According to the report by Expert Market Research (EMR), the global hydro turbine market share reached a value of USD 2.26 billion in 2022. Aided by the escalating global need for renewable energy sources and the increasing usage of hydro turbines in hydropower generation, the market is projected to further grow at a CAGR of 3.30% between 2023 and 2028 to reach a value of USD 2.75 billion by 2028.
Hydro turbines are devices that convert hydraulic energy into mechanical energy, which is subsequently transformed into electrical energy through generators. They play a pivotal role in hydropower generation, contributing significantly to global energy production. Hydro turbines offer several advantages over traditional power generation methods, including sustainability, reliability, and cost-effectiveness, making them an integral part of the global drive towards renewable energy sources.
The growing global emphasis on renewable energy sources is the primary driver propelling the hydro turbine market growth. With increasing environmental concerns and the negative impacts of fossil fuels, there has been a significant shift towards renewable energy sources, particularly hydropower, due to its sustainability and abundance. This shift has led to a surge in demand for hydro turbines, necessary equipment for harnessing hydropower.
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Furthermore, the rising global energy demand is significantly contributing to the hydro turbine market expansion. With the world’s population and industrial activities continuing to grow, the need for reliable and efficient energy sources is more critical than ever. Hydro turbines, with their ability to provide a steady supply of power, are increasingly being adopted to meet this growing energy demand.
The continuous technological advancements in the field of hydro turbines are also playing a significant role in propelling the hydro turbine market development. Modern hydro turbines are increasingly efficient, reliable, and adaptable to various operational conditions, enhancing their suitability for a wide range of hydropower projects. Moreover, advancements in turbine design and material science have led to the development of more durable and efficient turbines, further driving their adoption.
Additionally, the supportive government policies and initiatives aimed at promoting renewable energy sources are expected to boost the hydro turbine market demand. Many governments worldwide are offering incentives and funding for renewable energy projects, including hydropower, to reduce their dependence on fossil fuels and achieve their sustainability goals. These initiatives are expected to encourage the implementation of hydro turbines in power generation.
Hydro Turbine Market Segmentation
The market can be divided based on type, capacity, and region.
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Market Breakup by Type
• Reaction Turbine
• Impulse Turbine
Market Breakup by Capacity
• Small (Less than 10MW)
• Medium (10–100MW)
• Large (Greater than 100MW)
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global hydro turbine companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• General Electric Company
• ANDRITZ AG
• LITOSTROJ POWER d.o.o
• Voith GmbH & Co. KGaA
• Canyon Hydro
• Cornell Pump Company
• Toshiba Corporation
• Canadian Hydro Components Ltd.
• WWS Wasserkraft GmbH
• Gilbert Gilkes & Gordon Ltd
• Others
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