The hydropower turbine market is set to grow from its current market value of more than $1 billion to over $2 billion by 2025; as reported in the latest study by Global Market Insights, Inc.
Growing efforts toward development of renewable technologies to ease reliance on conventional power generation systems will propel the hydropower turbine market size. For instance, the Department of Energy, in April 2019, proclaimed to fund $54.2 million to support the development of marine, hydropower and wind energy. Volatility in fossil fuel prices along with increasing focus toward energy security will further complement the business landscape.
Introduction of stringent regulations to minimise carbon emissions coupled with exponentially increasing electricity demand from manufacturing sectors will drive the market share. As per the recent study conducted by IEA, it has been analyzed that the global electricity consumption has reached 22,015 TWh in 2017 from 6,799 TWh in 1980. Moreover, ongoing investment toward decommissioning of coal fired power generating stations will further enhance the product adoption.
China hydropower turbine market is predicted to grow over 6% by 2025. Strict norms to minimise carbon emissions along with technological innovations in turbine design to optimise efficiency will boost the product demand. For instance, in 2018, National Development & Reform Commission of China set target to fulfill at least 35% of its electricity consumption through renewable resources by 2030.
Reaction installation accounted for over 70% of global hydropower turbine market share in 2018. The product finds wide application in small and medium scale power plant owing to its higher efficiency features. Growing energy demand across developing nations coupled with abundant potential of run of river hydropower resources are key indispensable parameters driving the adoption over alternate technologies. Low head segment in 2018, contributed over 35% of global hydropower turbine market share. Minimal environmental & ecological complications and low construction & maintenance cost are some of key underlined parameters which will enhance the product adoption.
U.S. market is anticipated to exceed 7 MW by 2025. Rising investments toward renovation and upgradation of existing hydroelectric facilities along with growing awareness about the benefit of renewable technologies will boost the product demand.
Ethiopia hydropower turbine market is expected to expand over 15% by 2025. Regulator’s efforts to diversify the renewable energy mix along with increasing demand for electricity will augment the industry outlook. For instance, Sustainable Energy Fund for Africa has funded USD 995 thousand, in 2019 to promote the private investments into hydropower projects.