Factors such as increase in global energy demand, rise in need for cleaner power generation technology, and implementation of stringent emission regulation objectives are expected to boost the growth of the global hydro turbine market. In addition, hydropower is the primary source of renewable energy production in the world, and with new hydropower plants being approved, hydro turbine demand is expected to increase.
Global hydro turbine market dynamics are mostly linked to advancements in technology related to hydro turbine and advanced grid integration. Moreover, the construction and development of hydropower generation projects are increasing, as hydropower generation does not produce air pollutant and other global warming gasses, thus boosting the demand for electricity from hydro turbines, particularly in developing economies.
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Renewable energy needs in developing economies are anticipated to grow, offering lucrative opportunities for hydro turbine manufacturers. Flexibility in technology often offers a more strategic advantage for hydraulic ventures, especially where grid access is challenging, as is often the case in developing markets, for direct shipping to companies and industries. Most of leading producers of hydro turbines are planning their long-range growth plans instead of short-term cost savings.
In addition, favorable government subsidies and rise in energy demands in developed countries are projected to offer potential growth avenues for the hydro turbine market. However, several drawbacks, such as high installation cost of dams, long gestation periods, ecological concerns related to dams, and design challenges of the turbine are likely to impede the growth of the market.
Key Players in hydro turbine market report are General Electric Co., ANDRITZ AG, Toshiba Energy, Harbin Electric Machinery, Kirloskar Brothers Ltd., Siemens AG, Canyon Industries Inc., Cornell Pump Co., Gilbert Gilkes & Gordon Ltd., and WWS Wasserkraft GmbH
Key benefits of the report
- This study presents the analytical depiction of the global hydro turbine market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hydro turbine market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global hydro turbine market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
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COVID-19 scenario analysis
The global hydro turbine market is expecting a slowdown, owing to the outbreak of COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown. This pandemic is further likely to slow down the world’s economic development. In addition, logistical delays trigger constraints in the implementation of new projects. Thus, with decline in the economic growth, the hydro turbine industry is anticipated to witness negative impacts.
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