Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Hydraulic Turbine Market Size 2019 – 2026”.
LOS ANGELES, June 18, 2019 (GLOBE NEWSWIRE) — The Global Hydraulic Turbine Market is estimated to grow at CAGR above 4.5% over the forecast time frame 2019 to 2026 and reach the market value around USD 2.9 billion by 2026.
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The hydraulic turbine is a rotary engine that transforms the energy of water into an electricity generation rotating shaft. Hydropower has become one of the prominent sources of energy production with the commercialisation of these turbines begun in 19th century and with technological developments and design changes. Some of the imperative characteristics of hydro power turbine deployment will be reduced maintenance requirements, reduced emissions, and low operating costs.
The worldwide hydraulic turbine market will be driven by the increasing demand for reliable and constant industrial electricity. Mitigation of supply-demand discrepancies was a key issue to utilities, leading to major investments in developing sustainable sources of energy, including hydropower. In April 2019, for example, the US Department of Energy is providing USD 26,1 million in economic assistance for the creation of fresh water systems by using advanced manufacturing methods and equipment.
Continued technological progress in the design of turbines, combined with the inclusion of IIOT systems, will boost the size of the industry. In July 2017, for example, the NTN Corporation launched the standalone compact hydro power generator NTN Micro Hydro Turbine for effectively generating electricity by putting it on current water channels.
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Increased renewables in emerging economies are projected to provide hydraulic turbine producers with a strong growth chance. In the coming years, emerging economies are offering renewable energy a powerful growth chance. Hydropower is an increasingly popular energy alternative because the competitiveness of such energies in nations which must boost their productive ability to maintain pace with economic growth rates. Technological flexibility also makes hydropower projects a competitive alternative for direct supply to businesses and industry, particularly when grid access is hard, as is often the case in emerging economies.
In particular, technological developments and sophisticated grid integration are a factor in the market dynamic of the worldwide hydraulic turbine industry. The hydraulic turbine market is dominated by Asia Pacific and South America. Furthermore, hydroelectric projects are increasing as waters do not emit air pollutants or other worldwide warming gases and thus contribute to the increasing demand for energy produced by hydraulic turbine engines, particularly in developing markets, which boosts the hydro turbine industry.
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The benefit of wind power lies in hydraulic energy as water is more dense than air, which is why rotating the turbine needs higher wind force than in hydraulic energy for the collection of the mechanical energy of the wind. Therefore, developing nations prefer hydroelectric projects which in turn drive the hydroelectric turbine industry. Marine and hydrokinetic (MHK) techniques also turn sea wave and river current power into energy. MHK systems have considerable potential to supply customers with renewable energy in coastal loading centers, which is why the market for hydro turbines should offer enormous opportunities. Technologically sophisticated equipment is mainly preferred for hydropower projects in saturated markets such as Europe and North America. Modertoproject proprietors are also offered possibilities by contemporary techniques, such as telephone apps, drones and computer designs.
Key Players & Strategies
The hydraulic turbine market consists of major vendors such as Siemens Wind Power, Urban Green Energy, Vestas Wind Systems A/S, Enercon GmbH, GE Energy, Suzlon Energy Limited, and International Aero Engines AG.
Industry has seen a number of inorganic growth projects and technological progress in system design to strengthen its sector leadership. Wide distribution network, price competitiveness, product differentiation and regulatory compliance are essential to an industry player’s strategic resources to improve company competitiveness.
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