Hydro Turbine Market Size & Share, by Technology (Reaction, Impulse Turbines); Capacity (Less than 10MW, 10-100MW, Above 100MW); Application (Power Generation, Power Storage, Marine, Aeronautics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3365
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Hydro Turbine Market size is anticipated to cross USD 4 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of hydro turbine was over USD 2 Billion. The growing preference for sustainable energy development, as well as the increased utilization of renewable energy resources such as hydropower due to low-cost energy production, are expected to drive market growth. As per projections, the hydroelectric capacity is expected to rise by ~10% by the end of 2024 around the globe.

The rising demand for clean energy, combined with the increasing adoption of clean energy policies by many industries in order to meet the government's pollution limits to prevent carbon emissions, is expected to create a significant opportunity for market growth in the coming years.

The increasing demand for electricity worldwide as the world's population grows is also attributed to market growth.


Hydro Turbine Market
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Hydro Turbine Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Installation of Hydro Power Plants to Promote Renewable Energy – The growing demand for electricity worldwide and the increasing experiment of manufacturing techniques to improve the performance and lower the costs of hydropower with growing investment in renewable energy is propelling the erection of hydropower plants. Hence, with the increasing installations of hydropower, as it facilitates benefits beyond electricity generation by delivering potable water, providing flood control, and irrigation support, the hydro turbine market for the hydro turbine is also projected to augment.
  • Rising Environmental Concerns – The increasing levels of pollution, global warming, reduction in the availability of fossil fuels, and expanding electricity demand are set to drive market value in the coming years. Many countries have adopted the policy to reduce emissions voluntarily. As hydro turbines use renewable energy sources such as water and convert the kinetic energy into hydroelectric power through a dam or flowing water, there is a surge in investment in hydropower projects which will fuel the hydro turbine market revenue in the near future. According to 2020 projections, hydropower contributed more than 15% of global electricity generation and surpassed coal as the third largest source.

Challenges

  • Growing Ecological Concern Related to Dams, and Long Gestational Periods – The plants at the bottom of the reservoir are impacted by hydroelectric energy, which also has an effect on the fish, which are drought-sensitive. Due to typhoons or heavy rain, there is also a high risk of flooding. All these factors together are estimated to hamper the market growth.
  • Complexity in Designing Turbines for Hydroelectric Power Plants
  • High Cost of Installation for Dams

Hydro Turbine Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2035)

~ USD 4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydro Turbine Segmentation

Technology (Reaction Turbines, Impulse Turbines)

The reaction turbines segment is predicted to hold 62% share of the global hydro turbine market in the year 2035 owing to the increasing use of reaction turbines in low and medium-head hydropower turbines. Since water pressure in reservoirs varies with water volume, reaction turbines are ideal for use in reservoirs because they provide constant water pressure and water supply for a steady flow.  As most hydropower stations use reaction turbines in electricity generation, the increasing number of power mills and hydropower plants across the world is slated to drive segment growth.

Application (Power Generation, Power Storage, Marine, Aeronautics)

The marine segment in the hydro turbine market is expected to garner a significant share of around 46% through 2035 on account of the increasing number of dams and reservoirs across the world. Marine energy technology is crucial in achieving clean energy targets and handling climate change, hence the increasing commercialization of marine energy and increasing awareness of environmentally friendly energy sources in the future is also expected to propel the market segment growth in the coming years. As per the estimations of the International Energy Agency (IEA), it was projected that more than 300 gigawatts of marine energy capacity will be installed by the end of 2050 with an investment of USD 35 billion which will result in a decrease of 500 million tons of carbon dioxide emissions per annum.

Our in-depth analysis of the global market includes the following segments:

         Technology

  • Reaction Turbine
  • Impulse Turbine

          Capacity

  • Less than 10MW
  • 10–100MW
  • Above 100MW

         Application

  • Power Generation
  • Power Storage
  • Marine
  • Aeronautics

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Hydro Turbine Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific hydro turbine market is projected to garner a share of about 37% by the end of 2035. The growth of the market can be credited to the presence of a large number of hydropower stations in India, China, and Japan, among other countries, and their high potential for generating hydroelectricity. In China, 1,302.00 TWh of power was generated by hydropower plants in 2019, as per the report by the IHA. Currently, hydropower accounts for 17% of the total electric power capacity of the country.

The increasing preference for hydropower production owing to the fact that it contributes a major portion of the renewable energy sector is estimated to drive market growth.

North American Market Statistics

The hydro turbine market in North America is poised to account for the largest share of 26% by the end of 2035, backed by rising climate concerns amongst the authorities and common people. The increasing number of dams and hydropower plants in the United States and Canada with the growing preference for sustainable energy development and the increasing price of fossil fuels is anticipated to propel the market growth. The increasing need to escalate the power production capacity in the region with flourishing industrialization and urbanization is further expected to promote significant market expansion in the region.

Research Nester
Hydro Turbine Market Size
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Companies Dominating the Hydro Turbine Landscape

top-features-companies
    • Voith GmbH & Co. KGaA
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • LITOSTROJ POWER d.o.o.
    • Toshiba Energy Systems & Solutions Corporation
    • GE Group
    • Siemens AG
    • ANDRITZ Hydro
    • Kirloskar Brothers Limited
    • Harbin Electric Machinery Company Limited
    • Canyon Hydro
    • Cornell Pump Company

In the News

  • GE Group declared that it was selected for the refurbishment of two hydropower stations at the Mangla hydropower plant in Pakistan which has 10 hydro turbines in total. The selection was made by Water and Power Development Authority (WAPDA) to design, supply, install, test, and commission the two hydro turbine and generator components.
  • Toshiba Energy Systems & Solutions Corporation provided turbine and 30MW bulb hydroelectric generator units for the Hubei Xinji Hydropower Plant in China.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3365
  • Published Date: Apr 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing number of water turbine projects in dams to generate electric power from water potential energy are the major factors driving the growth of the hydro turbine market.

The market size of hydro turbine is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2035.

The major players in the market are Voith GmbH & Co. KGaA, LITOSTROJ POWER d.o.o., Toshiba Energy Systems & Solutions Corporation, GE Group, Siemens AG, ANDRITZ Hydro, Kirloskar Brothers Limited, Harbin Electric Machinery Company Limited, Canyon Hydro, Cornell Pump Company

The reaction turbine segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Hydro Turbine Market Report Scope
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