As per the report published by Allied Market Research, the global hydraulic turbine market was pegged at $0.9 billion in 2019, and is projected to reach $1.5 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Increased demand for renewable and sustainable energy sources, replacement of fossil fuel power, and robust investments have boosted the growth of the global hydraulic turbine market. On the other hand, location constraints and high initial installation costs hamper the market growth. On the contrary, government initiatives and subsidies would present new opportunities for the market players in the coming years.
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The global hydraulic turbine market is segmented on the basis of product, rating, medium, end-user, and region. On the basis of product type, the impulse segment would manifest the highest CAGR of 5.9% during the forecast period. However, the segment dominated the market in 2019, contributing to nearly two-thirds of the market.
Based on end-user, the commercial segment held the lion’s share in 2019, accounting for more than two-fifths of the market. However, the industrial segment is projected to register the highest CAGR of 6.9% from 2020 to 2027.
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The global hydraulic turbine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific accounted for the highest share in 2019, holding around half of the market. Moreover, the region is expected to portray the highest CAGR of 6.3% during the forecast period.
The global hydraulic turbine market includes an in-depth analysis of the prime market players such as General Electric Company, Andritz AG, Siemens AG, Kirloskar Brothers Ltd., Toshiba Hydroelectric Power, and Litostroj Power Group.
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COVID-19 scenario analysis
- The hydraulic turbine market witnessed mixed impact of COVID-19 pandemic in countries such as China, Brazil, and India.
- In China, hydropower witnessed reduction in demand, however, there has also been a reintroduction of hydropower development.
- Brazil hydraulic turbine market was affected, owing to cancellation of large number of projects
- Moreover, owing to social distancing and lockdown norms, industry players are forces to follow strict restrictions, which affected operations of hydraulic turbines. For instance, in 2020, Statkraft halted construction of its two projects of 100 MW and 52 MW in India and Chile, respectively.
- Supply chain disruption and travel restriction of personnel largely impacted ongoing projects. In addition, restrictions on cross border transport delayed material replenishment.
- Shift in trend toward remote working is considered as a vital solution to improve the market conditions. Various automation companies such as ABB and Siemens are accelerating remote connectivity to ensure access to field operators and service engineers who cannot be on-site at this time.
- These companies are providing control room livestreams, process data, operational insights, and plant key performance indicators to users sheltering at home. Such remote monitoring of critical assets, augmented reality maintenance support, and online tools for training and spare parts stocking are expected to provide new market opportunities post COVID-19.
Key findings of the study
- The impulse turbine segment is projected to grow at the highest CAGR of around 5.9%, in terms of revenue, during the forecast period.
- By end-user, the industrial segment held more than 30% market share with a CAGR of 6.9%, in terms of revenue, during the forecast period.
- By region, the Asia-Pacific dominated the market with more than 50% market share.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.