March 1, 2024
Hydro Turbine Generator Unit Market

Hydro Turbine Generator Unit Market Is Expected To Be Flourished By The Growing Demand For Renewable Energy Sources

Hydro turbine generator units are used for converting the kinetic energy of moving water into electrical energy. They consist of turbines and generators and are installed in hydropower plants. Hydroelectricity is one of the most common renewable energy sources used globally. The increasing concerns regarding greenhouse gas emissions and focus on replacing conventional power generation with clean energy is driving the growth of the hydro turbine generator unit market.

Hydro turbines uses the flow of water to spin blades connected to a shaft, which spins a generator to produce electricity. Pelton, Francis, Kaplan and other type of turbines are commonly used depending on the water flow rate and head. Large hydro power plants typically use Francis and Kaplan turbines, while small hydro plants use Pelton turbines.

The global hydro turbine generator unit market is estimated to be valued at US$ 10144.49 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers for the growth of the hydro turbine generator unit market is the growing demand for renewable energy sources. With rising concerns of climate change and need to reduce dependence on fossil fuels, many countries are focusing on increasing the share of hydropower in their energy mix. As per the International Renewable Energy Agency (IRENA), hydropower accounts for over 16% of the world’s electricity production. The increasing emphasis on clean energy targets by governments worldwide is expected to boost the demand for hydro turbine generator units over the forecast period. Furthermore, rapid technological advancements in design and efficiency of hydro turbines is also supporting the market growth. Newer turbine designs help optimize hydropower plant output even at lower hydraulic heads and flows.

Segment Analysis

The hydro turbine generator unit market is dominating by large units segment accounting for around 65% share. Large units are used for power generation in large hydroelectric dams and power plants. They have high power generation capacity ranging from 10 MW to 800 MW. Their high power output and efficiency makes them highly preferred for bulk power generation driving their demand.

PEST Analysis

Political: Supportive government policies around the world for clean energy generation are promoting investments in hydro power projects boosting demand. However, stringent environmental norms related to dams construction can impact new projects.
Economic: Abundant availability of hydro power resources in several countries along with lower electricity generation cost of hydro power makes it an integral part of energy mix. However, initial high capital investment required for setting up hydro projects poses challenges.
Social: Rising global energy demand along with focus on clean and renewable sources of energy are favoring the growth of hydro power sector. However, displacement of local communities during dam construction continues to be a social issue.
Technological: Advancements in design and engineering are helping develop more efficient and larger hydro turbines improving power generation capacity. Use of new composite materials and 3D printing technologies can further enhance turbine performance.

Key Takeaways

The global Hydro Turbine Generator Unit market Share is expected to witness high growth over the forecast period supported by increasing investments in hydro power projects worldwide. The global hydro turbine generator unit market is estimated to be valued at US$ 10144.49 mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

The Asia Pacific region dominates currently accounting for over 40% share led by China. Countries like China, India, Brazil, Canada, and Russia are actively focusing on harnessing their hydro power potential through expanding existing as well as setting up new hydroelectric projects driving regional demand.

Key players operating in the hydro turbine generator unit market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy€TMs Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. Among them, companies like GE Renewable Energy, Andritz, Voith, Toshiba, Harbin are sizable players catering to large turbine generator units while others like Gilbert Gilkes & Gordon Ltd specialize in micro hydro units. Players are focusing on developing innovative turbine designs to improve efficiency.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it