Global Hydrokinetic Converters Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hydrokinetic Converters Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Hydrokinetic technologies allow to generate electric power using water currents, thus providing renewable energy with zero emissions. As each country evaluates its resources, many have recognized hydrokinetic energy as a significant contributor to its renewable energy portfolio. Hydrokinetic Converter is an instrument that converts these into energy.

Market Overview:

The latest research study on the global Hydrokinetic Converters market finds that the global Hydrokinetic Converters market reached a value of USD 399.84 million in 2022. It’s expected that the market will achieve USD 606.11 million by 2028, exhibiting a CAGR of 7.18% during the forecast period.

Market Drivers

New Energy's hydrokinetic systems are quiet, unobtrusive, produce zero emissions, have low to no impact on aquatic life. The operation and construction of hydropower projects is growing as hydropower generation does not emit air pollutants or other global warming gases, thus contributing to the rising demand for electricity generated through hydro turbines, especially in emerging economies, which is boosting the hydrokinetic converters market.
Hydrokinetic power generation systems convert the kinetic energy from water currents into electricity the same way that wind turbines convert the kinetic energy from wind. But unlike wind, or solar, hydrokinetic power is a continuous source of energy. Hydropower has an advantage over wind power because water is denser than air; therefore, to rotate the turbine, collecting the mechanical energy of wind requires the greater force of wind than for water in a hydropower system. Developing countries therefore prefer hydropower projects which in turn is driving the hydrokinetic converters market.
Marine and hydrokinetic (MHK) technologies transform the energy of waves of ocean and river currents into electricity. MHK technologies hold significant potential to supply renewable electricity to consumers in coastal load centers, and are therefore expected to create huge opportunity for the hydrokinetic converters market.

Region Overview:

From 2023-2028, Europe is estimated to witness robust growth prospects.

Company Overview:

Oceana Energy Company is one of the major players operating in the Hydrokinetic Converters market, holding a share of 6.38% in 2019.

Andritz AG provides plants, equipment, and services for hydropower stations, pulp and paper industry, metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors. It operates through four segments: Hydro, Pulp & Paper, Metals, and Separation. The Hydro segment supplies electromechanical equipment, including turbines, generators, and additional equipment for hydro applications; pumps for water transport, as well as for applications in various industries; and turbogenerators for thermal power plants. The Pulp & Paper segment supplies plants, systems, equipment, and services for the production and processing of various types of pulp, paper, board, and tissue; biomass, steam, and recovery boilers for power generation; gasification plants; flue gas cleaning plants; systems and plants for the production of nonwovens and absorbent hygiene products, dissolving pulp, and panelboards; and recycling and shredding solutions for various waste materials. The Metals segment provides presses, automation solutions, dies, process know-how, and services for the metal forming industry; and minting technology. It also supplies lines for the production and processing of cold-rolled strip made of carbon steel, stainless steel, aluminum, and other non-ferrous metals; turnkey furnace systems for the steel, copper, and aluminum industries; burners and refractory products; and welding systems for the metal working industry. The Separation segment offers mechanical technologies for solid/liquid separation, such as centrifuges, filters, screens, thickeners, separators, and thermal technologies; and technologies and services for the production of animal feed and biomass pellets. The company operates primarily in Europe, North America, South America, and Asia. Andritz AG was founded in 1852 and is headquartered in Graz, Austria.

Oceana Energy Company designs and develops hydrokinetic marine turbines that produce electric power from the natural energy found in earth's ocean tides and rivers. The company was founded in 2005 and is headquartered in Washington, District of Columbia.

Segmentation Overview:

Among different product types, Micro Hydropower segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Onshore segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Hydrokinetic Converters market covered in Chapter 3:

LucidEnergy
Rickly Hydro
Guinard Energies
Waterotor Energy Technologies
Smart Hydro Power
Atlantis Resources Limited
ANDRITZ
Alternative Hydro Solutions Ltd.
SCHOTTEL HYDRO
AMPHYDRO
Hydro-Quebec
New Energy Corporation
European Marine Energy Center
Blue Freedom
Vortex Hydro Energy, Inc
GKinetic Energy Ltd
Jupiter Hydro Inc
PowerSpout
Tidal Energy Pty Ltd
Verterra Energy, Inc.
AW-Energy
Oceana Energy
JAG Seabell Co., Ltd
Natel Energy
Hydro Green Energy
Rutten Electromécanique SA
Thropton Energy Services
Hydrokinetic Energy Corp
Instream Energy Systems Corp.
HydroQuest

In Chapter 4 and Chapter 14.2, on the basis of types, the Hydrokinetic Converters market from 2018 to 2029 is primarily split into:

Large Hydropower
Small Hydropower
Micro Hydropower

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hydrokinetic Converters market from 2018 to 2029 covers:

Onshore
Offshore

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)