PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1355630
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1355630
Hydraulic turbines are machines used to convert the energy of flowing or falling water into mechanical energy, which can then be used to generate electricity or perform other mechanical tasks. They are commonly used in hydroelectric power plants, where the force of moving water is harnessed to produce electricity. The need for renewable energy sources is anticipated to significantly grow, propelling the growth of the hydraulic turbine market. Governments all around the world are encouraging sustainable energy sources since they, unlike traditional power sources, can cut carbon emissions. The popularity of new technologies including run-of-river, low-head turbines, and small hydro plants is also anticipated to increase market demand. Also, among the key drivers of market expansion is the replacement of old coal and fossil fuel power facilities with renewable power plants.
Moreover, the rising investment in hydro projects is anticipated to create a lucrative demand for the market during the forecast period. In March 2023, SSE, a British power company, will spend USD 122 million on a Scottish pumped hydro project that might increase the nation's capacity for energy storage. When power is required, pumped hydro plants generate it by pushing water uphill to a higher reservoir and then releasing it to allow it to flow through turbines as it descends. Additionally, cohesive government initiatives and subsidies are anticipated to create lucrative opportunities for the market during forecast period. However, the high initial installation cost and location constraints stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Hydraulic Turbines Market study include: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the cohesive government initiative for hydro turbine technology and growing demand for renewable and sustainable energy sources in the region. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as governments in rising nations, like China, India, and South Korea, becoming more concerned about zero emission standards. Furthermore, China's position as the world's top producer of hydropower is anticipated to support market expansion in the Asia-Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable