USD 2.30 billion
Hydropower Turbine Market Size, Share, Growth Analysis, By Type(Kaplan, Francis, Pelton, and Turgo), By Application(Onshore and offshore), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2085 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Hydropower Turbine Market Insights
Hydropower Turbine Market size was valued at USD 2.30 billion in 2021 and is poised to grow from USD 2.4 billion in 2022 to USD 3.47 billion by 2030, at a CAGR of 4.7 % during the forecast period (2023-2030).
The global hydropower turbine market is a thriving and dynamic sector that plays a pivotal role in the renewable energy landscape. Hydropower, harnessed through turbines that convert the energy of flowing water into electricity, has been a long-standing and reliable source of clean energy. It is an essential component of the world's efforts to transition towards sustainable power generation and reduce carbon emissions. The hydropower turbine market benefits from various drivers, such as increasing global energy demands, rising concerns over climate change and environmental sustainability, and government initiatives promoting renewable energy development.
Moreover, technological advancements in turbine designs and manufacturing processes have significantly enhanced their performance and efficiency, driving further market growth. Despite its tremendous potential and contributions to green energy, the market faces certain challenges, such as the high initial investment costs and environmental concerns related to dam construction. Nevertheless, ongoing research and development efforts, along with supportive policies and incentives, continue to bolster the market's progress and attract investments from both public and private sectors. As the world embraces the urgent need for sustainable energy solutions, the global hydropower turbine market stands poised for substantial growth and innovation. With a strong foundation in proven technologies and a growing interest in emerging applications, hydropower turbines are set to play a vital role in the global energy transition, paving the way for a cleaner and greener future.
US Hydropower Turbine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
onshore
Fastest Growth
onshore
Growth Rate
4.7% CAGR
Global Hydropower Turbine Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Hydropower Turbine Market Segmental Analysis
The global hydropower turbine market is segmented on the basis of type, application, and geography. By type, the market is classified into Kaplan, Francis, Pelton, and Turgo. By application, the market is divided into onshore and offshore. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Hydropower Turbine Market Analysis By Type
The largest segment is the awe-inspiring Kaplan turbines. Capturing a significant market share of over 45%, Kaplan turbines have emerged as the prime choice for their exceptional efficiency and adaptability. These turbines are specifically designed to harness low head hydropower resources, making them a preferred option for many hydroelectric projects worldwide.
Not far behind is the Pelton turbine, the fastest-growing segment of the market. Boasting a staggering growth rate of over 30% in recent years, The surge in demand for clean and sustainable energy sources has fueled the growth of Pelton turbines, as governments and enterprises worldwide recognize the immense potential of these turbines to transform water's kinetic energy into electricity. As climate concerns intensify, the Pelton turbine is set to maintain its rapid growth trajectory and contribute significantly to the global hydropower revolution.
Hydropower Turbine Market Analysis By Application
The largest segment, reigning supreme with a commanding share of over 80%, is the resolute onshore domain. With seamless integration into existing water infrastructures and proximity to energy consumption centers, onshore hydropower turbines have become the stalwarts of the industry, driving forward the green energy revolution with their reliability and efficiency.
Yet, shining bright on the horizon as the fastest-growing segment is the captivating offshore realm. Surging at an astonishing rate of over 50% in recent years, offshore hydropower turbines embody innovation and ambition. Harnessing the untapped potential of vast ocean currents and powerful tides, these turbines present an unparalleled opportunity to expand renewable energy horizons. As advancements in technology and engineering overcome the challenges of offshore installations, the allure of this segment grows exponentially, attracting visionary investors and governments keen to embrace the boundless energy of the seas.
Global Hydropower Turbine Market by appliation
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Hydropower Turbine Market Regional Insights
The global hydropower turbine market, a force of nature in the renewable energy realm, unfolds a captivating tale of regional prowess and explosive growth. Among the diverse landscapes it encompasses, the dominating region that commands attention is Asia-Pacific. With its vast array of river systems and mountainous terrains, Asia-Pacific stands tall as the heartland of hydropower, reigning over the market with an awe-inspiring share. Countries like China, India, and Vietnam spearhead this dominance, harnessing the immense potential of their natural resources and propelling the region towards a greener, more sustainable energy future. The allure of Asia-Pacific lies in its visionary commitment to clean energy, spurring investments, technological advancements, and supportive policies that amplify the hydropower turbine market's growth, while cultivating a verdant legacy for generations to come.
