Global hydraulic turbine market is anticipated to grow at a significant CAGR of 10.7% during the forecast period (2024-2031). The market growth is attributed to the growing demand from the transition to renewable energy and the pressing need for hydropower capacity expansion driving the market growth. In hydroelectric power plants, hydraulic turbines are widely used to transform the energy of falling or flowing water into electrical energy, offering a dependable and renewable source of electricity. Hydraulic aero-derivative turbines, which have fast start times, are an essential part of grid systems that balance renewable energy sources. Aeroderivatives' daily and rapid start/stop capabilities further increase their usefulness for grid balancing and the production of renewable energy. For instance, in August 2022, GE Vernova announced an investment of $5.0 million to support its aero-derivative gas turbines business and announced new orders around the globe. The new manufacturing hub complements the current GE manufacturing site in Veresegyhaz, Hungary. The announcement underscores the company’s commitment to its highly flexible and mobile aero-derivative gas turbine technology which can help manage power shortages, stabilize the grid, and support renewables growth.
Browse the full report description of “Hydraulic Turbine Market Size, Share & Trends Analysis Report by Product Type (Reaction and Impulse).by Capacity (Small (Less than 1MW), Medium (1MW to 10MW) and Large (10MW and above)).and by End-Users (Industrial, Commercial, and Residential).Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/hydraulic-turbine-market
The new hydraulic turbine is based on its special features with the safety of a conventional system with the advantages of novel technologies, through which a drastic reduction of the oil content and energy consumption is achieved. For instance, in May 2021, Voith Hydro introduced a new hydraulic governor, HyCon Go Hybrid. The plant operator is convinced by the fast and uncomplicated installation and the governor's performance. Efficient electricity production in power plants is only guaranteed if turbine and generator output can be adjusted precisely using a governor.
A cryogenic submerged electric generator is fitted with the LNG hydraulic turbine and is coupled to the main shaft via the same axis. High-pressure LNG that enters the equipment's bottom part rotates the impellers inside it at high speeds to increase LNG production and efficiency. For instance, in September 2021, Air Products and Chemicals, Inc. launched a new hydraulic turbine approach to increase LNG production and efficiency. The hydraulic turbines provide a $46.2MM per year benefit in new LNG production when priced at $5/MM BTU. If hydraulic turbines are added to both LNG and MRL circuits, the total production increase is generally 2-4.0%. Higher production increases are realized with higher feed pressures owing to the larger amount of extracted work
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Product Type
o By Capacity
o By End-Users
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Mitsubishi Heavy Industries, Ltd., Siemens AG, Toshiba Corp., Voith GmbH & Co. KGaA, and, WEG S.A., among others.
Key questions addressed by the report.
Global Hydraulic Turbine Market Report Segment
By Product Type
By Capacity
By End-User
Global Hydraulic Turbine Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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