Hydropower Turbine Market Introduction 

Hydropower turbines are devices used for the conversion of hydro energy into mechanical energy, which can be further converted into electrical energy. These turbines are primarily used in hydropower plants for electricity generation. The mechanical energy generated by the turbine is used to rotate the generator, which produces electricity.Hydropower is one of the most widely used renewable energy sources in the world, and hydropower turbines are a critical component of the infrastructure required to harness this energy. Hydropower turbines can be classified based on their design, such as impulse turbines and reaction turbines, and based on their application, such as high head turbines and low head turbines.The use of hydropower turbines offers several advantages, including reliable and predictable energy generation, long life span, low maintenance requirements, and low operating costs. Hydropower is also considered to be an environmentally friendly source of energy, as it produces no harmful emissions and has a minimal impact on the environment.The global hydropower turbine market is driven by the increasing demand for renewable energy sources and the growing focus on reducing carbon emissions. The growing awareness about the benefits of hydropower and the increasing investments in hydropower projects are also expected to drive the growth of the hydropower turbine market during the forecast period.

Hydropower Turbine Market Size

The global hydropower turbine market size was valued at USD 2.8 billion in 2020 and is expected to reach USD 4.4 billion by 2028, growing at a CAGR of 5.8% during the forecast period (2021-2028).The Asia Pacific region dominates the global hydropower turbine market, accounting for the largest share of the market in terms of revenue. The region is expected to continue its dominance during the forecast period, owing to the increasing demand for energy and the growing investments in renewable energy sources, particularly in China and India.Europe is also a significant market for hydropower turbines, with several countries in the region having well-established hydropower infrastructure. The region is expected to witness steady growth during the forecast period, driven by the increasing focus on renewable energy and the ongoing modernization and upgradation of existing hydropower plants.North America and Latin America are also expected to witness significant growth in the hydropower turbine market during the forecast period, driven by the increasing investments in hydropower projects and the growing focus on reducing carbon emissions.Overall, the global hydropower turbine market is expected to witness steady growth during the forecast period, driven by the increasing demand for renewable energy and the growing investments in hydropower projects worldwide.

Hydropower Turbine Market Share

The hydropower turbine market is highly fragmented, with several players operating in the market. Some of the key players in the global hydropower turbine market include GE Renewable Energy, Andritz Hydro, Voith GmbH & Co. KGaA, Toshiba Energy Systems & Solutions Corporation, and Alstom SA.In terms of market share, GE Renewable Energy is a leading player in the global hydropower turbine market, accounting for a significant share of the market in terms of revenue. The company offers a wide range of hydropower turbines, including both impulse and reaction turbines, and has a strong presence in several key markets worldwide.Andritz Hydro is another major player in the global hydropower turbine market, offering a comprehensive range of hydropower turbines and related services. The company has a strong focus on research and development and is known for its innovative products and solutions.Other notable players in the global hydropower turbine market include Voith GmbH & Co. KGaA, Toshiba Energy Systems & Solutions Corporation, Alstom SA, Harbin Electric International Company Limited, China Three Gorges Corporation, Hydro-Québec, and Statkraft AS, among others.In terms of regional market share, the Asia Pacific region dominates the global hydropower turbine market, accounting for the largest share of the market in terms of revenue. Europe and North America are also significant markets for hydropower turbines, while Latin America and the Middle East & Africa are expected to witness significant growth during the forecast period.

Hydropower Turbine Market Trends

Here are some of the key trends in the hydropower turbine market:

Growing demand for renewable energy: With the increasing focus on reducing carbon emissions and promoting sustainable energy sources, there is a growing demand for renewable energy worldwide. Hydropower is a key source of renewable energy, and the growing demand for clean energy is expected to drive the growth of the hydropower turbine market in the coming years.

Technological advancements: The hydropower turbine market is witnessing rapid technological advancements, with several manufacturers investing in research and development to develop more efficient and cost-effective turbines. For example, the use of advanced materials, such as carbon fiber composites, is expected to improve the efficiency of hydropower turbines and reduce their weight, leading to lower costs and improved performance.

Increasing focus on upgradation and modernization of existing hydropower plants: Several countries around the world have well-established hydropower infrastructure, but much of it is aging and in need of upgradation and modernization. The growing focus on maintaining and improving existing hydropower plants is expected to drive the demand for hydropower turbines in the coming years.

Growth in small-scale hydropower projects: While large-scale hydropower projects have traditionally dominated the market, there is a growing trend towards smaller-scale hydropower projects, particularly in remote and off-grid areas. The development of small-scale hydropower projects is expected to drive the demand for smaller and more efficient hydropower turbines.

