The Global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 10 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Hydro turbine generator units are equipment used to convert kinetic energy of moving water into electrical energy. They consists of turbines that spin when force of moving water hits the turbine blades and a generator that converts the kinetic energy of the spinning turbine into electrical energy. Hydro turbine generator units provide clean, renewable and cost-effective source of electricity. With rising concerns about climate change and focus on developing renewable sources of energy, hydropower is gaining prominence globally.
Market key trends:
The development of renewable energy sources is expected to drive the Global hydro turbine generator unit market size over the forecast period. Many countries are increasingly investing in hydropower projects to meet their rising electricity demand and replace conventional power sources to reduce carbon footprint. As per estimates, hydropower already accounts for over 16% of the global electricity generation. Government incentives and policies encouraging private sector participation are also fueling investments in small and large hydropower projects worldwide.
SWOT Analysis
Strength: Hydro turbines provide renewable energy source with low operational costs. They have a long lifespan of over 30 years with minimal maintenance requirements.
Weakness: High initial investment costs associated with development of dams and tunnels for water supply to turbines. Remote locations of some hydro projects increase construction challenges and costs.
Opportunity: Increasing global focus on green and renewable energy provides opportunities to invest in large and small-scale hydro projects. Growing energy demands in developing countries will likely increase hydropower capacity additions.
Threats: Disruption to water supply due to climate change induced irregular rainfall or drought conditions can impact power output. Delays in getting regulatory approvals for new dams and environment clearances pose project execution risks.
Key Takeaways
The global Hydro Turbine Generator Unit market is expected to witness high growth.
Regional analysis: Asia Pacific region currently dominates the global market and is expected to grow at a high rate during the forecast period as well. China, India, Japan, and Indonesia are major markets in the region and are likely to be key drivers of future installations.
Key players operating in the Hydro Turbine Generator Unit market are Andritz Hydro, Voith, GE, Siemens, Cornel Pumps, BHEL, Gilbert Gilkes & Gordon Ltd, Kirloskar Brothers Limited. Small and medium manufacturers from China and Japan are also gaining prominence with competitive products for small hydro installations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it