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Hydropower Turbine Market Size

ID: MRFR//6752-HCR | 111 Pages | Author: Anshula Mandaokar| June 2024

The hydropower turbine market operates in a subject to several factors that complicate its growth and trajectory. At the underlying structure of this economy are worldwide demands for alternative sources of electricity resulting from increased public consciousness of environmental issues as well as sustainable power generation. Hydropower is one of the oldest and most reliable sources of renewable energy; therefore, it occupies a central position in this sector.

A key factor influencing the dynamics of the market is increasing concerns about climate change and reducing carbon footprints. Around the globe governments and organizations are introducing regulations and policies to promote clean energy which will propel this industry into future. Also, due to growing need for energy security alongside depletion of conventional fossil fuel reserves, hydropower has become an attractive source of stable and unbroken supply.

Another influential aspect on market dynamics is geographical distribution of hydro-power resources. Countries with abundant water resources like Scandinavia or South America have competitive advantage in using hydroelectricity. These regions frequently observe significant investments as well as developments in hydropower turbine technologies. However, developments made in turbine design technology have enabled use of hydro power even on areas with less water supplies hence making markets global.

Hydropower’s dynamism stems from technical innovations. Ongoing researches largely focus on improving efficiencies; lowering environmental impacts; as well as reducing operational costs associated with turbines’ performance. Notably, advanced material science as well as design and turbine layout innovations play a role facilitating optimal power production thus responding to environmental concerns thereby making it more competitive among other forms of renewable energies.

In addition, political economy affects market dynamics for hydro-turbines significantly. On subsidies, financial stimuli or favorable regulatory regime can encourage major investments into hydropower schemes by investors. It should be noted that uncertainties in policies could retard the market growth in the industry due to insufficient financial backing. The volatility of political and economic situations globally means that companies must learn to adapt their strategies according to market changes.

Market dynamics are also influenced by collaborations within the industry. Cooperation between turbine manufacturers, engineering firms and energy developers leads to exchange of knowledge, increased innovation rates and general growth of hydropower turbine market. For a firm seeking resources for large-scale hydroelectric projects, it can form joint ventures or strategic alliances hence shaping competitive landscape.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2022 USD 2.4 Billion
Market Size Value In 2023 USD 2.47 Billion
Growth Rate 3.01% (2023-2032)

Hydropower Turbine Market Overview:

Hydropower Turbine Market Size was valued at USD 2.47 Billion in 2023. The Hydropower Turbine Market industry is projected to grow from USD 2.54 Billion in 2024 to USD 3.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.50% during the forecast period (2024 - 2032). The enormous need and potential for hydroelectric power generation, as well as the excellent energy conversion provided by hydropower turbines are the key market drivers enhancing the market growth.

Hydropower Turbine Market Overview1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hydropower Turbine Market Trends

  • Growing Demand for low-cost electricity generated by hydro turbines will drive market growth.

Market CAGR for hydropower turbin is being driven by the increasing demand for low-cost electricity generated by hydro turbines. The construction and deployment of hydropower projects has increased in order to provide a better sustainable source of electricity, as hydropower generating emits no glasshouse gases or other air pollutants. Hydro turbines may convert up to 90% of the energy in water into electric energy. Hydroelectricity generation costs have decreased due to technological advancements and great efficiency. The cost of producing hydropower is projected to be roughly 40% less than that of producing electricity using fossil fuels. Because water is denser than air, hydropower has an advantage over wind power. As a result, harvesting wind mechanical energy requires a greater force to rotate a wind generator than it does to rotate a hydro generator. All of these factors contribute to the increasing demand for electricity generated by hydro turbines, particularly in emerging nations, because this is a homegrown source of energy that does not rely on fossil fuel sources.

The hydropower turbine is incredibly efficient, and it can run successfully even at minimal discharge. Furthermore, it is simple to assemble and install. Changes in flow rate can be accommodated by altering the hydropower turbine. A single nozzle is used for very low flow rates, whereas several nozzles are utilised for high flow rates. As a result, such benefits increase the adoption rate of the hydropower turbine market, propelling its growth over the forecast period.

In addition, the popularity of developing technologies such as run-of-river, low head turbines, and micro hydro plants is expected to drive market demand. Environmental deterioration and understanding of climate change are leading many important stakeholders to use environmentally friendly power production technologies in order to support sustainable development among various nations across the world. These characteristics are expected to enhance market expansion within the estimated time frame.

Hydropower Turbine Market Segment Insights:

Hydropower Turbine Type Insights

The Hydropower Turbine Market segmentation, based on type includes reactive, impulse, gravity and others. During the projection period, the reactive category is expected to be the largest market, because of the rising use of reaction turbines such as the Francis and Kaplan. This water turbine market increased by 60% due to rising demand for small and medium-scale hydropower projects to meet rising energy demands. The abundant supply of run-of-river resources, along with rising electricity demand in developing nations, is a critical element supporting the business. The Kaplan turbine operates well at low head, whereas the Francis turbine is a hybrid of an impulsive and a response turbine.

