Hydro turbine generator units are essential components in hydroelectric power plants used to convert potential energy of water into electrical energy through the rotation of turbine blades attached to a generator. Advantages of hydro turbines over other renewable energy sources include lower emission levels, lower running costs, longer operational lifespan. Hydropower provides reliable base load power and acts as an important source of renewable energy.
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 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased hydropower capacity additions across developing nations provide a major market opportunity for hydro turbine generator unit providers. According to the International Renewable Energy Agency (IRENA), global hydropower capacity is projected to grow by over 450 GW between 2019 and 2024, with new additions concentrated in China, Sub-Saharan Africa, and Latin America. Countries like China, India, Brazil, Ethiopia and DRC are investing heavily in large-scale hydropower projects to meet rising electricity demand and replace retiring thermal power plants. This surge in hydropower installations will propel the demand for efficient hydro turbine generator units during the forecast period. Manufacturers can capitalize on this opportunity by developing optimized products tailored for tropical climate conditions and collaborating with hydropower project developers in high growth regions.
Porter's Analysis
Threat of new entrants: Low as this is a capital intensive industry requiring huge investments to develop products.
Bargaining power of buyers: Moderate as there are few large buyers in the form of utility companies investing in renewable energy projects.
Bargaining power of suppliers: Moderate as suppliers need to maintain long term relationships with OEMs and buyers.
Threat of new substitutes: Low as hydro power offers clean renewable energy with minimal operating costs.
Competitive rivalry: High as key global players compete on technology, innovation, quality and pricing.
SWOT Analysis
Strength: Proven technology with high efficiency and reliability. Growing global focus on renewable energy reduces operating costs over the long term.
Weakness: High initial investment costs. Operations dependent on water availability.
Opportunity: Increasing hydropower capacity additions globally to meet renewable energy targets. Growth in markets like Asia Pacific and Latin America.
Threats: Delays or cost overruns in new project implementations. Fluctuating costs of key raw materials.
Key Takeaways
The global Hydro Turbine Generator Unit market Share is estimated to be valued at US$ 10144.49 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
The global Hydro Turbine Generator Unit market is expected to witness high growth over the forecast period led by the Asia Pacific region. Countries like China, India and Japan are focusing on expanding their hydropower capacities to reduce fossil fuel dependence and meet renewable energy targets. The region is expected to continue its lead through 2030 backed by large planned hydropower projects, supportive government policies and growing power demands in emerging economies.
Key players operating in the Hydro Turbine Generator Unit market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy's Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. These players are focusing on expanding capacities, new product developments and global footprint through partnerships.
For more insights, read- https://www.newsanalyticspro.com/hydro-turbine-generator-unit-market-trends-size-and-share-analysis/
