Europe Hydro Turbine Market Outlook
The Europe Hydro Turbine Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 4.5% during 2023–2031. The growth of the market is attributed to the growing environment awareness regarding energy generation.
In hydropower generation projects, an electro-mechanical device known as a hydro turbine is employed to generate energy. A hydro turbine generates rotating energy from flowing water.
The flowing water causes the turbines to spin or revolve. A spinning shaft or plate is attached with a succession of blades. Water is then pushed through the turbine and across the blades, causing the inner shaft to revolve. The rotating motion is then transferred to a generator, which generates electricity. The type of turbine used in hydropower facilities is determined by the volume of water flowing and the height of the water storage reservoir. Overall hydroelectric power generation has improved as a result of technological innovation and fast development.
The hydro turbine industry observed a decline due to the onset of the COVID-19 pandemic. Lockdown had been imposed by governments in a number of nations, resulting in the closure of companies in a number of towns and provinces throughout the world, prompting forecasts of a dramatic slowdown. Furthermore, logistical bottlenecks impeded the execution of new projects. As a result of the slowing economy, the hydro turbine sector is expected to suffer unfavorable consequences.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing energy demand is anticipated to drive the market growth.
- Rising demand for greener power production technology is expected to boost the market expansion during forecast periods.
- Implementation of strict emission regulatory goals is expected to boost the growth of the global hydro turbine industry.
- High installation cost of dams can hamper the market growth.
- Renewable energy requirement in developing economies is estimated to offer lucrative opportunities for Europe hydro turbine market.
Scope of Europe Hydro Turbine Market Report
The report on the Europe hydro turbine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Hydro Turbine Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technologies (Reaction and Impulse) and Capacities (Small (Less than 10MW), Medium (10MW-100MW), and Large (Greater than 100MW))
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Geographical Scope
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Germany, The UK, Norway, Italy, and Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Litostroj Power Group; Siemens AG; General Electric Company; Andritz AG; and Voith GmbH & Co. KGaA
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Europe Hydro Turbine Market Segment Insights
Reaction segment is projected to expand at a considerable CAGR
On the basis of technologies, the market is segregated into reaction and impulse. The reaction segment is projected to expand at a considerable CAGR during the forecast period due to increasing number of hydro powerplants. The combined action of pressure and flowing water generates electricity in a reaction turbine. These turbines are designed to get the most power out of a little amount of water with high speeds. Reaction turbines account for more than 65 % of all turbines utilized in hydropower facilities.
Large (greater than 100MW) segment anticipated to account for a significant market share.
Based on capacities, the market is divided into small (less than 10MW), medium (10MW - 100MW), and large (greater than 100MW). The large (greater than 100MW). segment is predicted to account for a significant market share during the forecast period owing to rising construction of large hydro power stations in Europe region.
Norway is anticipated to constitute a key market share
In terms of regions, the Europe hydro turbine market is categorized as Germany, The UK, Norway, Italy, and Rest of Europe. Norway is expected to constitute a key share of the market during the projected period due to rising investment in hydropower development. Moreover, since 2000, large hydropower plants in Norway and Portugal with a combined capacity of 3.1 GW have been operational. Municipalities own and operate more than 55% of the hydropower fleet in Norway. Additionally, Norway is also constructing interconnectors with the UK and Germany.
Segments
The Europe hydro turbine market has been segmented on the basis of
Technologies
Capacities
- Small (Less than 10MW)
- Medium (10MW-100MW)
- Large (Greater than 100MW)
Geography
- Germany
- The UK
- Norway
- Italy
- Rest of Europe
Key Players
Competitive Landscape
The Europe hydro turbine market is moderately fragmented. Key players competing in the Europe hydro turbine market are Litostroj Power Group; Siemens AG; General Electric Company; Andritz AG; and Voith GmbH & Co. KGaA.
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