Penstocks are mainly used to control water level and flow of water. Penstock is used at dams, rivers and weirs, water treatment, sewage treatment, storm water management, and irrigation flood control gate applications. A penstock can be a combination of many components such as anchor block, drain valve, air bleed valve, and support piers.
Major factor driving growth of the global penstock market is growing demand of penstock for water management systems such as water drainage in developing economies. Additionally, rising demand for penstock at hydroelectric reservoirs to control water flow and benefits offered by penstock such as impact resistance, flexible, less operating loads, and controlled are other factors expected to boost growth of the global market over the forecast period.
High installation cost of penstock and associated additional labor and maintenance costs are key factors restraining growth of the global market. Additionally, problems associated with penstock such as leakage due to friction by continuously flowing water is another major factor expected to limit growth of the global market to certain extent.
The global penstock market is segmented on the basis of type, application, and region. On the basis of type, the target market is segmented into non-rising spindle and rising spindle. On the basis of region, the target market is segmented into hydroelectric systems and dams, hydraulics, landfills, and watermills. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest growth in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to increasing number of government initiatives for installation of new water drainage and foul water sewers in emerging economies such as China and India. North America market expected to register significant growth in terms of revenue over the forecast period, owing to increasing number of hydroelectric projects in the region. Also, the market in Middle East is projected to register moderate growth in the global market, owing to increasing demand for penstocks in the region.
Prominent players in the global penstock market include Hindustan Water Engineering Company, AVK Holding A/S, Australian Penstocks & Damper Valve Company, AWMA Water Control Solutions, SKC Engineering Ltd., Kawasaki Heavy Industries, Ltd., Industrial Penstocks Ltd., Invicta Valves Ltd., Spectra Company, and Waterfront Fluid Controls Ltd.