Hydraulic Turbines Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Technology (Impulse Turbine, Reaction Turbine); Capacity (Less Than 1000 kW, Between 1000 – 10000 kW, More Than 10000 kW); Application (Marine, Oil and Gas, Power Storage and Generation, Others); End-User (Residential, Commercial, Industrial); Region/Country

Published:

Sep-2021

Pages:

238

Table:

64

Figure:

92

Report ID:

UMEP21433

Geography:

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Report Description
Table of content
Research Methodology

Report Description

Hydraulic Turbine 1
Hydraulic Turbine 1

Hydraulic Turbines Market was stood around $1 billion in 2020 and is expected to grow at a significant CAGR of around 5% during the forecast period (2021-2027). Water turbine is a device capable of transforming potential energy from the head of water into mechanical energy. Turbines can vary widely in form and application. There are varying types of hydraulic turbines. One type is the pure impulse machine in which the flow is low but the head is large. Reaction turbines in which the pressure drops in both fixed and rotating parts of the machine cover a wide range of combinations. Hydraulic turbines are machines which convert hydraulic energy into mechanical energy. The mechanical energy that is developed by the turbine runs an electric generator which is directly coupled to the shaft of the turbine. The generator develops electric power which is also known as hydroelectric power. In general, a water turbine consists of a wheel called runner which is provided with especially designed blades or buckets. There is a large amount of hydraulic energy in the water when it strikes the runner and causes it to rotate.

Key reason for the growth of the hydraulic turbines market is the ongoing energy crisis and environment pollution. These have been a threat to human survival and the economic growth of the world because of excessive exploitation of fossil fuels. The best replacement to fossil fuels is renewable energy and is being increasingly adopted in most countries over the past decade. According to the United States Department of Energy, the hydropower capacity in the 2019 in the United States was 80.25 GW which accounted for 6.7% of the total electricity generation in the country. Hydropower still has a huge potential of development, especially in countries like Africa, where less than 10% of hydropower potential has been tapped to date. Even though, Hydraulic turbines are a great opportunity to acknowledge the energy crisis, the hydropower development poses complex challenges and risks. Creation of reservoirs sometimes leads to the resettlement of whole communities, the flooding of large areas of land and significant changes to the natural river system. Other factors such as the growing population which is leading to the higher energy needs is leading to the significant growth of the hydraulic turbines market.

Installed Capacity of Hydraulic Power Around the Globe (MW)

Hydraulic Turbine 2
Hydraulic Turbine 2

General Electric Company, Siemens AG, Andritz AG, Canyon Industries Inc., Voith GmbH & Co. KGaA, Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Ltd., Norcan Hydraulic Turbine Inc., Litostroj Power Group, and WWS-Wasserkraft GmbH are some of the prominent players operating in the Hydraulic Turbines market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Technology, Impulse Turbine segment holds the major share”

Based on Technology, the hydraulic turbines market is segmented into Impulse Turbine and Reaction Turbine. Amongst technology, the impulse turbine segment of the market held the significant market share and is likely to showcase considerable growth during the forecast period. Impulse turbines can change their direction of fluid flow or gas jet at high velocities. When the turbine blades are moving, there is no pressure change in the fluid (liquid or gas). Both Impulse and Reaction turbines are used for small scale hydropower with the selection depending on the head and flow rate conditions of the site.

“Amongst Capacity, More Than 10,000 kW Segment holds the major share”

Based on Capacity, the hydraulic turbines market is segmented into Less Than 1000 kW, Between 1000 – 10000 kW, and More Than 10000 kW. Amongst capacity, More Than 10000 kW segment accounted considerable revenue share in 2020. The key reason for this is that hydraulic turbines are mainly used in industrial and commercial sectors. Other than that, hydraulic turbines are also highly used in hydraulic power plants for power generation.

