Global Hydro Turbine Market Report and Forecast 2024-2032

Global Hydro Turbine Market Outlook

The global hydro turbine market attained a value of nearly USD 2.33 billion in 2023. The market is projected to grow at a CAGR of 3.30% between 2024 and 2032 to reach a value of around USD 3.13 billion by 2032.

Key Trends in the Market

A hydro turbine, also known as a water turbine, refers to a device which is used to convert energy generated by moving water into mechanical energy or electricity. Runner, wicket gates, stays, stay vanes, and draft tubes, among others, are the major components of a hydro turbine.

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• Technological advancements and innovations are some of the crucial trends driving the hydro turbine market. There is an increasing integration of AI and IoT in hydro turbines to enhance their overall efficiency, prevent unplanned downtime, optimise maintenance, and maximise power output.

• Rapid expansion of energy-intensive sectors, such as construction and healthcare, especially in emerging economies, is fuelling the reliance on hydropower as an electricity source, hence driving the demand for hydro turbines. In addition, the growing demand for low-cost and reliable energy and the increasing focus to enhance electricity accessibility in rural and remote areas are likely to provide impetus to the market for hydro turbine in the coming years.

• Rapid transition from fossil fuel-based energy generation methods towards renewable electricity generation, including hydropower, owing to the increasing awareness pertaining to climate change, is further bolstering the hydro turbine market growth.

Market Analysis

Based on type, the market is segmented into reaction turbine and impulse turbine. On the basis of capacity, the market is classified into small (less than 10MW), medium (10–100MW), and large (greater than 100MW). The major regional markets for hydro turbine are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global hydro turbine market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• General Electric Company

• ANDRITZ AG

• LITOSTROJ POWER d.o.o

• Voith GmbH & Co. KGaA

• Canyon Hydro

• Cornell Pump Company

• Toshiba Corporation

• Canadian Hydro Components Ltd.

• WWS Wasserkraft GmbH

• Gilbert Gilkes & Gordon Ltd

• Others

Market Share by Type

The reaction turbine segment accounts for a significant share of the hydro turbine market. Reaction turbine offers significant advantages such as high blade efficiency, availability of both kinetic and pressure energy, and low design complexity, among others. Moreover, due to the high hydraulic efficiency and compact size of reaction turbines, they are widely preferred in sites with higher flows and lower heads.

Market Share by Region

The Asia Pacific accounts for a healthy share in the hydro turbine market. The increasing investments towards developing hydro power plants across emerging economies, such as India and China, by both governments and private players are driving the market in the region.

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In addition, factors such as rapid industrialisation and urbanisation, the surging population levels, the rising focus on sustainability, and growing electricity demand are likely to boost the reliance on hydropower and bolster the demand for hydro turbines in the forecast period.

Competitive Landscape

General Electric Company is a multinational conglomerate which provides energy solutions, services, and equipment, including hydro turbines. The company is headquartered in Massachusetts, the United States, and it aims to advance a low-carbon future through its innovative technologies.

ANDRITZ AG is a technology company that offers innovative solutions aimed for the metals, hydro, marine, thermal power, automation, and pulp and paper sector, among others. It was established in 1852 and is currently headquartered in Graz, Austria.

LITOSTROJ POWER d.o.o is a leading industrial manufacturer which manufactures hydro turbines, pumps, valves and gates, and several automated products. It was founded in 1848 and is headquartered in Ljubljana, Slovenia.

Other market players include Voith GmbH & Co. KGaA, Canyon Hydro, Cornell Pump Company, Toshiba Corporation, Canadian Hydro Components Ltd., WWS Wasserkraft GmbH, and Gilbert Gilkes & Gordon Ltd, among others.

Key Highlights of the Report