Amid this flourishing landscape, the fastest-growing region that beckons the world's attention is Latin America. A breathtaking tableau of untamed rivers and lush landscapes, Latin America embarks on a riveting journey towards harnessing its hydroelectric potential. Countries like Brazil, Colombia, and Peru are leading the charge, capitalizing on their vast water resources to embrace hydropower on an unprecedented scale. The region's rapid economic development, coupled with an urgent focus on sustainable energy alternatives, has spurred a hydropower revolution, igniting the demand for cutting-edge turbine technologies. As Latin America's hydroelectric ambitions cascade with unyielding force, it surges ahead as the beacon of growth and innovation in the global hydropower turbine market, carving its path towards a brighter, greener, and more electrifying future.
Global Hydropower Turbine Market By Geography
- Largest
- Fastest
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Hydropower Turbine Market Dynamics
Hydropower Turbine Market Drivers
Renewable Energy Transition
- The urgent need to transition towards renewable energy sources to combat climate change and reduce carbon emissions has led to a significant surge in the demand for hydropower turbines. Hydropower, being a clean and sustainable energy option, has become a focal point of global efforts to achieve energy sustainability.
- Ongoing research and development efforts have led to innovations in turbine designs, materials, and manufacturing processes, enhancing their efficiency and performance. Advancements in digitalization and smart grid integration have also contributed to the market's growth.
Hydropower Turbine Market Restraints
High Initial Investment
- The construction of hydropower plants and installations of turbines involve significant upfront capital investments. The high initial costs can deter potential investors and limit the growth of the market, especially in developing regions with constrained financial resources.
- The increasing competitiveness of other renewable energy sources like solar and wind power presents alternatives for clean energy generation. The hydropower turbine market faces competition from these sources, particularly in regions with abundant solar or wind potential.
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Hydropower Turbine Market Competitive Landscape
The global hydropower turbine market presents a fiercely competitive landscape, where key players vie for supremacy and innovation holds the key to success. These giants invest heavily in research and development, striving to improve turbine efficiency, enhance environmental sustainability, and optimize power generation capabilities. Additionally, collaborations and strategic partnerships between major players and local firms are becoming increasingly common, enabling them to access new markets, expand their product portfolios, and fortify their positions globally. In this cutthroat environment, a relentless focus on cutting-edge technology, cost-effectiveness, and customer-centric solutions is the key to not only surviving but thriving in the ever-evolving global hydropower turbine market. As the race for cleaner and greener energy intensifies, these competitive dynamics continue to shape the industry, propelling it forward towards a more sustainable and electrifying future.
Hydropower Turbine Market Top Player’s Company Profiles
- Siemens AG - Germany
- Andritz AG - Austria
- Voith GmbH - Germany
- Alstom SA - France
- Harbin Electric Corporation - China
- Toshiba Corporation - Japan
- China Three Gorges Corporation - China
- Bharat Heavy Electricals Limited (BHEL) - India
- Mitsubishi Hitachi Power Systems, Ltd. - Japan
- Dongfang Electric Corporation - China
- HydroChina Corporation - China
- GE Hydro - France (a subsidiary of General Electric Company)
- IMPSA - Argentina
- GE Renewable Energy - USA (a subsidiary of General Electric Company)
- Energo-Pro a.s. - Czech Republic
- RusHydro - Russia
- Alfa Laval AB - Sweden
- Toshiba Energy Systems & Solutions Corporation - Japan
- The Weir Group PLC - United Kingdom
Hydropower Turbine Market Recent Developments
- In May 2022, G.E. Renewable Energy made a groundbreaking move by securing a significant contract to implement a substantial technological improvement at the Itaipu hydropower facility in Brazil and Paraguay.
- In February 2022, ANDRITZ, an esteemed international technology company, achieved a remarkable feat by modernizing the second generating unit of Nigeria's renowned Jebba hydropower facility.
Hydropower Turbine Key Market Trends
Hydropower in Combination with Other Renewables
- Hybrid power projects combining hydropower with other renewable energy sources, like solar and wind, emerged as an attractive option. These hybrid systems provided a more stable and consistent power supply by leveraging the complementary nature of different renewables.
- Floating hydropower installations on water bodies gained attention as a promising solution to utilize existing reservoirs and water resources effectively. Floating turbines offered flexibility and ease of installation, especially in areas where traditional hydropower projects were not feasible.
Hydropower Turbine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, The global hydropower turbine market is an integral part of the world's transition towards sustainable and renewable energy sources. It plays a crucial role in meeting the growing global energy demands while reducing greenhouse gas emissions and combating climate change. The market's key analysis reveals several prominent trends and factors driving its growth. Firstly, there is a rising focus on environmental sustainability, prompting a push for more efficient and eco-friendly hydropower turbine technologies. Manufacturers are investing in research and development to design turbines that have minimal environmental impacts, considering factors like fish passage and river ecosystem preservation.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.30 billion |
| Market size value in 2031 | USD 3.47 billion |
| Growth Rate | 4.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hydropower Turbine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hydropower Turbine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hydropower Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydropower Turbine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydropower Turbine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hydropower Turbine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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