Increasing adoption of pump-storage hydropower systems: Pump-storage hydropower systems are gaining popularity as a way to balance grid supply and demand and store excess renewable energy. The increasing adoption of pump-storage systems is expected to drive the demand for hydropower turbines in the coming years.

Hydropower Turbine Market Driving Factors

Here are some of the key driving factors of the hydropower turbine market:

Increasing demand for renewable energy: As countries around the world look to reduce their carbon footprint and shift towards cleaner sources of energy, there is a growing demand for renewable energy sources such as hydropower. This is driving the growth of the hydropower turbine market.

Favorable government policies: Governments around the world are introducing favorable policies and incentives to promote the use of renewable energy sources, including hydropower. For example, tax credits and subsidies for the installation of hydropower turbines are encouraging the growth of the market.

Technological advancements: The development of new technologies, materials, and designs is improving the efficiency and reliability of hydropower turbines. This is driving the adoption of hydropower turbines as a viable source of energy.

Upgradation and modernization of existing hydropower plants: Many existing hydropower plants are in need of upgradation and modernization to improve their efficiency and reliability. This is driving the demand for new hydropower turbines and creating opportunities for manufacturers in the market.

Increasing investment in hydropower infrastructure: The increasing investment in hydropower infrastructure, particularly in developing countries, is driving the growth of the hydropower turbine market. This investment is aimed at increasing access to clean and reliable energy and supporting economic growth.

Hydropower Turbine Market Regional Analysis

Here are some key highlights of the regional analysis of the hydropower turbine market:

Asia-Pacific: Asia-Pacific is expected to dominate the hydropower turbine market during the forecast period due to the high demand for energy and the increasing focus on renewable energy sources in countries such as China, India, and Japan. China is the world's largest hydropower market and is expected to continue to drive demand for hydropower turbines.

Europe: Europe is also a significant market for hydropower turbines due to the increasing focus on renewable energy sources in the region. Countries such as Norway, Switzerland, and Austria are major hydropower producers and are expected to drive demand for hydropower turbines.

North America: North America is a mature market for hydropower turbines and is expected to see moderate growth during the forecast period. The United States is the largest hydropower producer in the region and is expected to continue to drive demand for hydropower turbines.

Latin America: Latin America is a growing market for hydropower turbines due to the abundance of hydropower resources in the region. Countries such as Brazil, Chile, and Peru are investing in hydropower infrastructure and are expected to drive demand for hydropower turbines.

Middle East & Africa: The Middle East & Africa is a small market for hydropower turbines but is expected to see significant growth during the forecast period. The region is investing in renewable energy sources to reduce its dependence on fossil fuels and is expected to drive demand for hydropower turbines.

Hydropower Turbine Market Forecasts 2030 

The hydropower turbine market is expected to grow at a steady pace during the forecast period. Here are some forecasts for the market by 2030:

Market size: The global hydropower turbine market size is expected to reach USD 3.1 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.

Capacity additions: The capacity additions of hydropower turbines are expected to grow at a CAGR of 2.5% during the forecast period. By 2030, the capacity additions are expected to reach 30 GW, with Asia-Pacific accounting for the largest share.

Small hydropower: Small hydropower turbines are expected to grow at a faster pace during the forecast period. By 2030, small hydropower turbines are expected to account for over 30% of the global hydropower turbine market, driven by the increasing adoption of small hydropower projects in developing countries.

Pumped-storage hydropower: Pumped-storage hydropower turbines are expected to remain the dominant type of hydropower turbines during the forecast period. By 2030, pumped-storage hydropower turbines are expected to account for over 60% of the global hydropower turbine market.

Regional growth: Asia-Pacific is expected to remain the largest market for hydropower turbines during the forecast period, driven by the high demand for energy and the increasing focus on renewable energy sources in countries such as China, India, and Japan. Latin America is expected to see the fastest growth in the market during the forecast period, driven by the abundance of hydropower resources in the region.

Hydropower Turbine Market Key Industry Players

Some of the key players in the global hydropower turbine market include:

General Electric

Voith GmbH & Co. KGaA

Andritz AG

Siemens AG

Toshiba Energy Systems & Solutions Corporation

Harbin Electric Machinery Company Limited

BHEL

Hitachi Ltd.

Canyon Hydro

Hydro-Québec

These companies are investing heavily in research and development activities to develop more efficient and reliable hydropower turbines. They are also focusing on strategic partnerships, collaborations, and mergers and acquisitions to expand their presence in the global market