April 23, 2024
Hydro Turbine Generator Unit Market

Hydro Turbine Generator Unit Powers The Renewable Energy Transition Driven By Rising Demand For Clean Energy Sources

Hydro turbine generator units are electromechanical devices that convert kinetic energy from flowing water into electrical energy. They consist of a hydraulic turbine, such as a Pelton wheel or Kaplan turbine, coupled directly to an electric generator. By harnessing the power of flowing water through turbines connected to generators, hydroturbine generator units produce clean, renewable electricity. As concerns grow over climate change and dependence on fossil fuels, there is a pressing need to transition to more sustainable energy sources. Hydro turbine generator units are indispensable components of hydroelectric power facilities that help meet this need. The global hydro turbine generator unit market is driven by the rising demand for renewable energy sources as the world moves towards decarbonization.

Hydro turbine generator units provide several key advantages over conventional power generation systems. As they do not burn any fuel, they have zero direct carbon emissions and do not produce air or water pollution. They are a stable and reliable source of baseload electricity. As water is abundantly available, hydro power is sustainable and renewable over long periods. Hydro turbine generator units also offer flexible operation to meet fluctuating power demands.

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 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the major trends in the hydro turbine generator unit market is increasing investments in small hydro power projects. Small hydropower plants with capacities less than 25 MW offer advantages such as smaller land area requirement, lower setup costs and faster installation. They are suitable for hilly areas with abundant water resources. According to the International Renewable Energy Agency, over 80 countries have set policy targets and created incentives to develop small hydropower projects. As concerns over environmental impact and reservoirs are less for small hydropower, global efforts to harness distributed renewable energy will further accelerate investments in this segment in the coming years.

Porter’s Analysis

Threat of new entrants: The hydro turbine generator unit market requires large capital investments and established distribution networks, limiting new competitors.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of multiple established manufacturers.
Bargaining power of suppliers: A few major component suppliers exist, giving them some bargaining power over manufacturers.
Threat of new substitutes: No close substitutes exist for hydro turbine generator units, limiting potential threats from new alternatives.
Competitive rivalry: The market features many large international manufacturers competing on technology and customer service.

Key Takeaways

The global Hydro Turbine Generator Unit Market Demand is expected to witness high growth over the forecast period. 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 8.5% over the forecast period 2023 to 2030.

Asia Pacific region dominates the market currently due to factors such as increasing hydropower capacities. China has the highest installed hydropower capacity and is a major market for hydroturbine generator units. Europe and North America are also significant regional markets.

Key players operating in the Hydro Turbine Generator Unit market are Andritz AG, General Electric, The Voith Group, Toshiba Energy Systems & Solutions Corporation, Harbin Electric International Company Limited, Dongfeng Electric Machinery Co., Ltd., Power Machines, Hitachi Mitsubishi Hydro Corporation, IMPSA, Zhefu Holding Group Co., Ltd., Bharat Heavy Electricals Limited (BHEL), Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Limited, WWS Wasserkraft GmbH, FLOVEL Energy Private Limited, and Litostroj Power. These companies are focusing on new product launches and partnerships to strengthen their market position.

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