Hydropower Turbine Market to Grow rapidly During the Forecast Period 2025
Hydropower turbine are the most prevailing source of production of energy through nonpolluting sources such as low-head turbines, small hydro plants, and run-of river hydro plants. Manufacturers focus on R&D activities to provide better quality of service, reliability, portability, accessibility, and performance. The effects of carbon emissions are taken into consideration and the need to adopt renewable energy technologies is determined. Government agencies promote use of hydropower turbines for energy generation to reduce carbon emission.
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Replacement of gas power stations and aging coal plants based on renewable energy sources by hydropower turbines are projected to drive growth of the market. In addition, rise in global population; need for unconventional energy sources; and increase in research, development, and maintenance activities supplement the market growth. Favorable government incentives and growth in electricity needs in developing economies are expected to create opportunities in the industry.
The hydropower turbine market is segmented on the basis of type, end use, power generation capacity, and geography. Based on type, the market is categorized into water turbines, vapor turbines, gas turbines, and steam turbines. By end use, the market is divided into commercial generation turbines, residential rooftop turbines, and industrial purpose turbines. According to power generation capacity, it classified into less than 1,000 kW, over 10,000 kW, and between 1,000 kW & 10,000 kW. Geographically, the market is analyzed across North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa.
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Key manufacturers operating in the industry are GE Energy, Siemens Wind Power, Urban Green Energy, International Aero Engines, Enercon, Suzlon Energy Limited, and others. These key manufacturers have adopted new product launches, partnerships, collaborations, joint ventures, expansion, merger & acquisition, and others to strengthen their position and gain competitive advantage in the industry.
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