Wilmington, Delaware, United States, June 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – In 2022, the Flow Augmented Turbines Market was estimated to be worth US$ 425.6 million. It is expected to grow at a 6.8% CAGR from 2023 to 2031, reaching US$ 770.0 million by the end of 2031.
Growing global desire for environmentally friendly and renewable energy sources is an essential factor propelling demand for flow augmented turbines. Governments and organizations throughout the world are actively encouraging the consumption of renewable energy sources in order to minimize the release of greenhouse gases and avert climate change. Using flow-augmented turbines is one feasible strategy to improving hydropower production and making the greatest use of available water resources.
Flow augmented turbines, in specific, which capture the energy of moving water to generate power, contribute to the renewable energy environment. Because water is a plentiful renewable resource, it may be used to construct rivers, canals, and other aquatic structures. Flow augmented turbines transform the kinetic energy of flowing water into electrical energy, providing a sustainable and low-carbon power generation alternative.
Multiple nations have set ambitious renewable energy targets as part of their energy transition approach. These objectives seek to minimize reliance on fossil fuels and promote energy sustainability by increasing the amount of renewable energy in the overall energy mix. As a result of their capacity to generate electricity from moving water, flow augmented turbines are in accord with these goals.
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Key Takeaways from the Market Report
- During the projected period, the industrial segment is expected to increase at a CAGR of 6.3% in the worldwide offshore wind market.
- In 2022, the hydro turbine segment is expected to grow at a CAGR of 5% over the forecast period.
- The gas turbine segment is poised to grow at a CAGR of 5.2% over the upcoming decades.
- In North America, the United States is estimated to account for 65% of the market.
- The market was valued at US$ 398.5 million in 2021.
Flow Augmented Turbines Market: Prominent Drivers and Trends
- The usage of flow augmented turbines can increase the operation of hydropower plants. By boosting the power output and efficiency of traditional turbines, they permit more efficient use of water resources and increase the likelihood of overall electricity generation.
- The usage of flow augmented turbines can increase the operation of hydropower plants. By boosting the power output and efficiency of traditional turbines, they enable better utilization of water resources and increase the prospect for overall energy generation.
- Increased expenditures in wind power facilities could be an important contributor to market expansion. Numerous end-use sectors, including oil and gas, chemicals, and others, have begun to engage in wind energy endeavors to aid the transition to renewable energy and meet specified wind energy power output targets. In addition, greater expenditures in wind farms to assist the shift to renewable energy sources, along with wind turbine construction and decommissioning operations, can move the industry even further forward.
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Flow Augmented Turbines Market: Regional Analysis
- North America has a broad energy mix that places a premium on renewable energy. Due to rich low-head hydroelectric resources, including the Midwest and the Pacific Northwest, the United States accounted for a significant flow augmented turbines market share. Because of its robust hydroelectric infrastructure in British Columbia and Quebec, Canada also presents a considerable possibility for flow augmented turbine sales.
- Asia Pacific has enormous hydropower generation potential, especially for China, India, and Southeast Asian countries. The widespread implementation of hydropower generation in locations with abundant low-head or run-of-river resources is one of the key flow augmented turbines industry trends.
Competitive Landscape
Transparency Market Research has profiled the following players in its global Flow Augmented Turbines market report:
- Andritz Hydro,
- EWPG Holding AB,
- FLOVEL Energy Private Limited,
- GENERAL ELECTRIC,
- GUGLER Water Turbines GmbH,
- Mocean Energy,
- Orbital Marine Power,
- Siemens Gamesa Renewable Energy, S.A.
Based on the most recent flow-augmented turbines market study, various small to medium-sized flow augmented turbine producers compete with each other and huge organizations. Numerous companies have engaged in large investments in R&D, resulting in the early adoption of next-generation technology and the development of new goods.
- On May 4, 2023, GE revealed that it had been chosen to supply six power generation units for the 200 MW Chira Soria Pumped Storage Power Plant in Gran Canaria, Spain.
- Amprion, a German transmission system operator, granted Siemens Energy and Dragados Offshore the globe's first agreement to manufacture converter devices for a 2-gigawatt grid link at sea on January 10, 2023. The consortium's deal is worth in excess of €4 billion, covering ten years of maintenance
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Flow Augmented Turbines Market: Key Segments
By Turbine Type
- Hydro Turbine
- Gas Turbine
- Wind Turbine
- Others
By Capacity
- Up to 1 MW
- 1 MW - 10 MW
- Above 10 MW
By Application
- Power Generation
- Marine
- Industrial
- Others
By Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
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