Figure1: Hydropower Turbine Market, by Type, 2022 & 2032 (USD Billion)

Hydropower Turbine Market, by Type

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hydropower Turbine Capacity Insights

The Hydropower Turbine Market segmentation, based on capacity, includes Less than 1 MW, Between 1 - 10 MW, Above 10 MW. Between 1MW to 10MW category accounted for more than 43% of market revenue. Growing need for uninterrupted power supply from off-grid settlements is likely to boost product adoption throughout the forecast period. Continuous efforts to maintain peak load demand, combined with growing concerns about supply security, will drive >10 MW hydropower turbine business growth. Long life duration, better efficiency, lower operation and maintenance costs, and excellent dependability are some of the product's significant advantages that will boost its adoption.

Hydropower Turbine Application Insights

The Hydropower Turbine Market segmentation, based on application, includes power generation, power storage, marine, aeronautics. Power generation category is the most important and fastest developing industry. Hydropower generation meets nearly all of Norway's energy needs, and the top countries producing hydropower are China, Canada, the United States, Russia, and India. This market has enormous potential globally. Moreover, a renewable source of energy that creates power by altering the natural flow of a river or other body of water using a dam or diversion structure.

Hydropower Turbine Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Hydropower Turbine Market area will dominate this market, owing to the low cost of producing renewable energy sources and the significant reduction in total infrastructure costs. The increasing need for electricity has been met with the support of hydroelectric projects, which has helped to position this region as a market leader among other competitors. The establishment of micro and tiny hydropower plants throughout the region has also proven to be a significant opportunity for the region's prosperity. Moreover, China’s Hydropower Turbine Market held the largest market share, and the Indian Hydropower Turbine Market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Hydropower Turbine Market Share By Region 2022 (USD Billion)

Hydropower Turbine Market Share By Region

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Hydropower Turbine Market accounts for the second-largest market share because of the rising movement towards renewable energy sources and the quick adoption of small hydropower projects, the market in this region is likely to grow. Further, the German Hydropower Turbine Market held the largest market share, and the UK Hydropower Turbine Market was the fastest growing market in the European region

The North America Hydropower Turbine Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the market's greatest annual increase in hydroelectric capacity.

Hydropower Turbine Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the Hydropower Turbine Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Hydropower Turbine industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Hydropower Turbine industry to benefit clients and increase the market sector. In recent years, the Hydropower Turbine industry has offered some of the most significant advantages to medicine. Major players in the Hydropower Turbine Market, including Cornell Pump Co., Canadian Hydro Components Ltd. WWS Wasserkraft GmbH, Capstone Turbine, Gilbert Gilkes & Gordon and others, are attempting to increase market demand by investing in R&D operations.

Andritz AG is a technology company that provides plants, equipment, systems, and services to a variety of sectors. The headquarters of the organisation are in Graz, Austria. The company is named after the Andritz area in Vienna and is traded on the Vienna Stock Exchange. Andritz employs over 29,100 people across 280 production and service locations in 40 countries. In 2022, the corporation recorded EUR7.5 billion in revenue and €402.6 million in nett income.  In March 2022, ANDRITZ and EGAT will work together to grow and modernise the hydropower business. Andritz, the Austrian energy conglomerate, has signed a Memorandum of Understanding (MOU) with Thailand's Electricity Generation Authority (EGAT) to investigate and grow business potential in the hydropower sector.

Hitachi, Ltd. is a Japanese multinational firm based in Chiyoda, Tokyo, Japan. It is the parent firm of the Hitachi Group (Hitachi Gurpu), and was once a part of the Nissan zaibatsu, DKB Group, and Fuyo Group of enterprises before DKB and Fuji Bank (the core Fuyo Group entity) combined to establish the Mizuho Financial Group. As of 2020, Hitachi's business ranges from IT to infrastructure, including AI, the Internet of Things, and big data. In December 2019, Hitachi Ltd. announced the acquisition of 80% of ABB Ltd.'s power grid division for $6.4 billion, renaming it Hitachi-ABB Power Grids.

Key Companies in the Hydropower Turbine market include

  • General Electric

  • Andritz

  • Toshiba Energy

  • Kirloskar Brothers Ltd,

  • Siemens

  • Canyon Industries Inc.

  • Hitachi Ltd.

  • Cornell Pump Co.

  • Canadian Hydro

  • Components Ltd

  • WWS Wasserkraft GmbH

  • Capstone Turbine

  • Gilbert Gilkes & Gordon

Hydropower Turbine Industry Developments

In May 2022: G.E. Renewable Energy signed the contract for the most substantial technological improvement of the Itaipu hydropower facility in Brazil and Paraguay. G.. Renewable Energy's Hydro and Grid Solutions divisions signed a deal to modernise the world's second-largest hydropower plant, located in Brazil and Paraguay.

In February 2022: ANDRITZ modernised the second generating unit of Nigeria's Jebba hydropower facility. Mainstream Energy Solutions Limited engaged Andritz, an international technology company, to upgrade a second generating unit at the Jebba hydroelectric power facility on the Niger River.

In January 2019: Ethiopian Electric Power has granted GE Hydro France a multimillion-dollar contract to develop and test turbine generators for five power generating units. GE Hydro France will be paid a whopping €53.9 million to manufacture hydro turbines.

Hydropower Turbine Market Segmentation

Hydropower Turbine Market By Type Outlook

  • Reactive

  • Impulse

  • Gravity

  • Others

Hydropower Turbine Market By Capacity Outlook

  • Less than 1 MW

  • Between 1 - 10 MW

  • Above 10 MW

Hydropower Turbine Market By Application Outlook

  • Power Generation

  • Power Storage

  • Marine

  • Aeronautics

Hydropower Turbine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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