Vortex turbines utilize the energy from swirling water or air flow to produce rotational motion for power generation. These turbines operate on the principle of vortex shedding, where alternating vortexes are formed from fluid flowing over bluff bodies that transfer momentum to cause rotation. Vortex turbines offer advantages over other renewable energy technologies as they can operate using low head resources and have minimal environmental impacts. These turbines do not obstruct natural waterways or require high dam structures. They can be placed below the surface of water to avoid interference with boat traffic and other human activities. As concerns over climate change rise and fossil fuel reserves continue to deplete, vortex turbines provide a viable clean energy solution to develop small-scale hydropower and wind power applications near cities and towns.
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 key trends:
One of the major trends in the vortex turbine market is the increasing investments in research and development of advanced vortex generators. Vortex generators are the bluff bodies that produce alternating vortex shedding responsible for power generation. Companies are investing in R&D to develop new vortex generator designs that can optimize energy extraction from low-speed water and wind resources. Advanced computational fluid dynamics techniques are being utilized to model and simulate vortex flows for improving turbine performance. Additive manufacturing and 3D printing technologies are also enabling the production of complex vortex generator geometries that were previously not possible with traditional fabrication methods. These technological advancements are allowing vortex turbines to achieve higher energy conversion efficiencies and output from available resources, thereby boosting their adoption.
Threat of new entrants: Low. High capital requirements and stringent regulations limit potential new entrants in the vortex turbine market.
Bargaining power of buyers: Moderate. Buyers have medium level of buyer power due to availability of substitutes in the market.
Bargaining power of suppliers: Moderate. Suppliers have medium level of power due to availability of substitutes and existence of many suppliers in the market.
Threat of new substitutes: Medium. Alternate energy solutions like wind turbines provide medium level threat.
Competitive rivalry: High. Presence of global key players intensifies competitive rivalry.
The Global Vortex Turbine Market Demand is expected to witness high growth.
Regional analysis: The Asia Pacific region is expected to dominate the global vortex turbine market during the forecast period. China and India are expected to be the fastest growing markets in the region owing to rising energy demand and support of renewable energy through favorable government policies.
Key players operating in the vortex turbine market are Siemens, BHEL, GE Renewable Energy, Enercon, and Vestas. Vestas is one of the leading players in the market and offers a comprehensive portfolio of onshore and offshore wind turbines.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it