As global energy needs continue to grow, newer and more sustainable sources of energy are being promoted. Among these, hydropower is a forerunner due to the vast availability of water bodies to set up hydroelectric power plants. Several projections hint at greater usability of hydropower in the foreseeable future. This is owed to mounting environmental concerns and promising hydropower tech advancements. As per some estimations, hydropower can reduce carbon emissions by 17 metric tons (mt) and over $5 billion worth of operational cost savings. These factors are emerging as the key drivers of the growth of the global hydro turbine market. Hydro turbines are a critical component of hydroelectric power plants. In addition, recent technological advancements such as pumped-storage hydropower (PSH) and marine and hydrokinetic technology (MHK) are forecasted to further stimulate demand for hydro turbines in the future.
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Mounting Scrutiny for Carbon Emissions to Promote Long-term Growth of Hydro Turbine Market
Intensifying environmental concerns have created an urgent need to adopt sustainable sources of energy on a global front. Against this backdrop, hydropower has emerged as a viable solution due to its negligible greenhouse gas emissions and overall air pollution reduction. Several hydropower plants are being set up as renewable sources of electricity production. This is further aided by the development of more sophisticated hydro turbines that improve efficiency and power output. Hydropower production is also easier than wind power due to water’s higher density than air. All these factors are projected to enable healthy growth of the global hydro turbine market in the forecast period.
Paced Innovation in Hydropower Technology to Unlock Novel Business Possibilities in Hydro Turbine Market
Owing to hydropower's increasing real-world feasibility, many technological advancements have been introduced to further leverage this renewable source of energy. Several small-scale hydropower projects are also employing large-scale solutions. Pumped-storage hydropower (PSH) is one such innovation that functions like a large battery. It achieves this by pumping water to a greater height and releasing it to run the hydraulic turbines. In addition, hydropower is also being generated by using waves, tides, and river and oceanic currents by using marine and hydrokinetic technology (MHK). All these renewable energy-related technological advancements are set to lead the global hydro turbine market to sound maturity.
Asia Pacific to Dominate Hydro Turbine Market on Account of Significant Regional Hydropower Investments
Favourable government norms in the wake of mounting environmental challenges are nurturing a promising business landscape for the hydro turbine market in Asia Pacific. Several regional economies are investing in hydropower plants as a source of renewable and clean energy. The relative cost-effectiveness of hydropower is another factor that is benefitting the regional market’s growth. Economies such as India, China, Vietnam, Japan, and South Korea are emerging as pivotal players in maintaining the region’s market dominance. Considerable investments in off-grid energy production and boosting electricity outreach in rural areas are ongoing at a fast pace throughout Asia Pacific.
Major Market Participants
The leading players in the global hydro turbine market include Siemens AG, General Electric Co., Harbin Electric Machinery, Toshiba Energy, ANDRITZ AG, Kirloskar Brothers Ltd, Cornell Pump Co, Canyon Industries Inc, WWS Wasserkraft GmbH, Gilbert Gilkes & Gordon, and Canadian Hydro Components Ltd.
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