Hydro Turbine Market – Global Industry Analysis And Forecast (2023-2029)

Global Hydro Turbine Market was valued at US$ 1.26 Bn. in 2022. The Global Hydro Turbine Market size is estimated to grow at a CAGR of 5.8% over the forecast period.
Hydro Turbine Market Overview:
The report explores the Hydro Turbine market's segments (Type, Capacity, Head, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Hydro Turbine market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Hydro Turbine market's contemporary competitive scenario.To know about the Research Methodology:- Request Free Sample Report
Hydro Turbine Market Dynamics:
Hydropower is one of the ancient sources of energy that provides clean energy. Technological advances and rapid development have improved the overall production of hydropower. Almost everywhere in the world, there are hydroelectric power plants that produce electricity, where turbines are an important factor. Turbine rotors rotate generator rotors that convert mechanical energy into electrical energy. Global electricity demand is anticipated to continue to grow, and hydropower plants will play an important role in hydropower turbine market growth. The turbine market has certain drawbacks like design challenges of the turbine, ecological concerns related to dams, long gestation period, and high installation cost of dams are hampering the growth of the market. The demand for oil, gas, and coal is anticipated to witness growth which further creates an opportunity for market growth.

The Hydro Turbine Market is expected to grow as a result of factors such as rising global energy consumption and increased demand for cleaner power production technologies. Hydropower is the world’s largest source of renewable energy production, and demand for hydro turbines is likely to rise as new hydropower facilities are approved. Owing to the increase in construction and expansion of hydropower production projects is driving the market growth. In addition to this, hydropower generation does not emit air pollutants or other global warming gases, thereby increasing the demand for electricity generated by hydro turbines, especially in developing economies.

The demand for renewable energy in developing economies is expected to rise, presenting the lucrative potential for hydro turbine markers. Technology flexibility is a more strategic benefit for hydraulic projects, especially where grid access is difficult, as in many emerging nations. The majority of major hydro turbine manufacturers are focusing on long-term growth rather than short-term cost savings. Favorable government subsidies and rising energy demand in developed countries are expected to provide the market with potential growth opportunities.

Rising environmental degradation and awareness related to climate change are motivating many key players to employ environmentally friendly power generation technologies to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of markets in upcoming years. High installation costs, extended gestation times, environmental problems associated with dams, and turbine design challenges are expected to hinder the market growth. The hydroelectric power plant alters the water temperature and the river flow, which act as a barrier to the hydro turbine market growth.
Hydro Turbine Market Segment Analysis:
Based on Type, the hydro market is fragmented into Impulsive and Reaction Turbines. Impulsive hydropower is anticipated to grow at a CAGR of 9% through the forecast period, owing to high applicability across the low flow and high head applications. Pelton wheel and cross-flow turbine fall in impulsive turbine whereas Kaplan, bulb and Francis turbine falls in reaction turbine category. In an impulsive turbine, the potential energy of water is converted into kinetic energy to increase the pressure of water. Pelton wheel is used in the high head application. Simple design, cost-effectiveness, and low maintenance requirement and a few indispensable parameters driving the adoption of other technologies.The reaction turbine segment is expected to be the largest market during the forecast period due to the increased use of reaction turbines such as Francis and Kaplan. This water turbine market witnessed a substantial growth of 60% on account of rising demand for small and medium-scale hydropower projects to cater to the surging energy needs. Abundant availability of run of river resources along with growing electricity demand across developing economies is a vital factor complementing the industry. Kaplan turbine works efficiently at the low head while Francis turbine is a combination of impulsive and reaction turbine.

Based on the capacity, the market is divided into small hydropower plants (less than 1MW), middle hydropower plants (1-10MW), and large hydropower plants (above 10MW). 1MW to 10MW accounted for over 43% of the global hydropower turbine industry revenue share. Growing demand for continuous power supply from local communities in off-grid areas is expected to enhance product adoption over the forecast period. Ongoing efforts to sustain peak load demand with rising concerns about the security of supply will stimulate >10 MW hydropower turbine business growth. Long life span, improved efficiency, less operation & maintenance cost, and high reliability are some prominent features that will encourage the product’s adoption.

Based on the head, the hydropower plant is divided into low head turbine (up to 30m), medium head turbine (30 to 300m), and high head turbine (above 300m). The low head hydropower turbine industry is anticipated to witness a significant growth at a CAGR of 7% through the forecast period. Low maintenance & construction cost, minimal ecological & environmental problems, and reduced risk of floods are some of the key qualities that will drive demand for the product. The market for high-speed hydropower turbines is expected to reach USD 600 million. The shift away from the coal-fired power plant to using sustainable energy will boost product demand.
Regional Insights:
The global market is divided into five key regions North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. The Asia Pacific accounts for 41% of hydroelectric consumption globally, with major demand arising from China and India. The Asia Pacific is the largest market and is also expected to be the fastest-growing market, owing to the highest annual increase in hydropower capacity. market. The U.S. and Canada represent the largest share of renewable energy in North America, and it is anticipated to grow as a result of government policies that encourages the adoption of renewable energy.

The expansion of the firm is aided by the advanced technology and investment in existing hydropower facilities. In northern Europe and the Alpine region, hydropower is a mature technology. In terms of hydroelectricity generation, countries such as Norway, Sweden, France, and Italy lead the European region. The growth of energy-intensive industries in African countries is expected to provide a significant opportunity for the hydro turbine market through the forecast period.

The objective of the report is to present a comprehensive analysis of the global Hydro Turbine Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers.

The reports also help in understanding the Hydro Turbine Market dynamic and structure by analyzing the market segments and projecting the Hydro Turbine Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Hydro Turbine Market make the report investor’s guide.
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Hydro Turbine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.26 Bn.


Forecast Period 2023 to 2029 CAGR:
5.8%
Market Size in 2029:
US $ 1.88 Bn.


 Segments Covered:
by Type
Impulsion
Pelton wheel
Cross wheel
Reaction
Kaplan turbine
Bulb turbine
Francis turbine


by Capacity
Small hydro (up to 1MW)
Medium hydro (1MW to 10 MW)
Large hydro (Above 10MW)


by the Head
Low (Up to 30m)
Middle (30m to 300m)
High (300m)



Hydro Turbine Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Hydro Turbine Market Key Players:
1. General electric co.
2. Siemens AG
3. Andritz AG
4. Litostroj power group
5. Toshiba energy
6. Harbin electric machinery
7. Kirloskar brothers
8. Canyon industries
9. Cornell pump co
10. Gilbert Gilkes & Gordon
11. Canadian hydro
12. NTN corporation
13. Capstone Turbine
Frequently Asked Questions:
1. How much growth will the global hydro turbine industry share attain during the forecast spell?
Ans. The hydropower turbine market size is expected to grow 5.8% over the forecast period.

2. How much valuation will the hydro turbine market register in the year 2029?
Ans. The market is anticipated to record a valuation of $ 1.88 Billion.

3. What is the forecast period for Hydro Turbine Market?
Ans. The forecast period for the market is 2023- 2029.

4. Who are the key players in Hydro Turbine Market?
Ans. General Electric co, Siemens AG, Andritz AG, Litostroj power group, and Toshiba
energy is the major company operating in market.

5. Which region is expected to hold the highest share in Hydro Turbine Market?
Ans. The Asia Pacific held the largest market share in market.