by The vortex turbine uses the phenomena of vortex shedding and the Magnus effect to generate energy from flow. Vortex turbines can harness power from gas, liquid, or air flow through a cylindrical device. Advantages of vortex turbines include their simple design without gears or bearings which leads to very low maintenance. They can generate electricity from low speed flows and different fluid viscosities. Vortex induced vibrations in the structure around a circular cylinder cause alternating lifts on opposite sides of the cylinder. This cyclic variation in fluid forces rotates the turbine.
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 Key Trends:
One of the key trends in the vortex turbine market is the growing integration of advanced technologies. Major players are focusing on developing smart vortex turbines with Internet of Things (IoT) connectivity. These smart turbines can relay critical performance data to remote monitoring systems, facilitate predictive maintenance, and optimize operations. The use of advanced materials is another trend. Researchers are exploring the potential of materials like graphene and recyclable plastics to develop high strength, corrosion resistant, and lightweight turbine components.This will boost efficiency and reduce the overall cost of energy generation. Developing portable and modular vortex turbines is also a growing area of innovation to enable off-grid applications and optimize space.
Porter’s Analysis
Threat of new entrants: New entrants will face high initial costs for infrastructure and R&D to compete with existing players. However, the market is growing at a rapid pace providing opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but demand for energy efficient solutions is increasing their dependence on vortex turbines.
Bargaining power of suppliers: Turbine component manufacturers have moderate bargaining power as key players undertake in-house manufacturing to manage costs and quality.
Threat of new substitutes: Alternatives include wind and solar energy but vortex turbines offer a compact design suitable for small spaces without high setup costs.
Competitive rivalry: The market has few global players with others focusing on regional markets. Players compete on technology, efficiency and pricing.
Key Takeaways
The Global Vortex Turbine Market Size 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.
The global vortex turbine market is expected to witness high growth over the forecast period supported by the increasing demand for green and renewable energy sources. Asia Pacific dominated the market in 2022 led by China and India due to rapid industrialization and government initiatives to reduce emissions. Both countries have announced expansion targets for installation of small hydro power projects using vortex turbines.
Key players operating in the vortex turbine market include 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 partnerships to strengthen their distribution network and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
