Market Size of United States Hydro Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Hydro Turbine Market Analysis
The United States Hydro Turbine market is expected to register a CAGR of more than 2% during the forecast period of 2022-2027. The COVID-19 pandemic disrupted the market by causing the electricity demand to crash, rendering the hydropower plants un-used and ultimately affecting the hydro turbine market also. The pandemic also caused delays in the construction and transportation of hydro turbines owing to disruption in the shipping industry, which accounts for significant movements of such goods. In terms of the growth of the market, factors such as increasing adoption of renewable energy sources to limit the emission caused by conventional sources coupled with upcoming projects is likely to drive the market. However, design challenges of turbines, ecological concerns related to dams, long gestation period, high installation cost, and increasing adoption of alternative renewable energy sources may restrain the market.
- The reaction turbine segment of the hydro turbine maket is expected to dominate in the market during the forecast period, owing to the increased use of reaction turbines such as Francis turbines and Kaplan turbines.
- The United states has a significant number of water resources to construct hydropower projects in the future to increase the share of renewables in the power generation mix. This is likely to present several opportunities in the United States hydro turbine market in the future.
- Increasing adoption of alternative renewable energy sources, i.e., other than hydropower, may restraint the hydro turbine market in the country during the forecast period.
US Hydro Turbine Industry Segmentation
The United States hydro turbine market report includes:
| Technology | |
| Reaction | |
| Impulse |
| Capacity | |
| Small(Less than 10 MW) | |
| Medium (10MW-100MW) | |
| Large(Greater than 100MW) |
United States Hydro Turbine Market Size Summary
The United States hydro turbine market is poised for growth, driven by the increasing adoption of renewable energy sources and the development of new hydropower projects. Despite the challenges posed by the COVID-19 pandemic, which disrupted supply chains and reduced electricity demand, the market is expected to benefit from the country's significant water resources and the potential for expanding hydropower capacity. Reaction turbines, such as Francis and Kaplan turbines, are anticipated to dominate the market due to their efficiency in generating power from low water heads and high velocities. However, the market faces constraints from design challenges, ecological concerns, high installation costs, and competition from alternative renewable energy sources.
The hydro turbine market in the United States is partially consolidated, with key players like Siemens Energy AG, Kirloskar Brothers Limited, General Electric Company, Voith GmbH & Co. KGaA, and Andritz AG actively participating. Despite the government's support for renewable energy, the rapid adoption of solar power and battery storage is impacting the share of hydropower in the renewable energy mix, potentially restraining market growth. Notable projects, such as Xcel Energy's pumped-storage hydropower development and GE Renewable Energy's contracts, highlight ongoing investments in the sector. However, the increasing preference for alternative renewable energy sources may continue to pose challenges to the hydro turbine market's expansion.
United States Hydro Turbine Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Hydroelectricity Generation and Forecast, in TWh, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Driver
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Reaction
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2.1.2 Impulse
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2.2 Capacity
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2.2.1 Small(Less than 10 MW)
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2.2.2 Medium (10MW-100MW)
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2.2.3 Large(Greater than 100MW)
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United States Hydro Turbine Market Size FAQs
What is the current United States Hydro Turbine Market size?
The United States Hydro Turbine Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in United States Hydro Turbine Market?
Andritz AG, Voith GmbH & Co. KGaA, General Electric Company, Siemens Energy AG and Kirloskar Brothers Limited are the major companies operating in the United States Hydro Turbine Market.
