The global water turbine market is projected to rise from USD 2.4 billion in 2022 to USD 3.8 billion by 2032, with a CAGR of 4.7% over the forecast period (2022–2032).
Industries worldwide are increasingly turning to renewable energy sources such as solar, wind, and water, driving a notable increase in demand for water turbines. These turbines, which convert kinetic energy from water into mechanical energy, are crucial for electricity generation. As the push for sustainable energy and carbon emission reduction gains momentum, the water turbine market is set for significant growth, shaping future trends and expanding market share during the forecast period.
Key Takeaways:
- Market Growth: The water turbine market is set to grow from USD 2.4 billion in 2022 to USD 3.8 billion by 2032, driven by the increasing adoption of renewable energy.
- CAGR Projection: The market is forecasted to expand at a steady CAGR of 4.7% over the decade, thanks to rising demand for sustainable energy solutions.
- Renewable Energy Shift: A global shift toward renewable energy sources, including water turbines, is propelled by the need to reduce dependency on fossil fuels and cut carbon emissions.
- Diverse Applications: Water turbines are being used for various power generation applications, from household to industrial use, catering to the growing global energy demand.
- Technological Advancements: Different types of turbines, such as Pelton and cross-flow turbines, are utilized for high-efficiency power generation based on specific water flow and head conditions, ensuring maximum performance.
Recent Development in the Water Turbine Market is:
- The new Nachtigal hydropower plant in Cameroon will receive seven 60MW Francis turbines from GE Renewable Energy in February 2019. The consortium headed by GE Renewable Energy will conduct the D87 million contract with Elecnor.
- Ethiopian Electric Power awarded GE Hydro France a multimillion-dollar contract in January 2019 to produce and test turbine generators for five power generating units. For the production of the hydro turbine, GE Hydro France will receive a staggering €53.9 million.
- GE Power and Navayuga Engineering Company Ltd. entered into a contract in January 2018 for the design, manufacture, supply, erection, testing, and commissioning of 12 units of 80MW vertical Kaplan turbine generators. The contract is estimated to be worth Rs. 818.3 crores.
Who are Some of the Key Competitors in the Water Turbine Market?
Some prominent key market participants in the water turbine market are GENERAL ELECTRIC, Wärtsilä, Alterra Power Corporation, Energy Development Corporation, Nautilus LLC, Canyon Industries, Inc., The James Leffel & Co, Toshiba India Pvt. Ltd., Ram Power Corporation, Enel Spa, Sumitomo Corporation, Gilbert Gilkes & Gordon Ltd., and Calpine Corporation.
The key water turbine market player is using a set of methodology to enlarge the water turbine market size. The above key industries are playing a prominent character to function their responsibility to acquire the lion’s water turbine market share while increasing sales of water turbines during the forecast period.
Therefore, they adopt mergers, acquisitions, partnerships, product launches, and other techniques to increase water turbine market demand analysis in the coming years.
Key Segments:
By Design:
- Impulse Turbine
- Pelton Wheel
- Turgo
- Water Wheel
- Jonval Turbine
- Archimedes Screw
- Reaction Turbine
- Francis Turbine
- Kaplan Turbine
- Tyson Turbine
- Gorglow Turbine
By Application:
- Power Generation
- Power Storage
- Marine
- Aeronautics
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Report Preview: https://www.futuremarketinsights.com/reports/water-turbine-market
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