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Hydro Turbine Market Size (2024 - 2029)

The hydro turbine market is poised for growth driven by the increasing global energy demand, the shift towards cleaner power production technologies, and stringent emission policies. Despite challenges such as turbine design complexities, ecological impacts of dams, and high installation costs, the market is expected to expand, particularly with the rise of new hydro power projects. The reaction turbine segment is anticipated to dominate the market due to the widespread use of Francis and Kaplan turbines. Opportunities are also emerging in energy-intensive industries in African nations, while the Asia-Pacific region leads in market size and growth potential, supported by significant increases in hydro power capacity.

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Market Size of Hydro Turbine Industry

Hydro Turbine Market Size
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

Hydro Turbine Market Major Players

*Disclaimer: Major Players sorted in no particular order

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
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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.

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Hydro Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Hydroelectricity Generation and Forecast, in TWh, till 2025

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Reaction

      2. 2.1.2 Impulse

    2. 2.2 Capacity

      1. 2.2.1 Small (Less than 10MW)

      2. 2.2.2 Medium (10MW - 100MW)

      3. 2.2.3 Large (Greater than 100MW)

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Hydro Turbine Market Size FAQs

The Hydro Turbine Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

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.

Hydro Turbine Market Report Snapshots

Hydro Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)