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.
SWOT Analysis
Strength: The vortex turbine market has high growth potential due to rising focus on renewable energy sources. Vortex turbines offer advantages such as minimal maintenance requirements and ability to operate in low current flows. They generate electricity from kinetic energy of flowing air or water in a more efficient manner than propeller-type turbines.
Weakness: Initial capital cost of setting up vortex turbine power plants is high compared to other renewable technologies. Adverse weather conditions can affect the operation of these turbines.
Opportunity: Growing global demand for clean energy presents an opportunity for greater commercialization of vortex turbines. Development of advanced designs with higher power outputs would boost their deployment. Supportive government policies and investments in renewable projects will drive market expansion.
Threats: Fluctuating raw material prices amid supply chain disruptions pose a challenge. Stiff competition from mature solar and wind energy sectors can hinder market growth of vortex turbines. Technological breakthroughs in energy storage may reduce reliance on hydro power plants.
Key Takeaways
The Global Vortex Turbine Market Demand is expected to witness high growth over the forecast period led by supportive policies and growing awareness about clean energy sources. The market size is projected to reach US$ 198 Mn by 2030, expanding at a CAGR of 21%.
Regional analysis: Asia Pacific region currently dominates the global market and the trend is likely to continue. Rapid industrialization and urbanization in China and India have boosted investments in renewable energy projects utilizing vortex turbine technology. These countries offer vast untapped potential and are major production and consumption hubs.
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. The market is fairly concentrated with major vendors focusing on new product launches and partnerships to gain shares.
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