Hydropower Turbine Market Outlook And Analysis Through 2024-2033

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Overview and Scope

A hydropower turbine is an instrument used in hydroelectric power stations to transform the energy of water’s motion into the energy of a shaft that rotates, which is subsequently utilized to produce electricity. These turbines serve an important role in generating renewable energy from water, and are fundamental components of hydroelectric power stations.

Sizing and Forecast

The hydropower turbine market size has grown strongly in recent years. It will grow from $1.91 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to continued government support and policies, energy transition towards renewables, increased demand for clean energy, infrastructure investments and hydropower development, hydropower integration with energy storage.

The hydropower turbine market size is expected to see strong growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to government incentives and policies, increasing demand for renewable energy, infrastructure development, cost competitiveness, reliable and baseload power generation. Major trends in the forecast period include product developments, technological advancements, hydropower-led rural electrification, hydropower retrofitting and upgrading.

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Segmentation & Regional Insights

The hydropower turbine market covered in this report is segmented –

1) By Type: Reactive, Impulse, Gravity, Other Types

2) By Head Type: Low Head Turbine (upto 30m), Medium Head Turbine (30-300m), High Head Turbine (above 300m)

3) By Installation: Small (Upto 1MW), Medium (1MW-10MW), Large Hydro Power Plant (Above 10 MW)

4) By Application: Power Generation, Power Storage, Marine, Aeronautics

Asia-Pacific was the largest region in the hydropower turbine market in 2023. The regions covered in the hydropower turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing hydroelectricity usage is expected to propel the growth of the hydropower turbine market going forward. Hydroelectricity is electricity created by harnessing the energy of flowing or falling water. Hydroelectricity usage provides a stable and secure energy source, contributing to energy security with minimal greenhouse gas emissions. Hydropower turbines play a crucial role in converting the motion energy of flowing water into physical energy, which is then transformed into electrical energy by a generator. For instance, in July 2023, according to the International Energy Agency, a Paris-based autonomous intergovernmental organisation, hydroelectricity generation climbed by over 70 TWh (2%) to 4,300 TWh in 2022. Additionally, in Europe, the change in hydropower output in 2023 was 58 TWh, with a percentage change of 10.3%. Therefore, increasing hydroelectricity usage is driving the hydropower turbine market.

Key Industry Players

Major companies operating in the hydropower turbine market are General Electric, Toshiba Corporation, Andritz AG, Fuji Electric Co. Ltd., Dongfang Electric Corporation Ltd., Voith Group, Harbin Electric Corporation, Ansaldo Energia SpA, UCM Resita SA, Gammon India Ltd., IMPSA SA, Tyazhmash AO, Azad Engineering Company, Gilbert Gilkes and Gordon Ltd., MAX-tec Wasserkraft AG, Wasserkraft Volk AG, HS Dynamic Energy Co.Ltd., Addnew Technologies Limited, Alps Power Technologies (P) Limited, Entec AG, Derwent Hydro, Evans Engineering Ltd., Heidra Ltd., Zhefu Holding Group Co Ltd., and ProViento S.A.

The hydropower turbine market report table of contents includes: