Hydro Turbine Market – Snapshot
Hydro turbine is the electro-mechanical equipment used in hydroelectric generation projects to generate electricity. Hydro turbines transfer the energy from moving water to a rotating shaft for the generation of electricity. These turbines spin or rotate as a response to water being introduced to their blades. Hydro turbines are essential in the area of hydropower (the process of generating power from water). Usually, the structure of turbines is simple. A row of blades is fitted to a plate or rotating shaft; water is then moved through the turbine over the blades triggering the inner shaft to rotate.
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Electricity is generated as this rotational motion is subsequently transferred to a generator. The turbine type selected for hydropower plants depends on the volume of water that flows (known as the hydroelectric discharge) and the height of the water storage (known as the hydraulic head). Cost and efficiency are also factors to be considered.
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The global hydro turbine market is expected to reach around US$ 3,020.3 Mn by 2027. The Asia Pacific hydro turbine market had the highest share, accounting for US$ 763.6 Mn in 2017. The market dynamics of the global hydro turbine market are subject to factors mainly related to advancements in technology along with advanced grid integration. Asia Pacific and South America dominate the hydro turbine market. Additionally, the operation and construction of hydropower projects is growing as hydropower generation does not emit air pollutants or other global warming gases, thus contributing to the rising demand for electricity generated through hydro turbines, especially in emerging economies, which is boosting the hydro turbine market. Hydropower has an advantage over wind power because water is denser than air; therefore, to rotate the turbine, collecting the mechanical energy of wind requires the greater force of wind than for water in a hydropower system. Developing countries therefore prefer hydropower projects which in turn is driving the hydro turbine market. Moreover, marine and hydrokinetic (MHK) technologies transform the energy of waves of ocean and river currents into electricity.
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MHK technologies hold significant potential to supply renewable electricity to consumers in coastal load centers, and are therefore expected to create huge opportunity for the hydro turbine market. In saturated markets such as Europe and North America, technologically advanced equipment are mostly preferred for hydropower projects. Along with these, modern technologies such as phone applications, drones, and computer models are offering opportunities for hydro project owners.
One of the major challenges affecting the growth of the hydro turbine market is environmental concern. In hydropower projects, the upstream flows are trapped behind a reservoir which can reduce the flow in rivers downstream. Additionally, lowering the flow in a river can degrade the habitat for plants and animals as it can alter water temperatures. Water quality can also get impacted as less water in the river reduces oxygen levels. Further, hydropower results in diversion of natural river flow, impacting the aquatic species and downstream riparian. These factors act as a barrier to the growth of the hydro turbine market in the renewable energy sector.
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Rising requirement for renewable energy in emerging economies is anticipated to create good growth opportunity for hydro turbine manufacturers. Emerging markets offer a potentially strong growth opportunity for renewable energy in the next few years. The competitiveness of such energy sources in countries which need to increase productive capacity to keep up with economic growth rates makes hydropower an increasingly sought after energy option. Flexibility of technologies also makes hydropower projects a more competitive option for direct supply to business or industrial sectors, especially when access to the grid is difficult, which is often the case in emerging markets.
Some of the key players profiled in the global hydro turbine market are General Electric Co., ANDRITZ AG, Toshiba Energy, Harbin Electric Machinery, Kirloskar Brothers Ltd., Siemens AG, Canyon Industries Inc., Cornell Pump Co., Gilbert Gilkes & Gordon Ltd., WWS Wasserkraft GmbH, and Canadian Hydro Components Ltd.
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