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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 4 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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:
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Technology |
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Capacity |
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Application |
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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.
Author Credits: Payel Roy, Dhruv Bhatia
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