Rise in demand for renewable and sustainable energy sources, robust investments, and replacement of fossil fuel power drive the growth of the global hydraulic turbine market.
PORTLAND, Ore., June 10, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hydraulic Turbines Market by Product (Reaction and Impulse), Rating (Small (Less Than 1MW), Medium (1MW to 10MW), and Large (10MW and Above)), and End-User (Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global hydraulic turbine industry generated $0.9 billion in 2019, and is estimated to reach $1.5 billion by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in demand for renewable and sustainable energy sources, robust investments, and replacement of fossil fuel power drive the growth of the global hydraulic turbine market. However, high initial installation cost and location constraints hinder the market growth. On the contrary, government initiatives and subsidies are expected to open lucrative opportunities for the market players in the future.
The cancellation of new projects due to COVID-19 pandemic and the followed lockdown has severely affected the market growth across the globe, especially in China and Brazil.
In addition, the industry players were forced to follow strict restrictions and social distancing norms, which affected the operations of hydraulic turbines.
The prolonged lockdown disrupted the supply chain. Moreover, the restrictions on international and domestic travel negatively impacted the ongoing projects.
The impulse segment held the largest share
By type, the impulse segment held the lion's share in 2019, accounting for nearly two-thirds of the global hydraulic turbine market. Moreover, the segment is estimated to register the highest CAGR of 5.9% during the forecast period, due to rise in demand in small and medium-sized hydropower plants, and chemical and pharmaceutical industries.
The industrial segment is estimated to register the highest CAGR through 2027
By end-user, the industrial segment would manifest the highest CAGR of 6.9% during the forecast period, due to strong demand from various industrial end-users for the generation of hydropower and new incentives and tax credit schemes from governments. However, the commercial segment held the largest share in 2019, contributing to more than two-fifths of the global hydraulic turbine market, owing to growing investment in commercial hydro energy market to achieve the goal for reduced emission.
Asia-Pacific, followed by North America, to portray the fastest growth from 2020 to 2027
By region, the global hydraulic turbine market across Asia-Pacific, followed by North America, is expected to register the highest CAGR of 6.3% during the forecast period. Moreover, the region held the largest share in 2019, contributing to around half of the market. This is due to rise in concern from governments across emerging nations, such as China, India, and South Korea, regarding zero-emission norms.
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