Hydro turbines are electro-mechanical devices that convert kinetic energy from moving water into mechanical energy by driving a rotor to rotate. The most common hydro turbines include impulse turbines and reaction turbines. Impulse turbines redirect the flowing water onto small buckets attached to a spinning wheel or rotor. Reaction turbines use the entire mass and pressure of water to turn curved vanes attached to a rotor. The rotational energy produced by the turbine is then used to drive an electrical generator that generates electricity. Hydro turbine generator units find widespread applications in hydropower plants for electricity generation using hydroelectricity. The hydropower plant harnesses the energy of falling or flowing water and uses it to generate renewable and emission-free electricity.
The global hydro turbine generator unit market is estimated to be valued at US$ 11,686.46 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As mentioned in the heading, growing investment into renewable energy is expected to flourish the hydro turbine generator unit market over the coming years. Governments across the globe are encouraging and offering incentives for investments in renewable energy projects including hydropower plants to reduce reliance on fossil fuels and meet sustainability goals. Many countries have set ambitious targets of increasing the share of renewable energy including hydropower in the overall energy mix. This is anticipated to drive demand for hydro turbine generator units for construction of new hydropower plants as well as modernization and upgradation of aging ones globally. Further, rising need for alternative baseload power generation amid shutdown of coal and nuclear power plants due to their high carbon footprint will also boost the adoption of hydro turbines and related equipment.
Segment Analysis
The global hydro turbine generator unit market is dominated by large capacity hydro turbine generator unit segment accounting for over 55% of the market share. The large units with capacity above 100mw are preferred for large hydro power projects involving generation of bulk power. These large units are suitable for generation of power from large hydroelectric dams and reservoirs. The large units offer advantages of economies of scale during manufacturing and high power generation capacity per unit.
PEST Analysis
Political: Favorable government policies and regulations supporting development of clean energy infrastructure and hydropower projects creates stable demand for hydro turbine generator units. Economic: Growth in power consumption along with integration of renewable energy into mainstream power supply drives demand for installation of new hydro power projects and replacement of aging units. Social: Rising awareness about climate change and need for sustainable energy sources increases social acceptance for hydropower projects. Technological: Advancements in design and materials enable development of more efficient and reliable hydro turbine generator units capable of operating over long lifetimes in toughest conditions.
Key Takeaways
The global hydro turbine generator unit market share is expected to witness high growth over the forecast period supported by favorable government policies promoting renewable energy along with rising power demand globally. The Asia Pacific region currently dominates the market backed by rapid infrastructure development and economy growth in major countries like China and India. Key players operating in the hydro turbine generator unit market include Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc.
Regional analysis
Asia Pacific region holds over 45% share of the global market led by China, India and other developing economies rapidly investing in new hydropower generation capacities. The favorable government policies, growing electricity demand and integration of renewable sources into mainstream power supply are fueling new hydro project implementations and upgradations in the region.
Key players
Key players operating in the hydro turbine generator unit market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. These leading manufacturers are focusing on developing highly efficient hydro turbine generator units with longer operational lifetimes and advanced monitoring and control systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it