Hydro turbine generator units are an integral component of hydroelectric power plants and are used for converting the kinetic energy of flowing water into electric energy. These units consist of a turbine that uses water flow to turn its shaft connected to an electric generator to produce electricity. Hydro turbine generator units offer clean, renewable, and cost-effective power generation. The global increasing energy demand along with supportive policies promoting the shift towards renewable sources of energy is fueling the demand for hydro turbine generator units.
The global 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 key trends:
The demand for hydro turbine generator units is being driven by the increasing construction of new hydropower projects worldwide, especially in Asia Pacific and South America. Countries worldwide are extensively investing in hydropower projects to meet their goals of increasing the share of renewable energy in total electricity generation. In addition, technological advancements focused on increasing the efficiency and reliability of hydro turbine generator units are expected to further fuel their adoption. Key players in the market are actively developing advanced hydro turbine generator units with increased power ratings and performance to capitalize on the lucrative growth opportunities.
Segment Analysis
The global Hydro Turbine Generator Unit market is dominated by the impulse turbines segment. Impulse turbines dominate as they can handle a wide range of heads and flows. They are suitable for small to medium-sized hydro projects with heads between 15-500 meters. Francis turbines are the most commonly installed impulse turbines globally owing to their high efficiency across a wide range of net heads. They operate at heads ranging from 15-800 meters and are used extensively in mini, micro, small and large-scale hydropower projects.
Key Takeaways
The global Hydro Turbine Generator Unit Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market is expected to reach a value of US$ 10144.49 Mn by 2023 and anticipated to grow at a CAGR of 8.5% during 2023-2030.
Regional analysis
Asia Pacific region currently dominates the global market and is expected to be the fastest growing region during the forecast period. This is owing to increasing investments in renewable energy and rising number of small hydropower projects in countries such as China, India, Japan, and Southeast Asian countries. Europe and North America are also significant markets driven by refurbishment and upgradation activities of aging hydropower infrastructure in the regions.
Key players
Key players operating in the Hydro Turbine Generator Unit market include 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.
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