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Hydro Turbine Market

Hydro Turbine Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

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Industry: Energy & Natural Resources | Author Name: Harshad


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Hydro Turbine Market: Overview

The market size for Hydro Turbine was USD 2319.4 million in 2021, and it is projected to grow at a CAGR of 4.7 percent during the forecast period. Hydro turbines convert the energy from moving water to drive a generator and generate electricity. These tools are crucial for producing water electricity and are used in hydroelectric power plants. Hydropower generation is predicted to be fueled by an increase in energy demand on a global scale, the development of cleaner power generation technologies, and strict emission regulations, which are also predicted to fuel the market for hydro turbines. General Electric (G.E.) estimates that increasing the digitization of hydropower may reduce carbon emissions by 17 metric tons (mt) with only a 1% increase in output. This might result in $5 billion in operational cost savings. Governments play a significant role in ensuring that the hydropower industry's potential is realized, which is anticipated to benefit the hydro turbine market. According to the U.S. Energy Information Administration (E.I.A.) in the United States, utility-scale power generation totaled 6.3% in 2021, and utility-scale renewable electricity generation totaled 31.5%. Over time, hydroelectricity's proportion of total U.S. electricity generation has fallen due to increases in energy production from other sources.

Over the projection period , several technical advancements combined with the integration of IIOT devices to increase efficiency by the market participants further extend lucrative chances to the market. For instance, the N.T.N. Micro Hydro Turbine was unveiled by N.T.N. Corporation in July 2017. It is a tiny hydroelectric generator with independent power that can create electricity effectively when installed in an existing water channel. Several challenges, including complex turbine designs, ecological issues with dams, protracted gestation periods, and high installation costs for dams, are limiting the market's growth. As a result, these factors will make it difficult for the market for hydropower turbines to expand.

Hydro Turbine Market: COVID-19 Impact

Like other industries, the renewables sector was subject to risks from COVID-19, which vary greatly by market sector and technology. At their peak on April 5, 2020, total or partial lockdowns affected more than 4.2 billion individuals or more than half of the world's population. Even though many of these measures started to be gradually lifted by nations worldwide in early May, their effects were still widespread. Social distancing policies and lockdown measures have negatively impacted the commissioning of renewable electricity projects, biofuel facilities, and renewable heat investments.

 Hydro Turbine Market: Drivers

Growing Demand for Cheap Electricity Produced by Hydro Turbines to Drive Market Growth

Since hydropower doesn't produce greenhouse gases or other air pollutants, it has become more common to build and implement hydropower projects as a superior renewable source of electricity. Up to 90% of the energy in water can be converted into electric energy by hydro turbines. The cost of producing hydroelectricity has decreased due to technological advancements and great efficiency. Hydropower generation is thought to be roughly 40% less expensive than it would be if fossil fuels were used. Water is denser than air, giving hydropower an advantage over wind power. As a result, turning a wind generator takes more force than turning a hydro generator to utilize the mechanical energy of the wind. All of these factors, particularly in emerging nations, contribute to the increased demand for electricity produced by hydro turbines because it is a domestic source of energy independent of fossil fuel sources.

Technology Advancements and Advanced Grid Integration to Drive Market

Small-scale projects are incorporating large-scale hydropower advances. This makes it easier for more water energy to be converted into electricity. Additionally, small-scale water-powered generators lower the cost of technology and make it possible to deploy hydro turbines at home or in smaller support structures. Technological innovations like pumped-storage hydropower (P.S.H.) operate like a large battery. It does this by pumping water up to a higher height, where it may then be released at any moment to power hydraulic turbines and meet energy needs. Utilizing marine and hydrokinetic (MHK) technology, electricity is produced from the energy of the waves, tides, rivers, and ocean currents. The potential for MHK technologies to provide renewable electricity to consumers in coastal load centers is enormous, given that more than 50% of Americans live within 50 miles of the country's coasts. IoT devices and apps enable users to rapidly access details about turbines, replacing jobs that formerly required specialized meters or computers at many technology and equipment companies.

Hydro Turbine Market: Restraints

Costly Installation and Other Charges to Hamper Market Growth

Hydropower turbines have a high capacity factor, but their use is limited by the high installation costs required by the requirement for supporting infrastructure.This makes even minor technological mistakes difficult and expensive to correct. As a result, high installation and maintenance costs are a barrier to the growth of the hydropower turbine market globally.

