Future Market Insights
With the intensifying pressure on fossil fuels for fulfilling increasing energy requirement, there has been shift towards renewable energy sources. Industries across the globe are more inclined towards sources such as solar, water and wind. Water turbines convert kinetic energy into mechanical energy to generate electricity. Water turbines being a renewable source provides energy with a lower environmental impact. Water turbine are used for power generation from right from household application to industrial applications. Due to healthy economic growth and expected improvement in living standards of people, developing countries are expected to witness a robust increase in power demand. Due to this increasing power demand and less availability of power from non-renewable energy sources, industries are leaning in the direction of renewable energy sources, this creates a favorable growth environment for water turbine market. There are different types of water turbines such as pelton turbine which are used for high head, low flow power plants and cross flow turbine for high flow. Such features of different turbine according to flow generation endured maximum efficiency at time of power generation.
Water Turbine Market: Market Dynamics
Adaptability of water generated power is raising because of it is a clean energy source i.e. theses energy sources do not contaminate the atmosphere thermal and nuclear power generation plant. One of the major reason behind growing demand of hydro power plant is the renewability of water sources. Government support for power generation through renewable energy sources create less regulated atmosphere in the market driving demand for water turbines. Cost also plays a major role for driving market growth. The electricity generation cost by water turbines is relatively less as when compared with conventional method (by fossil fuels).
Water turbines are censured of impacting lives of underwater bodies i.e. the fish population and also affects the water quality after the installation of the plant. However, these factors are anticipated to have a moderate effect on market growth. Further, Water turbine plants can cause low dissolved oxygen levels in the water, this problem is injurious to riparian habitats. These complications associated with water turbines hamper the water turbine market growth.
The market is expected to witness launch of new products. One such example is hybrid water wind turbines. These are wind turbines that stores water for generation of hydroelectricity. Once the wind stops blowing, the towers acts like batteries and enables water turbine to produce electricity.
Water Turbine Market: Segmentation
Water turbine market can be segmented on the basis of design and application
On the basis of design water turbine market can be segmented as:
On the basis of application water turbine market can be segmented as
Water Turbine Market: Regional wise-outlook:
Asia pacific is expected to hold major share in water turbine market over the forecast period, owing to the fact that countries of Asia pacific such as India and Bangladesh are agriculture-driven. India and China are major developing economies and estimated to escalate the market in the forthcoming period. The rising demand for renewable energy sources and government regulations in European countries related to environment rises need for clean power generation. North America is estimated to demonstrate a healthy demand due to the favorable incentives offered by the government for the utilization of green solutions.
Water Turbine Market: Market participants:
Some prominent key market participants in water turbine market are:
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