June 13, 2024
Vortex Turbine Market
Ict

Vortex Turbine Market is Expected to be Flourished by Growing Interest in Renewable Energy Solutions

A vortex turbine uses low-speed vortices or eddies to extract energy from water or air flows. It consists of a cylindrical chamber with one or more tangential inlets to induce a swirling flow inside. As the fluid spirals down, lift and drag forces cause a central impeller or turbine mounted along the axis to rotate and generate power. Vortex turbines offer several advantages over conventional designs like high efficiency over a wide range of flows, ability to handle debris-laden or two-phase flows, and simple, low-cost construction. They are increasingly being used for micro-hydropower applications and in environments where traditional turbines are unsuitable.

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 13.1 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing Interest in Renewable Energy Solutions: As mentioned in the heading, there is a growing emphasis on developing sustainable and renewable energy sources to replace fossil fuels and reduce carbon footprint. Vortex turbines are well-suited for decentralized power production from diverse resources like river currents, ocean waves, and wind. They do not require high head or significant civil works and can provide off-grid electricity to remote areas. This growing interest in renewable solutions is expected to boost demand for vortex turbines during the forecast period.

Focus on R&D of Advanced Designs: Continuous research is ongoing to enhance the efficiency, power output, and cost-effectiveness of vortex turbine technology. Areas of focus include optimizing blade and chamber designs, developing self-starting capabilities, improving ability to handle variations in flow, and making them more durable for marine and off-shore applications. Improvements in design and manufacturing through R&D investments will go a long way in popularizing vortex turbines for both small- and large-scale renewable installations.

Segment Analysis

The global vortex turbine market is segmented on the basis of capacity into small (below 50 kW), medium (51 kW – 1 MW), and large (above 1 MW). The small capacity segment currently accounts for the largest share of the global market owing to widespread adoption in micro hydro power projects and increased usage in residential and commercial sectors. However, the large capacity segment is expected to witness the highest growth during the forecast period due to the rising number of large-scale hydro power projects across developed as well as developing regions.

PEST Analysis

Political: Favorable government policies and regulations promoting the use of renewable energy sources such as hydro power in various countries is aiding the growth of the vortex turbine market. However, change in trade policies can restrict market growth to some extent.

Economic: Increasing investments in hydro power projects to meet the rising demand for clean energy from industrial and commercial sectors globally acts as a major growth driver. However, high initial installation costs of vortex turbines compared to other turbines can limit broader adoption.

Social: Rising environmental concerns and awareness about use of non-conventional energy sources to reduce carbon footprint is contributing to the increased demand for vortex turbines.

Technological: Continuous technology advancements in turbine designs have improved turbine efficiency and reduced cost. This is allowing the development of advanced small capacity turbines suitable for micro hydro applications.

Key Takeaways

The Global Vortex Turbine Market Growth is expected to witness high at a CAGR of 13.1 % during the forecast period of 2023 to 2030. The rising market size for 2023 is estimated to be US$ 102.6 million.

Regional analysis: Asia Pacific currently dominates the global market and is expected to maintain its lead through 2030. China, India, and other Southeast Asian countries are witnessing substantial growth in hydro power capacities, thus driving the demand for vortex turbines in the region.

Key players: The key players operating in the vortex turbine market are Aurora Generators, AqualisBraemar, Vortex Hydro Energy, Norcan Fluid Power Inc., Gilbert Gilkes & Gordon Ltd., and Natel Energy.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it