PUBLISHER: The Business Research Company | PRODUCT CODE: 1465804
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465804
A hydropower turbine is a device employed in hydroelectric power stations to convert the kinetic energy of water into the rotational energy of a shaft. This rotational energy is then harnessed to generate electricity. These turbines play a crucial role in the process of transforming water's motion into a sustainable source of renewable energy and are integral components of hydroelectric power stations.
The primary types of hydropower turbines include reactive, impulse, gravity, and others. A reactive turbine is designed to accelerate the working fluid, such as water or steam, through contraction in both the stationary nozzles and the rotor blades. Reactive turbines are categorized based on head types, including low head turbines (up to 30m), medium head turbines (30-300m), and high head turbines (above 300m). Installation formats vary, encompassing small turbines (up to 1MW), medium turbines (1MW-10MW), and large hydropower plants (above 10MW). These turbines find applications in power generation, power storage, marine, and aeronautics.
The hydropower turbine market research report is one of a series of new reports from The Business Research Company that provides hydropower turbine market statistics, including hydropower turbine industry global market size, regional shares, competitors with hydropower turbine market share, detailed hydropower turbine market segments, market trends, and opportunities, and any further data you may need to thrive in the hydropower turbine industry. This hydropower turbine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hydropower turbine market size has grown strongly in recent years. It will grow from $1.91 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historical period can be attributed to several factors, including sustained government support and policies, the ongoing energy transition towards renewables, heightened demand for clean energy, substantial investments in infrastructure and hydropower development, as well as the integration of hydropower with energy storage solutions.
The hydropower turbine market size is expected to see strong growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to various factors, including government incentives and policies promoting renewable energy, a rising demand for clean and sustainable energy sources, ongoing infrastructure development, the cost competitiveness of hydropower, and its reliability in providing baseload power generation. Significant trends expected in the forecast period encompass product developments, technological advancements, initiatives for hydropower-led rural electrification, and the retrofitting and upgrading of existing hydropower facilities.
The increasing usage of hydroelectricity is anticipated to drive the growth of the hydropower turbine market in the coming years. Hydroelectricity, generated by harnessing the energy of flowing or falling water, provides a stable and secure energy source with minimal greenhouse gas emissions, contributing to energy security. Hydropower turbines play a pivotal role in this process by converting the kinetic energy of flowing water into mechanical energy, which is further transformed into electrical energy by a generator. According to the International Energy Agency (IEA), hydroelectricity generation saw a significant increase, climbing by over 70 TWh (2%) to reach 4,300 TWh globally in 2022. In Europe alone, there was a change in hydropower output of 58 TWh in 2023, marking a percentage change of 10.3%. This surge in hydroelectricity usage is a key driver propelling the hydropower turbine market.
Leading companies in the hydropower turbine market are strategically focusing on technological advancements in turbine technology to strengthen their product offerings and market position. Notably, VerdErg Renewable Energy Ltd., a UK-based company specializing in hydropower technologies, introduced VETT-in-a-Box in February 2022. This plug-and-play micro hydropower system is designed for easy installation and can generate power from small rivers, wastewater outflows, lock gates, or canals with a head drop of just two meters. VETT-in-a-Box serves as a comprehensive small hydropower system enclosed in a transportable container, making it simple to install and operate. The system leverages VerdErg's unique venturi technology to reach ultra-low-head areas and aims to reduce production and installation costs through standardized components. This innovative solution is intended to address energy needs in remote, off-grid locations worldwide and replace diesel-powered generators.
In March 2022, Aker Solutions ASA, a Norway-based manufacturing company specializing in hydropower turbines, acquired Rainpower AS for an undisclosed amount. This strategic acquisition is aligned with Aker Solutions' commitment to enhancing its position in the renewable energy sector and supports its long-term growth targets. Rainpower AS, based in Norway, is engaged in the development, design, manufacture, and sale of equipment for hydropower electricity generation.
Major companies operating in the hydropower turbine market are General Electric, Toshiba Corporation, Andritz AG, Fuji Electric Co. Ltd., Dongfang Electric Corporation Ltd, Voith Group, Harbin Electric Corporation, Ansaldo Energia SpA, UCM Resita SA, Gammon India Ltd, IMPSA SA, Tyazhmash AO, Azad Engineering Company, Gilbert Gilkes and Gordon Ltd, MAX-tec Wasserkraft AG, Wasserkraft Volk AG, HS Dynamic Energy Co.Ltd., Addnew Technologies Limited, Alps Power Technologies (P) Limited, Entec AG, Derwent Hydro, Evans Engineering Ltd, Heidra Ltd, Zhefu Holding Group Co Ltd, and ProViento S.A.
Asia-Pacific was the largest region in the hydropower turbine market in 2023. The regions covered in the hydropower turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hydropower turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hydropower turbine market consists of sales of francis turbines, pelton turbines, kaplan turbines, deriaz turbines, jonval turbines, screw turbines, and barkh turbines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydropower Turbine Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydropower turbine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydropower turbine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydropower turbine market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.