The global Hydro Turbine Generator 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 systems used in hydroelectric power plants to convert kinetic energy of flowing water into electric energy. They consist of turbines which rotate under the force of falling or flowing water and generators which convert the rotational energy of turbines into electrical energy. Hydro turbine generator units offer clean, renewable and reliable source of electric power generation.
Market key trends:
One of the key trends in the hydro turbine generator market is the increasing adoption of variable speed hydro turbines. Variable speed turbines allow facilities to operate across a wide range of flow conditions and optimize generation by maximizing capture of available energy in the water. They provide improved efficiency over conventional fixed speed turbine designs. Variable speed turbines help in improving plant efficiency by capturing hydraulic energy at partial loads and tailoring the unit's speed according to the water flow conditions. This results in maximum energy production throughout variable hydraulic conditions.
Segment Analysis
The global hydro turbine generator unit market is segmented based on type and application. Based on type, the market is segmented into reaction turbine and impulse turbine. The reaction turbine segment is expected to dominate the market during the forecast period. Reaction turbines, like Francis and Kaplan turbines, are more efficient than impulse turbines for a wide range of net head values. Based on application, the market is segmented into small hydro power (below 1 MW), medium hydro power (1-25 MW), large hydro power (above 25 MW). The large hydro power segment holds the largest share in the market and is expected to dominate during the forecast period. This is due to the growing demand for large scale renewable energy projects globally.
Key Takeaways
The Global Hydro Turbine Generator Unit Market Demand is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing investments in renewable energy projects globally.
Regional analysis:
Asia Pacific accounts for the largest share in the global hydro turbine generator unit market currently and is expected to dominate during the forecast period. This can be attributed to rapid urbanization and industrialization in countries like China and India, resulting in increasing demand for clean energy.
Key players analysis:
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. These companies are focusing on new product launches and partnerships with turbine manufacturers to strengthen their presence in the market.
