Hydraulic Turbine Market to Hit $1.5 Billion by 2027: Allied Market Research
Increased demand for renewable and sustainable energy sources, replacement of fossil fuel power, and robust investments have boosted the growth of the global hydraulic turbine market. The market across Asia-Pacific accounted for the highest share in 2019, holding around half of the market. The cancellation of old and new projects due to the pandemic and lockdown across several countries has negatively affected the market growth, especially in China and Brazil.
Portland, OR, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global hydraulic turbine market was pegged at $0.9 billion in 2019, and is projected to reach $1.5 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Increased demand for renewable and sustainable energy sources, replacement of fossil fuel power, and robust investments have boosted the growth of the global hydraulic turbine market. On the other hand, location constraints and high initial installation costs hamper the market growth. On the contrary, government initiatives and subsidies would present new opportunities for the market players in the coming years.
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Covid-19 scenario:
The cancellation of old and new projects due to the pandemic and lockdown across several countries has negatively affected the market growth, especially in China and Brazil.
In addition, the industry players were instructed to follow strict restrictions and social distancing norms. This severely affected the operations of hydraulic turbines.
The global hydraulic turbine market is segmented on the basis of product, rating, medium, end-user, and region. On the basis of product type, the impulse segment would manifest the highest CAGR of 5.9% during the forecast period. However, the segment dominated the market in 2019, contributing to nearly two-thirds of the market.
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Based on end-user, the commercial segment held the lion’s share in 2019, accounting for more than two-fifths of the market. However, the industrial segment is projected to register the highest CAGR of 6.9% from 2020 to 2027.
The global hydraulic turbine market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific accounted for the highest share in 2019, holding around half of the market. Moreover, the region is expected to portray the highest CAGR of 6.3% during the forecast period.
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The global hydraulic turbine market includes an in-depth analysis of the prime market players such as General Electric Company, Andritz AG, Siemens AG, Kirloskar Brothers Ltd., Toshiba Hydroelectric Power, and Litostroj Power Group.
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