“Amongst Application, Power Storage and Generation segment holds the major share”

Based on Application, the hydraulic turbines market is segmented into Marine, Oil and Gas, Power Storage and Generation, and Others. The power storage and generation segment held prominent market share in 2020. The Government of India initiated the 1,000 MW Pakal Dul hydroelectric project in 2018 and the 330 MW Krishnaganga hydroelectric project in Jammu and Kashmir’s Kishtwar district. Furthermore, China installed additional 8.54 GW of hydropower in 2018 increasing China’s total installed capacity to 352 GW.

“Amongst End-User, Industrial Segment holds the major share”

Based on end-user, the Hydraulic Turbines market is segmented into Residential, Commercial, and Industrial. Amongst end-user, the industrial segment of the market held the significant revenue share in 2020 and is likely to showcase considerable growth during the forecast period. Key reason for the high rise in the industrial segment is attributed to the strong demand from various industrial end-user for generation of hydropower. The new government incentives and tax credit schemes are expected to attract new end-users.

“Asia Pacific represents one of the largest markets of Hydraulic Turbines market”

For a better understanding of the market dynamics of the Hydraulic Turbines market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market owing to increasing population and industrialization in the region.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Hydraulic Turbines Market Study

2.1. Research Methodology for the Hydraulic Turbines Market
2.1.1. Main Objective of the Hydraulic Turbines Market

7.1. Impulse Turbine
7.2. Reaction Turbine

8.1. Less Than 1000 kW
8.2. Between 1000 – 10000 kW
8.3. More Than 10000 kW

9.1. Marine
9.2. Oil and Gas
9.3. Power Storage and Generation
9.4. Others

10.1. Residential
10.2. Commercial
10.3. Industrial

11.1. NORTH AMERICA HYDRAULIC TURBINES MARKET
11.1.1. United States of America
11.1.2. Canada
11.1.3. Rest of North America
11.2. EUROPE HYDRAULIC TURBINES MARKET
11.2.1. United Kingdom
11.2.2. Germany
11.2.3. France
11.2.4. Spain
11.2.5. Italy
11.2.6. Rest of Europe
11.3. ASIA-PACIFIC HYDRAULIC TURBINES MARKET
11.3.1. China
11.3.2. Japan
11.3.3. India
11.3.4. Australia
11.3.5. Rest of Asia-Pacific
11.4. REST OF THE WORLD HYDRAULIC TURBINES MARKET

12.1. Drivers
12.2. Challenges
12.3. Impact Analysis

16.1. Demand Side Analysis
16.2. Supply Side Analysis
16.2.1. Top Product Launches
16.2.2. Top Business Partnerships
16.2.3. Top Business Expansions, Investments and Divestitures
16.2.4. Top Merger and Acquisitions

19.1. General Electric Company
19.2. Siemens AG
19.3. Andritz AG
19.4. Canyon Industries Inc.
19.5. Voith GmbH & Co. KGaA
19.6. Gilbert Gilkes & Gordon Ltd
19.7. Kirloskar Brothers Ltd
19.8. Norcan Hydraulic Turbine Inc.
19.9. Litostroj Power Group
19.10. WWS-Wasserkraft GmbH

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Hydraulic Turbines market were the three major steps undertaken to create and analyze the adoption of Hydraulic Turbines in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Hydraulic Turbines market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Hydraulic Turbines through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Hydraulic Turbines market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Technology, Capacity, Application, and End-User. Further country-level analyses were conducted to evaluate the overall adoption of Hydraulic Turbines in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Hydraulic Turbines. Further, we conducted factor analysis using dependent and independent variables such as increasing power generation and industrialization. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Hydraulic Turbines sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Hydraulic Turbines market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Hydraulic Turbines across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Hydraulic Turbines market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Hydraulic Turbines market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Hydraulic Turbines market.

The main objective of the Hydraulic Turbines Market Study

The current & future market trends of Hydraulic Turbines were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Hydraulic Turbines in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type and their subtypes
  • Define and analysis of the regulatory framework for the Hydraulic Turbines industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Hydraulic Turbines market for the major region
  • Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
  • Company profiles of the Hydraulic Turbines market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry