Hydropower Turbine Market

Hydropower Turbine Market Size (2024-2029):

The Global Hydropower Turbine Market is expected to grow at a CAGR of 3.62% during the forecast period and the market is expected to reach a valuation of US$ 2.95 billion by 2029.

Market Overview:

Hydropower turbines are extremely energy-efficient, capable of converting almost 90% of energy into electricity. They are easy to maintain and require no fuel to operate. A reaction turbine develops energy from the combined action of pressure and moving water. These turbines are employed to generate maximum power from a low available water load and high speeds. Almost 60% of the turbines employed in hydroelectric power plants are reaction turbines. The hydropower industry, which is the largest end-user of hydro turbines, has seen significant expansion in recent years in Asia-Pacific and is predicted to be the fastest-growing region.

Market Trends:

The worldwide shift towards renewable energy sources is driving the expansion of the global hydropower turbine market. Hydropower is the main source of renewable energy, responsible for more than 16% of civil electricity production. The use of hydropower turbines is essential for this energy production. The introduction of strict regulations to minimize carbon emissions, coupled with an exponential increase in the call for electricity from manufacturing sectors, will increase market share. Additionally, continued investments in decommissioning coal-fired power plants will further enhance product acceptance.

Market Drivers

New hydropower turbines capable of supplying energy from small water sources and supplying clean energy to small cities, towns, and even for personal use are being innovated, ensuring the expansion of this market. Hydropower turbines find utility in cooling, ventilation, and heating systems in building automation, as well as in the aviation industry.

The high call for hydropower, excellent energy conversion, low maintenance costs, applications in building automation, the maritime and the aviation sector, the need for less fuel, and low complexity are important factors that are influencing the expansion of the global hydropower turbine market. Factors such as the escalating call for energy on a worldwide scale, the growing need for cleaner technologies for power generation, and stringent emissions policy targets are likely to drive the hydropower turbine market. Also, hydropower power is the largest source of renewable electricity generation in the world, representing 15.9% of the world's electricity produced in 2018, and with the approval of new hydropower projects, the call for hydropower turbines is predicted to increase. Increased investment in the renovation and modernization of existing hydropower facilities, as well as the growing awareness of the benefits of renewable technologies, will stimulate the call for products.

Market Restraints:

The high price of setting up hydropower turbines owing to the requirement for supporting infrastructure.

Market Opportunities:

Mitigating the mismatch between supply and call has been a major concern for utilities, resulting in high funds for the advancement of sustainable energy production sources, including hydropower. Escalating investments to replace traditional power generation technologies with advanced, sustainable, and clean solutions will drive the industry.

Market Challenges:

Lack of standardization of policies on hydropower turbines. However, some drawbacks, such as turbine design challenges, ecological concerns with dams, long gestation periods, and the high cost of dam installation, hinder the expansion of the studied market.

Market Key Developments:

• Starting in July this year, NTN Corporation will launch the "NTN Micro Hydro Turbine" compact stand-alone electric type hydro generator, which can generate electricity simply by placing it in the water channels. existing.
• WEG launches a new hydrogenator for hydropower plants. GH20 Hydro compact design hydro generators provide more optimization and are supplied with an assembled sliding turbine.

HYDROPOWER TURBINE MARKET REPORT COVERAGE:

Market Segmentation:

Hydropower Turbine Market - By Type:

• Reactive
• Impulse
• Gravity

The pressure of the water hitting the impeller varies with the volume of water available, making it ideal for use where tanks can provide water and constant pressure to ensure a constant supply.

Hydropower Turbine Market - By Capacity:

• Less than 1 MW
• Between 1 – 10 MW
• Above 10 MW

Less than 1 MW is a growing sector with very little of its full potential, micro-hydropower plants can have a negligible impact on their environment and are an excellent source of power generation for employment in the immediate vicinity of the industry. UNIDO is implementing these projects in Africa, China, and India.

Hydropower Turbine Market - By Application:

• Power Generation
• Power Storage
• Marine
• Aeronautics

Energy storage is essential to meet energy needs during peak periods of energy use. Most of the energy storage (over 99%) comes from pumped hydropower power. This sector completely dominates the energy storage segment and continues to grow along with growing energy needs around the world.

Market Regional Analysis:

• North America 
• Europe
• Asia Pacific 
• Latin America 
• Middle East & Africa

North America is investing heavily in hydropower generation, as well as unlocking the potential application of hydropower turbines in the maritime and aeronautical fields. Europe has some of the most developed hydropower turbine sectors in the world. Norway generates more than 90% of its energy needs through hydropower power. Europe gives priority to renewable energies and therefore stimulates the European market for hydropower turbines. The largest and fastest-growing region for this market,

Asia-Pacific has excellent hydropower potential as well as an enormous call for energy. China is the world leader in hydropower generation and India has enormous hydropower potential that it is only realizing. Although it is a small market, this region has the most untapped hydropower potential in the world. The escalating industrialization and urbanization of this region is responsible for a growing call for energy that can be met by hydropower. International organizations such as UNIDO strongly promote the establishment of micro and small hydropower plants throughout the region. South America has relatively less hydropower potential compared to other areas as it is an underutilized area.

Market Key Players:

Some of the major players operating in the global Hydropower Turbine Market are

1. General Electric
2. Andritz
3. Toshiba Energy
4. Kirloskar Brothers Lts
5. Siemens
6. Canyon Industries Inc
7. Hitachi Ltd
8. Cornell Pump Co
9. Canadian Hydro Components Ltd
10. WWS Wasserkraft GmbH
11. Capstone Turbine
12. Gilbert Gilkes & Gordon