Market Size of Hydro Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 2.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydro Turbine Market Analysis
The global hydro turbine market is expected to grow at a CAGR of more than 2.5% over the period of 2020-2025. Factors such as increasing demand for energy on a global scale, a rise in the need for cleaner technologies for power production, and stringent emission policy targets are likely to drive the hydro turbine market. Moreover, hydro power is the world's largest source of renewable electricity generation, accounting for 15.9% of global electricity produced in 2018, and with new hydro power projects sanctioned, the demand for hydro turbines is expected to increase. However, certain drawbacks, such as design challenges of the turbine, ecological concerns related to dams, long gestation periods, and high installation cost of dams are hampering the growth of studied market.
- Reaction turbine segment, by technology, of hydro turbine is expected to be the largest market during the forecast period, owing to increased use of reaction turbine types such as Francis turbine and Kaplan turbines.
- Expansion of energy intensive industries in African countries such as Nigeria, Angola, and Ghana are expected to provide a significant opportunity for hydro turbine market in the near future.
- Asia-Pacific is the largest market and is also expected to be the fastest growing market, owing to the highest annual increase in hydro power capacity in 2018, continuing the growth trajectory.
Hydro Turbine Industry Segmentation
The hydro turbine market report include:
| Technology | |
| Reaction | |
| Impulse |
| Capacity | |
| Small (Less than 10MW) | |
| Medium (10MW - 100MW) | |
| Large (Greater than 100MW) |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Hydro Turbine Market Size Summary
The hydro turbine market is poised for growth, driven by the increasing global demand for energy and the shift towards cleaner power production technologies. As the largest source of renewable electricity generation, hydro power plays a crucial role in the energy landscape, with new projects further boosting the demand for hydro turbines. Despite challenges such as design complexities, ecological concerns, and high installation costs, the market is expected to expand, particularly in regions like Asia-Pacific, which is both the largest and fastest-growing market. The reaction turbine segment, including widely used Francis and Kaplan turbines, is anticipated to dominate due to their efficiency and suitability for various water head conditions.
The expansion of energy-intensive industries in African countries and significant investments in hydro power projects across Asia-Pacific are expected to create substantial opportunities for the hydro turbine market. China, in particular, has been a leader in increasing hydro power capacity, contributing significantly to the region's growth. The market is moderately consolidated, with key players like General Electric Co., Siemens AG, Andritz AG, Litostroj Power Group, and Voith GmbH & Co. KGaA playing pivotal roles. These developments underscore the hydro turbine market's potential for continued expansion, supported by technological advancements and strategic investments in renewable energy infrastructure.
Hydro Turbine Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Hydroelectricity Generation and Forecast, in TWh, till 2025
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitutes Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Reaction
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2.1.2 Impulse
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2.2 Capacity
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2.2.1 Small (Less than 10MW)
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2.2.2 Medium (10MW - 100MW)
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2.2.3 Large (Greater than 100MW)
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Hydro Turbine Market Size FAQs
What is the current Hydro Turbine Market size?
The Hydro Turbine Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Hydro Turbine Market?
General Electric Co., Siemens AG, Andritz AG, Litostroj Power Group and Voith GmbH & Co. KGaA are the major companies operating in the Hydro Turbine Market.
