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Hydro Turbine Market Segmentation by Technology (Reaction, and Impulse); by Capacity (Less than 10MW, 10–100MW, and Above 100MW); by Application (Commercial, Industrial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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  • February, 2021: Toshiba Energy Systems & Solutions Corporation to provide turbine and 30MW bulb hydroelectric generator units for the Hubei Xinji Hydropower Plant in China.

Global Hydro Turbine Market Highlights over 2022 – 2030

The global hydro turbine market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The market is estimated to grow on the back of growing hydropower sector, backed by rising construction of dams, increasing dependence on hydroelectricity and growing environment awareness globally. Hydro turbines are used in hydro powerplants, to generate electricity using flowing water. Increasing number of hydro powerplants around the world, are estimated to raise the demand for hydro turbines. According to the data by U.S. Energy Information Administration (EIA), 9 of the world’s 10 largest power plants are hydro power stations. Additionally, as per the data by the International Hydropower Association (IHA), total global hydropower capacity valued at 1308 GW in 2020. Moreover, increase in global power demand and growing demand for clean energy sources, accrediting to the depleting fossil fuels, are also estimated to boost the market growth.

Hydro Turbine Market Graph

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The market is segmented by capacity into less than 10MW, 10–100MW, and above 100MW, out of which, the above 100MW segment is anticipated to hold the notable share in the market over the forecast period on account of rising construction of large hydro power stations in countries, such as, India, China, and Brazil, where landscape is favorable for constructing large powerplants. On the basis of application, the commercial segment is estimated to garner the largest market share throughout the forecast period, owing to increasing establishment of utility-scale hydro powerplants. According to the statistics by the International Hydropower Association (IHA), hydro power contributes to around 60% of the total renewable electricity, whereas it contributes to about 16% of total electricity generation globally.

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Image

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Hydro Turbine Market Regional Synopsis

On the basis of geographical analysis, the global hydro turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness growth by the highest CAGR over the forecast period on the back of large number of hydro power stations in India, China, and Japan, among other countries, backed by their high potential of generating hydroelectricity. In China, 1,302.00 TWh power was generated by hydro powerplants in 2019, as per the report by the IHA. Currently hydropower accounts for 17 % of total electric power capacity of the country.

The market in the North America region is estimated to garner a significant market share during the forecast period owing to the increasing number of dams and hydro powerplants in the United States and Canada, backed by rising climate-concerns amongst the authorities and common people. According to IHA, hydropower installed capacity of the United States crossed 103,000 MW in 2019, making U.S. the third largest producer of hydroelectricity, after China and Brazil.

Hydro Turbine Market Share Graph

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The global hydro turbine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

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

By Technology

  • Reaction
  • Impulse

By Capacity

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

By Application

  • Commercial
  • Industrial
  • Others

Growth Drivers

  • Constant Construction of New Hydro Power Stations
  • Adoption of Hydro Electricity over Thermal Power

Challenges

  • Lack of Appropriate Landscape
  • Slow Implementation

Top Featured Companies Dominating the Market

  • 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

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