China hydropower turbine market is predicted to grow over 6% by 2025. Strict norms to minimize carbon emissions along with technological innovations in turbine design to optimize efficiency will boost the product demand.
Selbyville, United States – July 1, 2019 —
Growing shift towards renewable energy and rising investments in energy infrastructure are driving hydropower turbine market size. According to International Energy Agency (IEA), hydropower remains the largest renewable energy source, and is anticipated to meet 16% of global electricity demand by 2023. The power generation technology produces low cost hydroelectricity, which makes it a competitive source of renewable energy.
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With advanced turbines, hydropower plants can efficiently convert about 90% of the available energy into electricity, significantly more when compared to fossil fuel plants which are only 50% efficient. With such plants, cities and states can generate their own domestic energy without relying on rapidly depleting fossil fuel.
Rapid technological advancements and digitalization owing to algorithmic trading, artificial intelligence and blockchain technology have led to improved turbine and plant performance, eventually reducing costs, adding flexibility and enhancing asset management.
Innovations in small hydropower turbines has allowed generation of electricity at sites with very low heads and low flows. Numerous community-led projects have also allowed consumers to purchase power for lesser prices, offering impetus to the hydropower turbine industry.
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Rising investments in renewable energy will foster hydropower turbine business outlook. For instance, in 2018, global investment in renewable energy hit USD 288.9 billion, with spending mainly focused on capacity expansion. Increasing investments, particularly on operational hydropower generation projects worldwide implicate growing number of opportunities for hydropower turbines market players.
Based on the product segment, Francis turbine segment is attributed to gain immense traction in the forthcoming years. It is the most widely used hydro turbine, contributing to about 60% of the global hydropower capacity. It is also one of the most efficient hydro-turbines which works over a wide range of head and flow rates.
Growing technological advancements and investments in R&D programs have led manufacturers to develop high-performance and efficient Francis turbines, propelling segment growth. For instance, General Electric (GE) has reportedly completed installations of numerous Francis turbines with power outputs close to 800 MW.
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Innovations in Francis turbine technology have led to reduced maintenance costs, increased plant efficiency and improved safety. Moreover, installation of new hydropower plants and upgradation of older hydropower plants has positively influenced Francis hydropower turbines market size. Thus, growing involvement of energy companies in the technological advancements and development of new energy set ups will augment overall hydropower turbine industry share over the coming years.
The APAC hydropower turbine market is registering lucrative growth on account of rising investments in new hydropower projects. According to International Hydro Association (IHA), in 2017, the East Asia and Pacific region added 9.8 GW of hydropower capacity while South and Central Asia witnessed 3,264 MW of capacity addition with over half of new projects commissioned in India. Total installed capacity of South and Central Asia regions reached to 144.7 GW in 2018. Considering above facts, it is predicted that the growing investments in hydroelectricity generation will foster hydropower turbine industry size.
China’s hydropower generation sector has also witnessed commendable growth lately. In fact, IHA suggest that in 2017, over 90% of the capacity added came from China, increasing its total installed capacity to 341,190 MW. Reports estimate China hydropower turbine market share to grow at a 6% CAGR through 2025.
A vital device used in hydroelectric plants to generate electricity, hydropower turbines also boast of features such as low maintenance, reduced emissions, and low running cost that will boost their deployment in the years ahead. Global Market Insights, Inc., estimates hydropower turbine market size to exceed USD 2 billion by 2025.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.