United States Hydro Turbine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
United States Hydro Turbine market is expected to register a CAGR of more than 2% during the forecast period of 2022-2027. The COVID-19 pandemic disrupted the market by causing the electricity demand to crash, rendering the hydropower plants un-used and ultimately affecting the hydro turbine market also. The pandemic also caused delays in the construction and transportation of hydro turbines owing to disruption in the shipping industry, which accounts for significant movements of such goods. In terms of the growth of the market, factors such as increasing adoption of renewable energy sources to limit the emission caused by conventional sources coupled with upcoming projects is likely to drive the market. However, design challenges of turbines, ecological concerns related to dams, long gestation period, high installation cost, and increasing adoption of alternative renewable energy sources may restrain the market.
Key HighlightsThe USA Hydro Turbine Market is partially consolidated. Some of the major players involved in the market are Siemens Energy AG, Kirloskar Brothers Limited, General Electric Company, Voith GmbH & Co. KGaA, and Andritz AG.
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