by Vortex turbines or vortex-induced vibration turbines use vortex shedding to extract kinetic energy from the environment to generate electricity. They operate without any electrical or mechanical components and can be mounted on structures like bridges, buildings, and streetlights to harness wind and water energy. They generate electricity through vortex-induced vibrations created as fluid flows over flexibly-mounted bluff bodies. The small size and versatility of vortex turbines allow them to be installed almost anywhere to access renewable energy sources. They have applications in remote areas, offshore platforms, and industrial facilities seeking supplemental power solutions.
The global vortex turbine market is estimated to be valued at US$ 102.6 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing investments in wind energy projects around the world is fueling the demand for effective renewable energy technologies. Global cumulative installed wind power capacity grew by over 60 GW in 2021 alone according to industry estimates. Vortex turbines provide an alternative solution to harness wind energy in applications where large traditional wind turbines are not viable. They can supplement conventional wind and solar farms to improve overall renewable energy generation. Additionally, the ability of vortex turbines to utilize kinetic energy from varied sources like water currents and airflows opens up new opportunities in off-grid and oceanic renewable energy spaces. If costs come down further, they may emerge as a disruptive technology to access low-scale renewable power across industries. These factors are expected to propel the vortex turbine market over the forecast period.
Segment Analysis
Vortex Turbine Market can be segmented by type into air vortex turbine, water vortex turbine and steam vortex turbine. The steam vortex turbine segment dominates the market and accounts for around 50% share owing to rising demand for steam turbines from power generation sector. These turbines are majorly used in steam power plants, nuclear plants and renewable energy technologies like biomass plants for power generation.
PEST Analysis
Political: Governments across regions are supporting renewable energy projects through subsidies and incentives which is positively impacting the vortex turbine market. Growing environmental norms regarding carbon emissions is also propelling the adoption of clean energy sources like wind and tidal which employ vortex turbine technology.
Economic: Rising energy demands from industrial, commercial and residential sectors is driving the need for efficient power generation technologies. Vortex turbines offer reliable and affordable renewable energy option and help cut carbon footprint which attracts huge investments in this sector.
Social: Rapid urbanization and increasing living standards is pushing the power needs. Also, rising awareness about climate change is influencing people and organizations to adopt greener technologies. This augurs well for vortex turbine market.
Technological: Continuous R&D is helping improve turbine designs, make them more durable and efficient. Use of advanced materials, simulation tools and condition monitoring systems is enhancing performance. Adoption of Internet of Things is also enabling remote monitoring of turbine operations.
Key Takeaways
The Global Vortex Turbine Market Growth is expected to witness high at a CAGR of 21% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 302.5 Mn by 2030.
Regional analysis
Asia Pacific region currently dominates the market and accounts for around 35% share owing to rapid industrialization and positive government policies supporting renewable projects in countries like China and India. Europe is another major market for vortex turbines driven by strict climate targets in the region to increase reliance on green sources.
Key players
Key players operating in the vortex turbine market are FUJIFILM Business Innovation Corp., Lumileds Holding BV, Heraeus Holding GmbH, Koninklijke Philips NV, CRYSTAL IS Inc. (Asahi Kasei Corporation), Nordson Corporation, EPIGAP Optronic GmbH, Honle UV America Inc. (Honle Group), Semileds Corporation, Seoul Viosys Co. Ltd., and Nichia Corporation. These players are focusing on new product launches and enhancing manufacturing capacities to cater to the increasing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
