Hydro Turbine Market to Grow with a CAGR of 4.19% through 2028
Growing demand for renewable energy sources and
increasing water infrastructure development are likely to drive the market in
the forecast period.
According to TechSci Research report, “Hydro
Turbine Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Hydro Turbine Market stood at USD 2.08
billion in 2022 and is anticipated to grow with a CAGR of 4.19% in the forecast
period. One of the primary drivers of the global Hydro Turbine market is the
escalating demand for clean and sustainable energy sources. As the world
grapples with the urgent need to mitigate climate change and reduce greenhouse
gas emissions, there is a growing shift away from fossil fuels towards
renewable energy options, including hydropower. Hydropower, which relies on
Hydro Turbines to convert the kinetic energy of flowing water into electricity,
is a critical component of the renewable energy landscape. It offers several advantages,
such as zero carbon emissions, a reliable and consistent power source, and a
long operational lifespan. This appeal makes hydropower an attractive choice
for governments, businesses, and communities seeking to transition to cleaner
energy generation. Moreover, the international commitment to the Paris
Agreement's climate goals has heightened the urgency of adopting renewable
energy sources. Governments worldwide are setting ambitious targets to increase
the share of renewables in their energy mix, propelling investments in
hydropower projects and driving the demand for Hydro Turbines. As a result, the
increasing global demand for clean and sustainable energy is a significant
driver fueling the growth of the Hydro Turbine market.
Government policies and incentives constitute
another crucial driver of the global Hydro Turbine market. Many governments
around the world are implementing supportive policies and financial incentives
to encourage the development and deployment of renewable energy technologies,
including hydropower. Renewable energy targets and mandates are commonly used
policy tools. Governments set specific goals for the share of renewable energy
in their energy mix, creating a clear market signal for investments in Hydro
Turbines and hydropower projects. These targets often come with associated
timelines, creating a sense of urgency for the adoption of renewable energy
solutions. Financial incentives also play a pivotal role. Governments may offer
tax credits, grants, subsidies, or feed-in tariffs to reduce the financial
burden on hydroelectric project developers. These incentives improve the
economic viability of hydropower projects and make them more attractive to
investors. Furthermore, regulatory frameworks that simplify permitting
processes and environmental assessments can expedite the development of
hydropower projects. Governments recognize that navigating the regulatory
landscape can be complex and time-consuming, and they are taking steps to make
it more favorable for renewable energy initiatives. In conclusion,
the concerted effort to meet climate goals and reduce carbon emissions, coupled
with government policies and incentives promoting renewable energy adoption,
are significant drivers powering the growth of the global Hydro Turbine market.
Browse over XX market data Figures spread
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The Global Hydro Turbine Market is segmented into turbine,
head type, installation site and region. Based on turbine, The Reaction Turbine segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Reaction turbines are more versatile than Impulse Turbines and can be
used in a broader range of head and flow conditions. They are suitable for both
low-head and high-head applications, making them a preferred choice for a wide
variety of hydropower projects. Efficiency Across a Range of Operating
Conditions: Reaction turbines typically have good efficiency across a range of
operating conditions, making them effective in handling fluctuations in water
flow. This characteristic is important in regions where seasonal variations in
water flow are significant. Reaction turbines are well-suited for projects with
variable load requirements. Their ability to handle load changes efficiently is
essential in grid-connected systems, where demand for electricity can vary
throughout the day. Reaction turbines, particularly Kaplan turbines, can be
designed with adjustable blades, which allows for optimization and fine-tuning
of performance to match specific site conditions. This design flexibility is
valuable for maximizing energy generation. Reaction turbines are used in a wide
range of geographic locations, from river-based projects in relatively flat
terrain to projects in mountainous regions. This adaptability makes them
suitable for a diverse set of hydropower installations.
Based on installation site, The Large Hydro Power
Plants segment had the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. LHPs benefit from economies
of scale, meaning that as the size of the hydropower facility increases, the
cost per installed megawatt typically decreases. This cost advantage makes LHPs
financially attractive, especially for governments and utility companies
looking to maximize electricity generation capacity. LHPs have the capacity to
generate large quantities of electricity consistently. This high energy output
is particularly valuable in regions with substantial electricity demand or in
countries seeking to diversify their energy mix. Large hydro power plants are
well-suited for grid integration. Their stable and predictable electricity
generation contributes to grid stability and can provide baseload power, which
is essential for maintaining a reliable energy supply. LHPs are designed to
operate for several decades, often exceeding 50 years with proper maintenance.
Their long operational lifespan ensures a stable and long-term return on
investment for project developers and investors. The construction of LHPs often
involves the development of significant infrastructure, including large dams
and reservoirs. This infrastructure can serve additional purposes, such as
flood control, water storage, and irrigation, making LHPs more versatile and
valuable to local communities and governments. In many regions, large hydro
power plants were among the first sources of electricity generation. As a
result, there is often existing infrastructure and expertise in place to
support the development and operation of LHPs.
Major companies operating in the Global Hydro
Turbine Market are:
- Voith
Group
- GE
Renewable Energy
- Andritz
AG
- Siemens
Energy AG
- Harbin
Electric International Company Limited
- Dongfang
Electric Corporation. Ltd
- Hitachi
Ltd
- Mitsubishi
Heavy Industries Ltd
- Toshiba
Corporation
- Alstom
Holdings
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“The Global Hydro Turbine market is expected to rise
in the upcoming years and register a significant CAGR during the forecast
period. The
growing demand for renewable energy is expected to drive the growth of the
global hydro turbine market in the coming years. Hydropower is a clean and
sustainable source of energy that can help to reduce greenhouse gas emissions
and combat climate change. Governments around the world are also promoting
hydropower development through various policies and incentives. In addition,
technological advancements in hydro turbine design and manufacturing are also
expected to boost the market growth. For example, new hydro turbine designs are
being developed to improve efficiency and reduce costs. New manufacturing
technologies are also being used to produce hydro turbines that are more
durable and reliable. Therefore, the market of Hydro Turbine is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Hydro Turbine Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Turbine
(Impulse Turbine, Reaction Turbine), By Head (Low Head Turbine, Medium Head
Turbine, High Head Turbine), By Installation Site (Small Hydro Power Plant,
Medium Hydro Power Plant, Large Hydro Power Plants), By Region, By Competition”, has evaluated
the future growth potential of Global Hydro Turbine Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Hydro Turbine Market.
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