The Global Hydro Turbine Market size was valued at USD 2.31 Billion in 2022 and is expected to surpass USD 3.58 Billion by 2031, expanding at a CAGR of 5% during the forecast period, 2023 – 2031. The growth of the market is attributed to rising demand for cleaner technologies for power production.
A turbine is a mechanical device that converts potential energy of water into kinetic energy. It helps to run turbine blades, which forms mechanical energy. The turbine rotor turns a generator rotor, which then convert mechanical energy into electrical energy. An electro-mechanical equipment is used in hydropower generation projects for producing electricity, also known as hydro turbine.
Hydro turbine transmits power to revolve shaft. The turbines spin or turn as a reaction to the water in their blades. A series of blades are mounted on a plate or spinning shaft, and water is passed through the turbine over the blades, which enable the inner shaft to rotate.
The type of turbine chosen for hydropower plants depends on the amount of water that flows and the height of the water storage, also known as hydraulic head. Rising technological innovation and rapid developments to improve the hydroelectric power production are expected to propel the market growth.
Market Trends, Drivers, Restraints, and Opportunities:
-
Increasing demand for energy is anticipated to drive the market growth.
-
High installation cost can hamper the growth of market.
-
Design challenges of the turbine can create challenges for the growth of the market.
-
Implementation of stringent emission regulation is expected to boost the growth of the global hydro turbine industry.
-
Rising government state bodies support through investments is speculated to fuel the market growth.
Scope of Hydro Turbine Market Report
The report on the global hydro turbine market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Hydro turbine market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Technologies (Reaction and Impulse) and Capacity (Small (Less than 10MW), Medium (10MW – 100MW), and Large (Greater than 100MW))
|
|
Regional Scope
|
North America, Latin America, Europe, Asia Pacific and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
General Electric Co., Siemens AG, Andritz AG, Litostroj Power Group, and Voith GmbH & Co. KGaA.
|
Global Hybrid Turbine Market Segment Insights
Reaction segment to dominate market
Based on technologies, the market is divided into reaction and impulse. The Reaction segment to dominate the market during the forecast period owing to increasing use of reaction turbine types, which includes Francis turbine and Kaplan turbines. Reaction turbine develops power from the combined action of pressure and moving water. Turbines are used to generate maximum power output from a low available water head and high velocities. About 60% of turbines used in hydro power plants are reaction turbines. Francis turbines are the most widely used reaction turbines in hydro power plants.
Large (Greater than 100MW) segment to account a considerable market share
Based on capacity, the global hybrid turbine market is divided into small (less than 10MW), medium (10MW – 100MW), and large (greater than 100MW). The large (greater than 100MW) segment to account for a considerable market share during the forecast period. Large facility produces a great amount of electricity, which involves damming huge rivers and building powerhouses. Smaller hydropower provide power for small communities.
The market in Asia Pacific to exhibit a high CAGR
In terms of regions, the global hydro turbine market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is anticipated to exhibit a high CAGR and is expected to dominate during forecast period. Rising demand for energy owing to rising population in countries such as China and India is driving the growth of the market in the region. About 90% of the added capacity in the region came from China, which includes China’s recent addition of 1.5 GW power capacity. This increased the country’s total installed capacity to 352 GW.
Segments
The market global hydro turbine has been segmented on the basis of
Technologies
Capacity
- Small (Less than 10MW)
- Medium (10MW – 100MW)
- Large (Greater than 100MW)
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- General Electric Co.
- Siemens AG
- Andritz AG
- Litostroj Power Group
- Voith GmbH & Co. KGaA
Competitive Landscape
Key players operating in the global hydro turbine market includes General Electric Co., Siemens AG, Andritz AG, Litostroj Power Group, and Voith GmbH & Co. KGaA.
Request For Customization
Enquiry Before Buying
Speak With Analyst
