based on renewable energy. The hydraulic turbine market is projected to grow considerably over the next six years owing to supportive government policies. These policies and overall environmental security are responsible for the increased adoption rate of the turbines as an alternative for the traditional energy sources. Environmental concerns faced by the hydropower industry as well as design limitations faced by the hydraulic turbine developers are expected to hinder market growth over the forecast period.
The hydraulic turbine market can be categorized on the basis of type into water turbines, gas turbines, steam turbines, and vapor turbines. The Vapour turbine segment is projected to have great potential in the market over the forecast period. Based on end-use, the market is segmented into industrial purpose turbines, residential rooftop turbines, and commercial generation turbines. Industrial purpose turbines are likely to propel the market growth owing to the rising demand for alternative sources of energy. The market is based on power generation capacity into hydraulic turbines with power less than 1,000 kW, between 1,000 kW–10,000 kW and over 10,000 kW.
North America is estimated to have significant demand for hydraulic turbines over the next six years owing to governmental incentives for the hydro turbine technology. Europe is forecasted to drive market growth on account of increasing renewable sources of energy for power generation. Emerging markets such as India and China are anticipated to fuel the market over the next six years. The market consists of major vendors such as Vestas Wind Systems A/S, GE Energy, Siemens Wind Power, Urban Green Energy, Enercon GmbH, Suzlon Energy Limited, and International Aero Engines AG.
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