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WILMINGTON, Del. , Sept. 8, 2022 /PRNewswire/ -- The global hydro turbine market is prognosticated to reach a value of US$ 3.6 Bn by 2031, as per a review by analysts at Transparency Market Research (TMR). Furthermore, the study highlights that the market is expected to develop at a CAGR of 5% during the forecast period, from 2022 to 2031.
The report by TMR demonstrates a panoramic view of the global hydro turbine market. Hence, this study provides analysis of the growth avenues, restraints, expansion opportunities, and ongoing trends of the hydro turbine market. Moreover, it enlightens readers on different important statistics including the volume, share, revenues, and sales in the market for hydro turbine.
The popularity of hydropower is being increasing rapidly in the recent years in comparison with wind power as water is denser than air. Hence, harnessing the mechanical energy of wind needs a greater force to rotate wind generator in comparison to that of needed to rotate a hydro generator, notes a TMR report on the hydro turbine market.
The hydro turbine market in Asia Pacific is prognosticated to expand at notable pace during the forecast period. A rise in the use of hydro turbines in Asia Pacific owing to increase in initiatives from the regional governments to spread understanding about renewable sources of energy is boosting the hydro turbine market development in the region.
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Leading companies in the hydro turbine market are investing heavily in R&Ds in order to develop technologically advanced products. Moreover, several enterprises are developing hydro turbine integrated with AI technologies and IoT devices. Such technological innovations are helping in advancing the efficiency of hydropower plants, notes a TMR study on the global hydro turbine market. Moreover, several enterprises are using the strategies such as mergers, acquisitions, and new product launches in order to maintain their leading positions. These activities, in turn, are expected to help in the expansion of the market during the forecast period, note analysts at TMR.
Hydro Turbine Market: Key Findings
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Hydro Turbine Market: Growth Boosters
Hydro Turbine Market: Key Players
Some of the key players profiled in the report are:
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Transparency Market Research, a global market research company registered at Wilmington, Delaware , United States , provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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