Hydro Turbine Market: Segment Overview

Impulsive turbine to Dominate market due to its Usage in High Head and Low Flow Situation

Impulsive hydropower is expected to increase during the projected period because of its wide range of uses in both high and low-flow situations. The impulsive turbine category includes the Pelton wheel and cross-flow turbines. Water's potential energy is transformed into kinetic energy in an impulsive turbine to raise the water's pressure. For applications with high heads, Pelton wheels are used. The adoption of alternative technologies is mostly driven by factors such as straightforward design, cost-effectiveness, and low maintenance requirements. Simple construction, cost-effectiveness, and little need for maintenance are a few essential factors growing the market for impulsive turbines.

Growing in Small Scale Hydro Power Plants, Low Head Category Dominated Market

In the forecast period, the low head segment held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. This larger proportion of low-head turbines is linked to the decentralized small-scale projects implemented for rural electrification in emerging countries, particularly in Asia. Most of the small hydroelectric facilities are in this region, which is located in China, Vietnam, and India. As investments in rural electrification are increasing in these nations, there is a corresponding increase in demand for the low head turbine.

Hydro Turbine Market: Regional Landscape

Asia Pacific to Dominate market due to Rise in Environmental Concerns

The Asia Pacific is anticipated to be a highly lucrative market during the projection period. Due to a rise in environmental concerns, there is an increase in demand for hydro turbines due to government awareness of renewable energy sources. The main factors driving its popularity in this area are hydroelectricity's low cost of energy conversion and renewable nature. India has immense hydropower potential that it is only now beginning to realize, and China is the world leader in the production of hydroelectricity. The 1000 MW Pakal Dul hydropower project and the 330 MW Krishnaganga hydroelectric project in Jammu and Kashmir's Kishtwar district were both started by the Indian government in May 2018. In addition, nations like Japan, Vietnam, and South Korea have invested in the hydropower industry, expanding the hydro turbine market. Being the largest end consumer of hydro turbines, the hydropower sector has seen tremendous expansion in Asia-Pacific in recent years and is predicted to experience the fastest growth. The three economies with the quickest growth rates are in the Asia Pacific: Vietnam, China, and India. Due to investments in off-grid energy production and rural electrification, the Asia Pacific market is anticipated to expand throughout the forecast period. Asia-Pacific has a high demand for energy and excellent hydropower potential.

The U.S. market will expand on favorable government measures to promote the adoption of renewable technologies. Soaring investments to refurbish the existing hydropower facilities will further complement the business growth. In 2017, the U.S. Department of Energy (D.O.E.) announced to offer of USD 30.6 million in Recovery Act funding for seven hydropower projects to modernize existing facilities. The rapid adoption of sustainable generation technologies to supplement the nation's nuclear baseload will stimulate the France hydropower turbine market. For instance, the Government of France has set a target to enhance the hydropower capacity by at least 3GW by 2020. The positive government initiatives to encourage the adoption of renewable technology will cause the U.S. market to grow. Increased spending to upgrade the current hydropower plants will further support the firm's expansion. The U.S. Department of Energy (D.O.E.) stated in 2017 that it would provide USD 30.6 million in Recovery Act money for seven hydroelectric projects to upgrade current facilities. France's market for hydropower turbines will grow quickly as sustainable energy technologies replace the country's nuclear baseload. As an illustration, the French government has set a goal to increase hydropower capacity by at least 3GW by 2020. Angola market is predicted to exceed 1 G.W. by 2025.

Global Hydro Turbine Market: Competitive Landscape

Toshiba Energy Systems & Solutions introduced the "Renewable Energy Aggregation Service" as a support service for renewable energy power providers in May 2022. By F.Y. 2025, the entire V.P.P. division at Toshiba Group is expected to generate around 21 billion yen sales. Siemens Energy and Voith Hydro, a German technology business of the Voith Group, focused on hydropower, established a joint venture in October 2021. According to estimates, this will allow Siemens Energy to concentrate exclusively on moving and storing energy, decarbonizing business operations, and producing electricity with minimal or no CO2 emissions.

Few of the players in the Hydro Turbine Market include General Electric Co., Toshiba Energy, Harbin Electric Machinery, Kirloskar Brothers Ltd, ANDRITZ AG, Canyon Industries Inc, Cornell Pump Co, Gilbert Gilkes & Gordon, WWS Wasserkraft GmbH, Siemens AG, and Canadian Hydro Components Ltd.

Global Hydro Turbine Market is Segmented as Below:

By Head Type

  • Low Head
  • Medium Head
  • High Head

By Type

  • Impulse Turbine
  • Pelton Turbine
  • Cross Flow Turbine
  • Reaction Turbine
  • Kaplan Turbine
  • Francis Turbine
  • Bulb Turbine

By Installation Site

  • Pico Hydro Plants
  • Micro Hydro Plants
  • Mini Hydro Plants
  • Large Hydro Plants

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Hydro Turbine Market

  • Hydro Turbine Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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