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Vortex Turbine Market to surpass $242.5 million by 2031 globally, at a CAGR of 13.1% says Coherent Market Insights

Burlingame, April 05, 2024 (GLOBE NEWSWIRE) — The global vortex turbine market was valued at $102.6 million in 2023, and is projected to reach $242.5 million by 2031, growing at a CAGR of 13.1% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Vortex turbines utilize the kinetic energy of vortexes or eddies to generate electricity in a cost-effective and environment friendly manner. They are increasingly being adopted for small-scale power generation applications such as in rivers, oceans, and industrial waste streams.

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Market Dynamics:

The Vortex Turbine Market is expected to witness high growth due to the increasing demand for renewable energy sources. Vortex turbines are innovative wind turbines that do not require blades to generate electricity, making them more cost-effective and environmentally friendly compared to traditional wind turbines. Additionally, the growing focus on reducing carbon emissions and transitioning to clean energy sources will drive the demand for vortex turbines in the coming years.

Vortex Turbine Market Report Coverage

Report Coverage Details
Market Revenue in 2023 $102.6 million
Estimated Value by 2031 $242.5 million
Growth Rate Poised to grow at a CAGR of 13.1%
Historical Data 2018–2022
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Application, By Capacity, By Design
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Growing adoption of renewable energy sources

• Increasing R&D and innovations

Restraints & Challenges • High capital costs

• Requirement for strong grid infrastructure

• Existing alternatives

Market Trends:

One of the key trends driving the Vortex Turbine Market is the shift towards sustainable energy solutions. Governments and organizations worldwide are increasingly investing in renewable energy sources to reduce their carbon footprint and address climate change. Vortex turbines offer a unique and efficient alternative to traditional wind turbines, making them a popular choice for renewable energy projects. Another trend shaping the market is the growing adoption of distributed energy generation systems. Vortex turbines are ideal for small-scale applications and can be easily integrated into existing infrastructure, making them a preferred choice for decentralized energy generation projects.

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The residential application segment is expected to dominate the vortex turbine market during the forecast period. With the increasing focus on renewable energy sources, more and more residential properties are looking to incorporate vortex turbines as a sustainable energy solution. These turbines are efficient in generating electricity from wind energy, making them an attractive option for homeowners looking to reduce their carbon footprint.

Horizontal axis vortex turbines are expected to dominate the design segment of the market. These turbines have the advantage of capturing wind from any direction, making them more efficient and reliable compared to other designs. As a result, they are favored by industries and commercial properties looking for a consistent source of renewable energy. The versatility and efficiency of horizontal axis vortex turbines will drive their demand in the market.

Recent Developments:

In July 2023, the cutting-edge wind power production system being developed by Vortex Bladeless does not require conventional parts like shafts, gears, or blades to function.

In November 2020, Zephyr, a line of compact wind turbine from Green Energy Solution, was first offered for home use.

Key Market Takeaways:

Vortex Turbine Market is anticipated to witness a CAGR of 13.1% during the forecast period 2023-2030, owing to the growing demand for renewable energy solutions.

On the basis of application, the residential segment is expected to hold a dominant position, as more homeowners adopt vortex turbines for sustainable energy generation.

In terms of design, horizontal axis vortex turbines are projected to lead the market, thanks to their flexibility and efficiency.

Asia Pacific is expected to dominate the market regionally, with key players such as Turbo Tech Ltd, Vortex Energy Solutions, and Siemens Gamesa Renewable Energy leading the way in innovation and product development. The vortex turbine market is poised for significant growth and opportunities in the coming years.

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Detailed Segmentation:

By Application:

  • Residential
  • Commercial
  • Industrial
  • Transportation
  • Utilities
  • Others

By Capacity:

  • Less than 50 KW
  • 50-100 KW
  • 100-250 KW
  • 250-500 KW
  • 500 KW-1 MW
  • 1-2 MW
  • Above 2 MW 

By Design:

  • Horizontal Axis Vortex Turbines
  • Vertical Axis Vortex Turbines
  • Oscillating Vortex Turbines
  • Other Designs 

By Region:

  • North America
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

Browse through Coherent Market Insights Industrial Automation and Machinery Research Reports.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights

Phone:
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Website: https://www.coherentmarketinsights.com

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Originally published at https://www.einpresswire.com/article/701404140/vortex-turbine-market-to-surpass-242-5-million-by-2031-globally-at-a-cagr-of-13-1-says-coherent-market-insights

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