Soaring Demand Set to Propel Hydropower Turbine Market to $2.55 Billion by 2029

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What Is the Expected CAGR for the Hydropower Turbine Market Through 2025?
In the previous years, the hydropower turbine market experienced a stable expansion. Forecasts predict its rise from $2.04 billion in 2024 to $2.13 billion in 2025, representing a compound annual growth rate (CAGR) of 4.6%. Factors like sustained governmental backing and policies, a shift towards renewable energy, higher demand for clean energy sources, infrastructure investments, and advancements in hydropower, as well as its integration with energy storage systems, contributed to this growth in the historic period.

What's the Projected Size of the Global Hydropower Turbine Market by 2029?
It is anticipated that the hydropower turbine market will experience consistent expansion in the forthcoming years. The market is set to increase to $2.55 billion by the year 2029, with a compound annual growth rate (CAGR) of 4.5%. This expected growth in the forecast period is due to government incentives and policies, the rising need for renewable energy, infrastructure growth, cost competitiveness, and dependable, consistent power generation. The forecast period will also see significant trends such as product innovations, advancements in technology, rural electrification led by hydropower, as well as retrofitting and upgrading of hydropower.

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Top Growth Drivers in the Hydropower Turbine Industry: What's Accelerating the Market?
The hydropower turbine market is set to benefit from the escalating usage of hydroelectricity. Hydroelectricity, an energy type harnessed from the action of falling or flowing water, offers a reliable and secure energy solution. It aids in achieving energy security while keeping greenhouse gas emissions low. Hydropower turbines are instrumental in this process; they convert the kinetic energy of the moving water into mechanical energy, which a generator then changes into electrical power. As an illustration, the International Energy Agency, an independent intergovernmental organization in Paris, revealed that hydroelectricity production rose by more than 70 TWh (2%) to 4,300 TWh in 2022 in July 2023. Furthermore, in Europe, the shift in hydropower production in 2023 was 58 TWh, marking a 10.3% change. This indicates how the growing consumption of hydroelectricity propels the advancement of the hydropower turbine market.

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What Trends Will Shape the Hydropower Turbine Market Through 2029 and Beyond?
Key players in the hydropower turbine sector are prioritizing technology improvements, notably the VETT-in-a-Box innovation, to improve their products and solidify their market share. The VETT-in-a-Box is a compact, ready-to-use micro hydropower system that generates power from small rivulets, wastewater discharges, canal lock gates, or waterways with a modest two-meter head drop. As an example in February 2022, VerdErg Renewable Energy Ltd., a UK-based firm specializing in the creation and distribution of hydropower technologies, introduced the VETT-in-a-Box. This one-of-a-kind solution comprises a small hydropower system inside a transportable casing, facilitating installation and operation. The VETT-in-a-Box is capable of meeting essential electricity needs in remote, off-grid areas globally, potentially supplanting diesel generators. It leverages VerdErg's exclusive venturi technology to access extremely low-head zones and aims to reduce manufacturing and setup expenses through standardized components.

What Are the Main Segments in the Hydropower Turbine Market?
The hydropower turbine market covered in this report is segmented -

1) By Type: Reactive, Impulse, Gravity, Other Types
2) By Head Type: Low Head Turbine (Upto 30m), Medium Head Turbine (30-300m), High Head Turbine (above 300m)
3) By Installation: Small (Upto 1MW), Medium (1MW-10MW), Large Hydro Power Plant (Above 10 MW)
4) By Application: Power Generation, Power Storage, Marine, Aeronautics

Subsegments:
1) By Reactive: Francis Turbines, Kaplan Turbines, Propeller Turbines
2) By Impulse: Pelton Turbines, Turgo Turbines, Crossflow Turbines
3) By Gravity: Waterwheel Turbines, Archimedes Screw Turbines
4) By Other Types: Vortex Turbines, Free-flow Turbines, Hydraulic Ram Turbines

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Which Top Companies are Driving Growth in the Hydropower Turbine Market?
Major companies operating in the hydropower turbine market are 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.

Which Regions Will Dominate the Hydropower Turbine Market Through 2029?
Asia-Pacific was the largest region in the hydropower turbine market in 2024. 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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