Hydro Turbine Market to Reach Value of US$ 3.6 Bn by 2031, Notes TMR Report

• The global hydro turbine market is projected to expand at a CAGR of 5.0% during 2022-2031
• Increase in understanding on the global environmental concerns is fueling the growth prospects in the hydro turbine market
• Rising focus of governments of nations from Asia Pacific on spreading awareness on renewable energy is propelling the regional market

WILMINGTON, Del., Sept. 8, 2022 /PRNewswire/ -- The global hydro turbine market is prognosticated to reach a value of US$ 3.6 Bn by 2031, as per a review by analysts at Transparency Market Research (TMR). Furthermore, the study highlights that the market is expected to develop at a CAGR of 5% during the forecast period, from 2022 to 2031.

The report by TMR demonstrates a panoramic view of the global hydro turbine market. Hence, this study provides analysis of the growth avenues, restraints, expansion opportunities, and ongoing trends of the hydro turbine market. Moreover, it enlightens readers on different important statistics including the volume, share, revenues, and sales in the market for hydro turbine.

The popularity of hydropower is being increasing rapidly in the recent years in comparison with wind power as water is denser than air. Hence, harnessing the mechanical energy of wind needs a greater force to rotate wind generator in comparison to that of needed to rotate a hydro generator, notes a TMR report on the hydro turbine market.

The hydro turbine market in Asia Pacific is prognosticated to expand at notable pace during the forecast period. A rise in the use of hydro turbines in Asia Pacific owing to increase in initiatives from the regional governments to spread understanding about renewable sources of energy is boosting the hydro turbine market development in the region.

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Leading companies in the hydro turbine market are investing heavily in R&Ds in order to develop technologically advanced products. Moreover, several enterprises are developing hydro turbine integrated with AI technologies and IoT devices. Such technological innovations are helping in advancing the efficiency of hydropower plants, notes a TMR study on the global hydro turbine market. Moreover, several enterprises are using the strategies such as mergers, acquisitions, and new product launches in order to maintain their leading positions. These activities, in turn, are expected to help in the expansion of the market during the forecast period, note analysts at TMR.

Hydro Turbine Market: Key Findings

• Hydro turbines are being utilized in hydroelectric power plants. These devices are gaining traction owing to their ability to help in the process of producing power from water. With rise in the industrialization in many developed and developing nations across the globe, there has been a surge in the demand for energy globally. This factor is expected to lead to the growth of the hydro turbine market during the forecast period.
• The adoption of cleaner technologies is being increasing in the recent years for the power generation activities. This aside, the government authorities of several nations are implementing stringent emission regulations. These factors are projected to fuel the hydropower generation activities, which in turn, is likely to fuel the sales growth in the global hydro turbine market during the forecast period.

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Hydro Turbine Market: Growth Boosters

• Increase in the demand for cost-effective electricity produced using hydro turbines is fueling the business opportunities in the market
• Surge in the need for renewable energy across the globe is bolstering the hydro turbine market

Hydro Turbine Market: Key Players

Some of the key players profiled in the report are:

• ANDRITZ AG
• General Electric Co.
• Harbin Electric Machinery
• Toshiba Energy
• Siemens AG
• Kirloskar Brothers Ltd.
• Cornell Pump Co.
• Canyon Industries Inc.
• WWS Wasserkraft GmbH
• Gilbert Gilkes & Gordon
• Canadian Hydro Components Ltd

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Hydro Turbine Market Segmentation

• Head Type
• Low Head
• Medium Head
• High Head
• Type
• Impulse Turbine
• Pelton Turbine
• Cross Flow Turbine
• Reaction Turbine
• Kaplan Turbine
• Francis Turbine
• Bulb Turbine
• Installation Site
• Pico Hydro Plants
• Micro Hydro Plants
• Mini Hydro Plants
• Large Hydro Plants

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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