Water Turbine Market Set for Rapid Growth by 2024

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Water Turbine Market: Overview

Fossil fuel is used in the conventional method to generate power. However, fossil fuels are non-renewable energy resource and they also cause pollution. Hence there has been an intensifying pressure to shift towards renewable energy sources. Industries are increasingly adopting renewable sources of energy such as water, solar, and wind. Water turbines provide energy with a lower environmental impact and it is a renewable source of energy. It generates electricity by converting kinetic energy into mechanical energy. It is a cost-effective and efficient source of energy.

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Water Turbine Market: Facts

Hybrid water wind turbines are one of the product types which is expected to be launched in the market in the coming periods. It stores water and its towers act as batteries for generation of electricity when the wind stops.

Water Turbine Market: Segmentation

The global water turbine market can be segmented into its design and application. On the basis of design, the market is divided into reaction turbine and impulse turbine. The reaction turbine is further subdivided into Gorglow turbine, Tyson turbine, Kaplan turbine, Francis turbine, and the impulse turbine which is further sub-divided into Archimedes screw, Jonval turbine, water wheel, Turgo and Pelton wheel. Based on application, the market is classified into aeronautics, marine, power storage, and power generation.

Water Turbine Market: Growth Factors

There is a rising demand for hydropower plant owing to the renewability of water sources and since it is a clean source of energy, i.e., it does not contaminate the atmosphere during the generation of the power. This is one of the major factors boosting the growth of the water turbines market. The cost incurred on power generation through the conventional methods is relatively high as compared to generation through water turbines which makes it a highly demanded product in the market. Demands are further influenced by the growing government support across the various regions. However, the underwater lives such as the fish population and the water quality are adversely affected due to the installation of water turbines which may cause a hindrance to the market growth in the coming periods.

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Water Turbine Market: Regional Analysis

The water turbine market will be dominated by Asia Pacific region owing to its agriculture is driven economies such as Bangladesh, China, and India. Rising demand for clean power generation and government regulations supporting the development of renewable energy sources are some of the factors influencing the growth in Europe. North America is expected to exhibit a considerable demand for water turbines due to the positive incentives offered by the government for the utilization of green solutions.

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Water Turbine Market: Competitive Players

Some of the major companies in the water turbine market include General Electric, Alterra Power Corporation, Wärtsilä, Nautilus LLC, Energy Development Corporation, Canyon Industries Inc., The James Leffel & Co., Ram Power Corporation, Toshiba India Pvt. Ltd., Sumitomo Corporation, Enel Spa, Gilbert Gilkes & Gordon Ltd., and Calpine Corporation.

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