The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Hydropower Turbine Market.
It was estimated prior to this unanticipated outbreak Hydropower Turbine Market will reach CAGR of 7.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Hydropower Turbine Market Insights
Hydropower turbine market is likely to witness an impressive CAGR of 7.9% during the forecast period. The major factor contributing to the demand for hydropower turbines is the growing demand for clean energy.
Market Share Analysis
Hydropower Turbine Market Share: By Capacity Type
Based on the capacity type, the market is segmented as ≤1 MW, 1 - 10 MW, and >10 MW. The >10 MW segment is estimated to maintain its dominance over the forecast period, owing to the growing demand for the uninterrupted power supplies from communities in off-grid areas.
Hydropower Turbine Market Share: By Product Type
Based on the product type, the market is segmented as impulse and reaction. The impulse segment accounted for the larger share of the market in 2019, and is expected to maintain its leading position, during the forecast period. The growth of the segment is owing to its cost effectiveness and low maintenance.
Hydropower Turbine Market Share: By Head Type
Based on the head type, the market is segmented as 2–25 m, 25–70 m, and >70 m. The 2-25 m segment is likely to grow with the highest CAGR over the forecast period driven by low construction expense, low impact on environment, and low risk of flash flood.
Hydropower Turbine Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market. The Asia-Pacific’s market is expected to grow with a lucrative CAGR during the forecast period. The growth of the region’s market is attributed to rapid industrial development and supportive government initiatives.