The global hydro turbine generator unit market was valued at USD 2.68 billion in 2023 and is anticipated to be worth USD 3.26 billion by 2029. The market value is predicted to elevate at a CAGR of 3.5% during the forecast period 2024-2029.
Market Drivers:
Technological advancements and innovations are drivers of the hydro turbine generator unit market. Also, these are increasingly incorporating AI and IoT to enhance overall performance, reduce unplanned downtime, boost power output and optimise maintenance.
The need for hydro turbines is propelled by the energy-intensive industry's rapid expansion in emerging nations. In addition, it is increasing their reliance on hydropower as a source of electricity. These industries include healthcare and construction. Also, the market for hydro turbine generators market is fueled by the growing need for affordable and dependable energy along with the increased emphasis on improving electricity accessibility in rural and isolated locations.
The increasing awareness of climate change is driving a rapid shift away from fossil fuel-based energy generation technologies and towards renewable electricity generation. It includes hydropower, which supports the expansion of the hydro turbine generation market.
Market Restraints:
The hydro turbine generator unit market is limited by competing land use and technological issues. The market is facing significant difficulties from urbanisation and industrial expansion. The rivalry for accessible land and water resources grows as places become more urbanised. Conflicts over land use priorities, environmental issues, and complicated regulatory requirements are frequently the outcome of this increased competitiveness. All of these things work together to hinder the creation of new hydropower projects and severely limit the market's potential for growth.
Market Opportunities:
The growth of mini and micro hydropower projects, as well as grid integration solutions, are fueling the hydro turbine market. With the increasing focus on renewable energy, it is essential to integrate hydropower via grid integration solutions into current grids. This smooth integration offers a steady and dependable energy supply, which supports grid stability. The ability of hydropower to generate continuously is particularly noteworthy as it lessens the difficulties posed by intermittent renewables such as wind and solar electricity, thus improving grid stability.
Another important element is the rise of small and micro hydropower plants. Smaller-scale projects like these meet specific energy needs in isolated or off-grid locations. For these kinds of projects, hydro turbines with increased efficiency and adaptability are available. Hydropower is an appealing alternative because of the need for decentralized, sustainable energy sources, which is driving the demand for such projects. The expansion of these smaller installations benefits the hydro turbine industry by increasing demand and expanding its market reach as towns and industries look for dependable and environmentally pleasant energy alternatives.
Market Challenges:
The additional technological obstacles involved in modifying current hydroelectric facilities to comply with contemporary environmental regulations and grid integration specifications. The hydro turbine generation unit market is hampered by the significant research and development expenditures necessary to overcome these challenges. In the face of rising energy demands and environmental concerns, addressing competing land use and technology problems is crucial to ensuring the sustained development and sustainability of hydropower and the hydro turbine market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
3.5% |
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Segments Covered |
By Type, Head Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
General Electric Company, Andritz AG, Voith Group, Toshiba Corporation, Bharat Heavy Electricals Limited (BHEL), Mitsubishi Heavy Industries, Ltd., Harbin Electric Company Limited, Alstom Hydro, The Columbia Machine Works, Inc., Flovel Energy Private Limited, Canyon Hydro, CKD Blansko Engineering, a.s., Toshiba Hydro Power (Hangzhou) Co., Ltd., WWS Wasserkraft GmbH, Siemens AG, and Others. |
Market Segment Analysis:
The hydro turbine generator unit market is dominated by the reaction turbine segment. The benefits include low design complexity, availability of both kinetic and pressure energy, and high blade efficiency. Moreover, reaction turbines are frequently used in locations with greater flows and lower heads because of their excellent hydraulic efficiency and small size. During the projection years, the Francis turbine segment is anticipated to experience the highest compound annual growth rate. The most popular type of turbine for hydropower plants is the Francis turbine. Large or medium-sized hydroelectric plants use this turbine.
The low-head turbine segment captured the most shares. These hydro turbines are intended for use in settings with relatively modest hydraulic heads—that is, a vertical drop of up to 30 meters from the water source to the turbine. The effective operation of these turbines in low-head, high-flow situations is what makes them unique. They are frequently utilized for industrial purposes, irrigation systems, and run-of-river hydropower projects. Also, to efficiently extract energy while minimizing environmental damage, low-head turbines are becoming more and more popular in the hydro turbine market, particularly in areas with plentiful water resources but restricted head height.
