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Hydropower Turbine Market Size, Scope Analysis, Key Insights, Leading Key Players, And Forecast To 2033
Hydropower Turbine Market Size
According to The Business Research Company's, The hydropower turbine market size has grown strongly in recent years. It will grow from $1.91 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to continued government support and policies, energy transition towards renewables, increased demand for clean energy, infrastructure investments and hydropower development, hydropower integration with energy storage.
The hydropower turbine market size is expected to see strong growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to government incentives and policies, increasing demand for renewable energy, infrastructure development, cost competitiveness, reliable and baseload power generation. Major trends in the forecast period include product developments, technological advancements, hydropower-led rural electrification, hydropower retrofitting and upgrading.
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Market Drivers and Trends:
The increasing hydroelectricity usage is expected to propel the growth of the hydropower turbine market going forward. Hydroelectricity is electricity created by harnessing the energy of flowing or falling water. Hydroelectricity usage provides a stable and secure energy source, contributing to energy security with minimal greenhouse gas emissions. Hydropower turbines play a crucial role in converting the motion energy of flowing water into physical energy, which is then transformed into electrical energy by a generator. For instance, in July 2023, according to the International Energy Agency, a Paris-based autonomous intergovernmental organisation, hydroelectricity generation climbed by over 70 TWh (2%) to 4,300 TWh in 2022. Additionally, in Europe, the change in hydropower output in 2023 was 58 TWh, with a percentage change of 10.3%. Therefore, increasing hydroelectricity usage is driving the hydropower turbine market.
Major companies operating in the hydropower turbine market are focusing on advancements in turbine technology, such as VETT-in-a-Box, to strengthen their product offering and position in the market. VETT-in-a-Box is a plug-and-play micro hydropower system that can produce power from small rivers, wastewater outflows, lock gates, or canals with a head drop of only two meters. For instance, in February 2022, VerdErg Renewable Energy Ltd., a UK-based company that manufactures and markets hydropower technologies, launched VETT-in-a-Box. This unique solution is a comprehensive small hydropower system enclosed in a transportable container, making it simple to install and operate. VETT-in-a-Box can produce electricity for essential needs in remote, off-grid locations worldwide and can replace diesel-powered generators. It uses VerdErg's unique venturi technology to reach ultra-low-head areas and is intended to cut production and installation costs through standardized components.
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Major Key Players of the Market:
General Electric, Toshiba Corporation, Andritz AG, Fuji Electric Co. Ltd., Dongfang Electric Corporation Ltd., Voith Group, Harbin Electric Corporation, Ansaldo Energia SpA, UCM Resita SA, Gammon India Ltd., IMPSA SA, Tyazhmash AO, Azad Engineering Company, Gilbert Gilkes and Gordon Ltd., MAX-tec Wasserkraft AG, Wasserkraft Volk AG, HS Dynamic Energy Co.Ltd., Addnew Technologies Limited, Alps Power Technologies (P) Limited, Entec AG, Derwent Hydro, Evans Engineering Ltd., Heidra Ltd., Zhefu Holding Group Co Ltd., and ProViento S.A.
Hydropower Turbine Market 2024 Key Insights:
• The Hydropower Turbine Market is expected to grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Increasing Hydroelectricity Usage Fuels Hydropower Turbine Market Growth
• Micro Hydropower Systems Revolutionize The Hydropower Turbine Market
• Asia-Pacific was the largest region in the hydropower turbine market in 2023. The regions covered in the hydropower turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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