Increasing rate of population in economies and the rapid industrialization are some of the major drivers of the growth of water turbine market in Asia Pacific. The need for renewable sources of energy is a major contributing factor in agriculture-driven economies of India and Bangladesh. As per the 12th Five Year plan, India is expecting to increase its capacity addition to 88.5 GW by the end of 2017, out of which 10.8 GW is expected to be added in hydrogenation. Renewable energy is emerging as a source of power generation in emerging economies of the region thereby propelling the demand for water turbines. The government of emerging economies in Asia Pacific are taking initiatives to shift to renewable energy. For instance, India has de-licensed the electrical machinery industry, thereby allowing 100% Foreign Direct Investment. India received US$ 1.77 billion In FDI from April 2014 to September 2016.
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Europe is expected to show considerable demand for water turbines over the forecast period. Growing population and awareness among population regarding increasing carbon footprint has resulted in the shift to un-conventional sources of power generation, in turn fuelling the demand for water turbines market. In 2015, the United Nations Sustainable Development goals and the United Nation Framework Convention on Climate Change (UNFCCC) have agreed to reduce greenhouse emissions, in order to reduce global warming. This has further propelled the growth of hydropower sector in the Europe, thereby positively affecting the growth of water turbine market.
North American market for water turbines is expected to grow substantially over the forecast period due to rising demand from the hydropower and marine industries. Increased government regulations and encouragement for unconventional sources of power generation have shown a positive impact on the growth of the water turbine market in the region. The federal regulatory reforms were altered post-2013 relaxing the licensing policy in the U.S typically for the non-powered dams (NPD’s), which has propelled the need for water turbines.
A turbine is an engine that captures energy from fluid flow. Turbines consist of a moving part also known as the rotor assembly, which is a drum or a shaft with blades attached to it. The rotors are powered by water coming in contact with the blades, thereby forming rotational energy. Water turbines help in the generation of hydroelectric power by converting the kinetic energy of flowing water into mechanical energy with the help of the attached blades.
The growing population and urbanization have compelled the governments to increase the power generation capacity. The augmenting demand for power across the globe, increased carbon footprint, and global warming has encouraged the focus towards renewable sources of power generation. The shift towards unconventional sources of power generation is one of the major factors driving the growth of water turbines market. Moreover, the artic regions experience harsh winters and to cope up with their power requirement the power producers are compelled to resort to expensive sources of power generation making it necessary for these regions to shift towards renewable sources. Stringent government regulations to control emissions has further boosted the global market for water turbines. However, high installation cost and design challenges of turbines are major factors hindering the growth of the water turbines market currently.
General Electric, Alterra Power Corporation, Energy Development Corporation, Canyon Industries inc., Gilbert Gikes & Gordon Ltd, and Sumitomo Corporation, are some of the major players operating in the global water turbine market.
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