A lead analyst at AMR highlighted that the hydraulic turbine market in Asia-Pacific is anticipated to remain lucrative, in terms of revenue, during the forecast period, owing to rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero-emission norms.
Allied Market Research published a research report on the hydraulic turbine market. The findings of the report states that the global market for hydraulic turbine generated $0.9 billion in 2019, and is projected to reach $1.5 billion by 2027, witnessing a CAGR of 5.7% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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“The global hydraulic turbine market is heading toward expansion. This is attributed to surge in demand for renewable power sources across the globe. In addition, rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero emission norms is further expected to drive the market growth.” said Eswara Prasad, the Automotive and Transportation at Allied Market Research.
The report provides insights on drivers, restrains, and opportunities to help market players in devising growth strategies and capitalizing on opportunities. Increase in demand for renewable and sustainable energy sources, robust investments, and replacement of fossil fuel power fuel the growth of the global hydraulic turbine market. On the other hand, high initial installation cost and location constraints hinder the market growth. However, government initiatives and subsidies are expected to open lucrative opportunities for the market players in the future.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the hydraulic turbine market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. Cancellation and postponement of new projects during the pandemic and the followed lockdown impacted the global hydraulic turbine market growth negatively across the globe. The market players were also forced to follow strict restrictions and social distancing norms, which aggravated the market condition even more. The disrupted supply chain and limitations on international and domestic travel also affected the smooth operation of the ongoing projects. However, the market is anticipated to revive soon.
The report offers detailed segmentation of the global hydraulic turbine market based on product type, rating, end-user, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the coming years.
By end-user, the commercial segment generated the major share in 2019, holding more than two-fifths of the global hydraulic turbine market. The industrial segment, however, would cite the highest CAGR of 6.9% during the forecast period.
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By type, the impulse segment held the lion’s share in 2019, accounting for nearly two-thirds of the global hydraulic turbine market. The same segment is also estimated to register the highest CAGR of 5.9% during the forecast period.
By region, the global hydraulic turbine market across Asia-Pacific, followed by North America, is projected to register the fastest CAGR of 6.3% during the forecast period. The same region would also hold the major share in 2019, contributing to around half of the market.
Leading market players of the global hydraulic turbine market analyzed in the report include Siemens AG, Andritz AG, Toshiba Hydroelectric Power, Kirloskar Brothers Ltd, Litostroj Power Group, and General Electric Company.
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