The large hydro segment will hold the biggest market share. These turbines in hydropower plants are energized by the flowing water, and dams are needed to store water in lakes, reservoirs, and rivers for subsequent release. This held-back water is used for industrial, household, and agricultural purposes in addition to producing electricity. The continuous modernization and renovation of large hydropower facilities to improve their efficiency and environmental performance is a noteworthy trend in this market. A greater focus is also being placed on environmental sustainability, with initiatives being made to lessen the ecological effects of these projects by utilizing cutting-edge technologies and fish-friendly turbine designs.
Market Regional Analysis:
The Global Hydro Turbine Generator Unit Market Report includes the segmentation of regions:
Asia Pacific holds the maximum share of the hydro turbine generator unit market. The regional industry is driven by the rising investments made by both public and private entities in the construction of hydropower plants in emerging economies like China and India. Additionally, during the projection period, factors such as the fast-paced urbanization and industrialization, the growing population, the increased emphasis on sustainability, and the rising need for energy are projected to increase the use of hydropower and the demand for hydro turbines.
Europe's hydro turbine generator unit market growth is rapidly increasing at a higher rate during the forecast period. The market share is propelling due to the rising consumption of renewable energy sources. Moreover, specialized turbines are becoming more and more in demand due to offshore hydropower developments, especially in the North Sea. In addition, two common trends are the use of digital technologies and the switch to hydro turbines with great efficiency. The industry is still being shaped by Europe's emphasis on sustainability and grid integration as nations actively invest in updating and growing their hydropower infrastructure.
North America hydro turbine generator unit market is driving due to a growing emphasis on diversified energy sources. Also, the increasing use of modern turbine technology and grid integration solutions, which augment the effectiveness and dependability of hydropower generation, serves as the foundation for this expansion. Moreover, the hydro turbine business in the region has experienced growth in both market share and innovation due to the region's steadfast dedication to sustainable energy sources.
The Middle East and Africa hydro turbine generator unit market is believed to expand at a rapid pace. Africa has 60.8 gigawatts (GW) of hydropower projects scheduled in its pipeline for 2022–2037. So, it is about twice the continent's existing installed capacity of 34.3 GW. Also, these projects are located in Ethiopia, the Democratic Republic of the Congo, Nigeria, Mozambique, Zambia, Tanzania, South Sudan, Angola, Cameroon, Uganda, and Guinea. Furthermore, compared to the existing capacity of 3.2 GW already in place, the continent has 4.9 GW of pumped hydro projects in the works in Egypt, South Africa, and Morocco. Furthermore, the Middle East has 5.3 gigawatts of hydropower projects planned through 2037, with projects in Iran, Iraq, and Lebanon.
Latin America is witnessing considerable growth in the hydro turbine generator unit market. It has 17 projects undergoing commissioning or going online, and it has over 1.5 GW of installed capacity. Furthermore, because hydropower is a rich natural resource, governments in this region are making significant progress in setting laws into place and establishing goals to boost the generation of renewable energy.
Additionally, Brazil is in the lead with an estimated 260 GW of total hydropower potential, the majority of which is found in the Amazon Basin.
The hydro turbine generator unit market was impacted by the COVID-19 in both short and long term. Globally governments and businesses have realised importance of reliable energy sources in emergencies. This sparked investments in energy infrastructure, especially hydropower projects that use hydro turbines along with stimulus packages and economic recovery initiatives in many other countries.
Moreover, the epidemic emphasised the necessity of sustainable and dependable energy supplies, prompting a renewed emphasis on the inherent advantages of hydropower. The market for hydro turbines is expected to expand in the post-pandemic environment as governments give priority to sustainable energy solutions, highlighting the function of hydro turbines in the construction of clean, resilient energy systems.
Market Key Players:
Market Key Developments:
Frequently Asked Questions
The hydro turbine generator unit market is expected to grow with a CAGR of 3.5% between 2024-2029.
The hydro turbine generator unit market size is expected to reach a revised size of US$ 3.26 billion by 2029.
Canyon Hydro, CKD Blansko Engineering, a.s., Toshiba Hydro Power (Hangzhou) Co., Ltd., WWS Wasserkraft GmbH, and Siemens AG are top key players in the hydro turbine generator unit market.
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