Rapid advancements in the expansion of renewable energy technologies will stimulate the hydropower turbine market share, with the purpose of minimizing dependency on traditional power generation systems.
An example of this would be the Department of Energy’s announcement in April 2019, to provide financial backing worth $54.2 million to facilitate the expansion of hydropower, marine and wind energy. Unpredictable prices of fossil fuels coupled with shifting focus towards energy saving will further contribute to industry expansion.
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According to a recent research study by Global Market Insights, Inc, the hydropower turbine market size is expected to surpass $2 billion by 2025.
Strict legislative protocols pertaining to carbon emission mitigation and the rampant rise in demand for electricity from the manufacturing segment will expedite hydropower turbine market growth.
According to a recent analysis by IEA, the worldwide consumption of electricity has witnessed an exponential surge from 6799 TWh in 1980 to 22,015 TWh in 2017. Furthermore, investments towards putting coal-powered energy generators out of commission may further augment product demand.
In the US, the hydropower turbine market share is set to surpass 7MW by 2025. Focus on renovation and advancement of current hydroelectric facilities combined with rising awareness about the advantages of renewable energy facilities is expected to bolster the industry outlook.
Canadian federal governments and the Northwest territories announced in January 2019 that they would be investing $1.2 million towards the preliminary research for the planned Taltson Hydroelectricity Project expansion. This project is anticipated to minimize carbon emissions by nearly 240 kilo tons per year. Hydropower turbine industry demand will be further enhanced by consistent energy conservation efforts and unstable fossil fuel prices.
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China hydropower turbine market size is expected to witness substantial gains of over 6% by 2025. Stringent regulations pertaining to carbon emissions and revolutionary technologies in turbines designed to boost efficiency will proliferate the market demand.
In 2018, the National Development & Reform Commission in China set a goal to accomplish at least 35% of its total power consumption via renewable energy sources by 2030.
Government initiatives for renewable energy diversification and booming demand for energy in Africa will significantly strengthen the hydropower turbine market outlook. For example, in 2019 the Sustainable Energy Fund for Africa has provided funds of nearly $995 thousand to facilitate private investments in hydropower developments. Speaking of which, Ethiopia hydropower turbine market size is anticipated to depict growth of over 15% through 2025.
The France hydropower turbine industry growth will surge due to widespread acceptance of sustainable energy generation technologies complementing the nation’s nuclear baseload. For example, the French government has undertaken the task of improving the hydropower capacity usage by no less than 3 GW by 2020.
In addition, mounting focus on enhancing energy security and minimizing import dependence along with evolving trends to facilitate better living standards will further augment industry dynamics.
Rising electricity costs and higher propensity towards mitigating the effects of climate change are the key factors impelling the hydropower turbine industry outlook in Germany. Electricity prices in 2018 surged from $26.9 per kWh in 2010 to $33.5 per kWh.
Legislators have implemented numerous regulations and initiatives to improve the application of sustainable technologies. For example, Germany’s government has set a goal of achieving 60% of its final power consumption through renewable sources by 2050.
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