The global penstock market is expected to witness high growth over the forecast period on account of increasing electricity consumption coupled with driving need for sewage & water treatment mainly in emerging economies such as India, China, South Korea and Vietnam.
Penstock is fitted between open water source and turbine scroll case where source type can be surge tank, reservoir, canal, free flow tunnel, and river. The product helps in preventing any loss of property and life during operations.
Other product benefits include excellent impact resistance, controlled leakage, less operating loads and adequate flow of liquid during operation. Hydraulic efficiency is expected to further enhance global penstock market growth over the forecast period as the product has to undergo pressure fluctuations during turbine operations.
Therefore, raw material for manufacturing should have high strength with excellent flexibility and efficiency features. Steel is a major raw material for penstock owing to its strength and highly flexible nature. They also help in providing water tightness at the contraction and concrete surface areas.
Global industry is expected to be restrained by various losses which are experienced by penstocks during turbine operations such as head and friction losses. High installation cost involved is expected to further hamper global penstock market growth in the future.
Industrialization mainly in Asia Pacific countries including India, China, Vietnam and Indonesia is expected to emerge as key market opportunity over the forecast period owing to high electricity demand coupled with increasing initiatives for its generation.
Designing is crucial as there are certain safety rules and codes established by government which are compulsory to follow while manufacturing penstock. Normal steel-based products are constructed in accordance with American Society of Mechanical Engineers (ASME) Codes.
These codes and practices are continuously updated according to advancements in pressure vessel design and materials. Welds inspection and testing is also important for penstock designing and the standards & codes are also based on them in order to provide high efficiency.
Product location is also a vital step as it depends upon dam type & location, intake & outlet position, and river diversion process during dam construction. Global penstock industry is segmented on the basis of types and application. Penstocks are categorized according to their size, construction, and application.
Type segment includes light duty cast iron, light duty fabricated, medium duty and heavy duty cast iron. On the basis of application, industry is segmented into sewage treatment, water treatment, industrial processes, and hydropower.
North America and Europe are developed regions, so stagnant growth is expected over the forecast period for electricity-based product owing to fewer developments in electricity generation.
Penstocks for sewage and water treatment are expected to experience high growth in these regions owing to stringent environment regulations by EPA and REACH for environment protection.
Asia Pacific is expected to witness highest growth in future on account of advancements in electricity generation operations. Middle East & Africa is also expected to have significant penstock market growth owing to rapid industrialization in the region resulting into high electricity consumption.
Further, high electricity demand mainly in emerging economies such as India, China, Vietnam and South Korea are also expected to contribute significantly towards regional industry demand over the forecast period
Central & South America is expected to witness high growth in the future on account of technological developments in the region. Global penstock industry is expected to experience huge number of new entrants over the forecast period owing to continuous technological developments coupled with increasing demand for electricity in emerging economies.
Key penstock industry participants are Hindustan Water Engineering Company, AVK Holding, Australian Penstock & Damper Valve Company, Awma Water Control Solutions, IVC, SKC Engineering, Kawasaki, Industrial Penstocks Ltd., Invicta, PVS Impex Pvt. Ltd., Spectra Company, Waterfront and Ham Baker.
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