Water Turbine Market by Technology (Reaction
and Impulse), Capacity (Small (Less than 10MW), Medium (10MW – 100MW), and
Large (Greater than 100MW)), and by Region (Europe, North America, Asia
Pacific, Africa, Latin America and Middle East) - Size, Share, Outlook, and
Opportunity Analysis, 2023 – 2030
The global Water Turbine Market is estimated
to be valued at US$ 2.4 billion in 2022 and is expected to exhibit a CAGR
of 4.7 % over the forecast period (2023-2030), as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
Water Turbine is a rotating device that is
employed to convert the energies of hydro such as kinetic energy and potential
energy into mechanical work is referred as a water turbine. These are utilized
mainly in the dams for the creating electric power utilizing the potential
energy of the water. Current water turbines operating efficacy is above
90%.
Competitive
Landscape:
Key
players involved in the growth of global Water
Turbine Market are
Siemens AG, Voith GmbH & Co. KGaA, Andritz AG, General Electric Co., and
Litostroj Power Group.
Market Key Drivers:
The rise in reaction turbine is expected to
augment the growth of global water turbine market. For instance, around 60% of
turbines utilized in water power plants are reaction turbines.
The rise strict regulatory and investment to
expand the product is projected to propel the growth of global water turbine
market. For instance, In May 2018, Bharat Heavy Electricals Limited entered
into an agreement from SAPDC to execute the 900 MW Arun-3 hydroelectric
project.
Covid-19 Impact
Analysis:
The Covid-19 outbreak has created adverse
impact on the growth of global water turbine market as there was a disruption
in the supply chain and interruption due to lockdown and strict regulatory has
impeded the growth of the market. The closure of the production and manufacture
units is projected to hamper the market growth.
Key Takeaways:
The global water turbine market is
anticipated to exhibit a CAGR of 4.7 % during the forecast period due to rise
in the investment of hydroelectricity generation. For instance, there was a
growth of 4.2% in 2018 for generating hydroelectricity.
Among regions, North America, Europe, and
Asia Pacific are expected to witness robust growth in the global water turbine
market due to rise in installation of hydropower, rising regulatory initiatives
and high installation price. For instance, In May 2018, the Indian Government
initiated the 1000 MW PDH project and the 330 MW Krishnaganga hydroelectric
project in Kishtwar district of Jammu and Kashmir.
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