Hydropower Turbine Market is predicted to surpass USD 2 billion by 2025. Increasing investment toward development of non-conventional resources including hydro to improve environmental condition and ease reliance on fossil fuels will drive the industry growth. For instance, in January 2019, the Northwest territories and federal governments of Canada announced to invest USD 1.2 million into preliminary study for proposed expansion of the Taltson Hydroelectricity Project. The project will reduce 240 kilo tonnes of carbon emissions annually. Growing efforts toward energy security coupled with volatility in fossil fuel prices will further promote the product adoption.
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Exponentially growing electricity demand from manufacturing sector along with strict regulations to curb GHG emissions will propel the hydropower turbine market. According to the IEA, the global electricity consumption has increased from 6,799 TWh in 1980 to 22,015 TWh in 2017. Furthermore, ongoing spending toward decommissioning of coal plant will complement the business outlook.
Reaction installations in 2018, contributed over 70% of global hydropower turbine revenue market share. Upsurge in energy demand across developing economies along with abundant availability of run of river resources are some of key paramount factors boosting product demand over other alternates. Wide suitability across small and medium scale power plant on account of it optimize efficiency will provide it competitive edge.
Hydropower turbine market from high head segment is anticipated to reach over USD 600 million by 2025. Paradigm shift from coal and nuclear power plants in line with initiatives toward renewable energy utilizations will enhance the product demand.
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France hydropower turbine market will grow on account of growing adoption of sustainable generation technologies to the complement country?s nuclear baseload. For instance, Government of France has set aim to enhance the utilization of hydropower capacity by at least 3GW by 2020. Furthermore, growing focus to improve energy security and minimize reliance on import along with shift in trends to improve living standards will further complement the industry dynamics.
Increasing demand for electricity coupled with growing efforts to diversify the renewable energy mix will stimulate the Ethiopia hydropower turbine market. For instance, in 2019, Sustainable Energy Fund for Africa has invested USD 995 thousand, to enhnace the investments toward hydropower projects.
Germany hydropower turbine market will grow owing to increase in electricity prices coupled with rising focus to reduce climate change impacts. For instance, in 2018, electricity prices in the nation increased from USD 26.9 per kWh in 2010 to USD 33.5 per kWh. Several regulations and acts have been introduced by policymakers to enhance the adoption of sustainable technologies. For instance, Government of Germany has set target to fulfil 60% of its final energy consumption through renewable resources by 2050.
Major participants across hydropower turbine industry are Siemens AG, Capstone Turbine, IMPSA, WWS Wasserkraft GmbH, Andritz, Canyon Hydro, General Electric, Siemens AG, Voith, NTN Corporation, Cornell Pump, Toshiba, Wartsila and Canadian Hydro Components.