Hydro Turbine Market Trends

Growth Drivers

• Growing Installation of Hydro Power Plants to Promote Renewable Energy – The growing demand for electricity worldwide and the increasing experiment of manufacturing techniques to improve the performance and lower the costs of hydropower with growing investment in renewable energy is propelling the erection of hydropower plants. Hence, with the increasing installations of hydropower, as it facilitates benefits beyond electricity generation by delivering potable water, providing flood control, and irrigation support, the hydro turbine market for the hydro turbine is also projected to augment.
• Rising Environmental Concerns – The increasing levels of pollution, global warming, reduction in the availability of fossil fuels, and expanding electricity demand are set to drive market value in the coming years. Many countries have adopted the policy to reduce emissions voluntarily. As hydro turbines use renewable energy sources such as water and convert the kinetic energy into hydroelectric power through a dam or flowing water, there is a surge in investment in hydropower projects which will fuel the hydro turbine market revenue in the near future. According to 2020 projections, hydropower contributed more than 15% of global electricity generation and surpassed coal as the third largest source.

Challenges

• Growing Ecological Concern Related to Dams, and Long Gestational Periods – The plants at the bottom of the reservoir are impacted by hydroelectric energy, which also has an effect on the fish, which are drought-sensitive. Due to typhoons or heavy rain, there is also a high risk of flooding. All these factors together are estimated to hamper the market growth.
• Complexity in Designing Turbines for Hydroelectric Power Plants
• High Cost of Installation for Dams