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| Vortex Turbine Market |
The global Vortex Turbine Market is estimated to be valued at US$ 102.6 million in 2023 and is
expected to exhibit a CAGR of 11.5% over
the forecast period 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The vortex turbine market possesses huge growth potential owing to increasing
support for renewable energy generation across the globe. Vortex turbines
utilize kinetic energy of passing fluid like water or wind to produce
electricity with minimal environmental impact. These turbines have several
advantages over traditional turbines such as they can operate at low flow
rates, do not require dams or head for operation, and have high efficiency over
a wide range of flow rates. Vortex turbines are increasingly being used for
micro-hydropower and low-head applications globally.
Market key trends:
One of the key trends in the vortex turbine market is growing adoption in
off-grid and remote areas. Vortex turbines can effectively tap into small water
resources and produce electricity, making them suitable for power generation in
remote areas and islands lacking conventional power infrastructure. Their
ability to function at very low flow rates without the need for high head also
supports their use in such applications. Another major trend is increasing
focus on research & development activities to enhance efficiency and power
output. Several players are investing in developing advanced designs,
materials, and manufacturing technologies to commercialize high performance and
cost-effective vortex turbines.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the vortex
turbine technology requires specialized skills and equipment for manufacturing.
However, declining costs may attract new players in the coming years.
Bargaining power of buyers: The bargaining power of buyers is high given the
presence of multiple vendors offering substitutable products. Buyers can
negotiate on price and demand better services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
there are multiple component suppliers for raw materials. However, supply chain
disruptions can impact turbine production.
Threat of new substitutes: The threat of new substitutes is high as renewable
energy is an evolving sector. Advancements in wind, solar and hydrogen technologies
pose a threat to vortex turbines.
Competitive rivalry: Intense as major players compete on pricing, product
differentiation, customer service and innovation to gain market share.
Key Takeaways
The Global
Vortex Turbine Market is expected to witness high growth, exhibiting CAGR of 11.5% over the forecast period,
due to increasing investments in renewable energy projects across regions. The
market size is projected to reach US$ 235.8 million by 2030 from US$ 102.6 million in 2023.
Regional analysis: North America dominated the market in 2023 with over 35%
share owing to favorable government policies. Asia Pacific is anticipated to
witness fastest growth during the forecast period supported by rapid
industrialization and growing energy demand in China and India. Countries like
Japan and South Korea are also emerging as key markets.
Key players operating in the Vortex Turbine market are TurboTech Ltd, Vortex
Energy Solutions, Future Blades, Green Energy Solutions, TurbineTech, Aerodyn,
ArborWind, Urban Green Energy, Vortec Energy Systems, WindStax, Earth Mill,
Vortex Bladeless, Sauer Energy, Calnetix Technologies, Enertime, Qnergy, Exro
Technologies, Oscilla Power, Vortex Hydro Energy, Quantum Vortex Turbines. Key
players are focusing on upgrading turbine designs for higher efficiency and
lower maintenance in tough environment conditions. Collaboration with
manufacturing facilities in low-cost regions is another strategy adopted.
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