The Hydro Turbine Generator Unit Market is estimated to be valued at Us$ 10144.49 Mn in 2023 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydro turbine generator units are used to convert the kinetic energy of flowing water into electric energy. It consists of a turbine which converts water’s potential energy into mechanical rotational energy and a generator which converts mechanical rotational energy into electrical energy. These units are used in hydropower projects to generate electricity from running water sources like rivers, dams etc.
Market Dynamics:
The hydro turbine generator unit market is driven by increasing investments in renewable energy projects globally. Government support through incentives and subsidies to develop new hydropower projects will boost the demand for hydro turbine generator units over the forecast period. Additionally, growing emphasis on utilizing clean and green energy sources to reduce dependence on fossil fuels will also contribute to the market growth. However, high initial investment costs associated with hydropower projects and construction of dams can restrain the market. Long approval and installation time required for hydro projects also challenges the growth of this market.
SWOT Analysis
Strength: Hydro turbine generator units offer clean, renewable and carbon-free energy. They are an established technology with design modifications enabling higher power outputs. Many countries are investing in hydro power projects to meet climate targets.
Weakness: Large-scale hydro projects require extensive infrastructure like dams and reservoirs leading to very high upfront investment costs. Environmental and social impact assessments can delay projects. Remote Himalayan regions in South Asia pose logistical challenges for installation and maintenance.
Opportunity: Emerging markets in South Asia, Africa and Latin America provide opportunities due to improving energy demand and financial support through international climate funds for green energy projects. Recent technological advances have made mini/micro hydro systems viable for small villages further expanding the addressable market.
Threats: Geological uncertainties and unforeseen challenges during construction can impact project schedules and budgets. Changes in precipitation and glacial melting due to climate change threatens the long term viability of some hydro projects dependent on consistent water availability.
Key Takeaways
The Global Hydro Turbine Generator Unit Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing investments in renewable energy capacity additions globally to meet emission reduction targets. Asia Pacific dominates currently due to high hydropower potential in China, India and Southeast Asia accounting for over 50% market share. The region is forecasted to retain its dominance, growing at a CAGR of around 9% during the analysis period.
Regional analysis
Europe is the second largest hydro turbine generator unit market supported by favorable renewable energy policies in countries like Norway, Sweden, Switzerland and Austria. Growing focus on small hydro projects across rural Europe driven by distributed energy models will support ongoing installations.
Key players operating in the hydro turbine generator unit market are Andritz AG, General Electric, The Voith Group, Toshiba Energy Systems & Solutions Corporation, Harbin Electric International Company Limited, Dongfeng Electric Machinery Co., Ltd., Power Machines, Hitachi Mitsubishi Hydro Corporation, IMPSA, Zhefu Holding Group Co., Ltd., Bharat Heavy Electricals Limited (BHEL), Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Limited, WWS Wasserkraft GmbH, FLOVEL Energy Private Limited, and Litostroj Power.
English
Arabic
Français
Español
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian