Hydro turbine market is anticipated to grow at a considerable CAGR of 5.1% during the forecast period (2024-2031). Hydro turbines are devices used in hydroelectric generation plants that transfer the energy from moving water to a rotating shaft to generate electricity. These turbines rotate or spin as a response to water being introduced to their blades. These turbines are essential in the area of hydropower - the process of generating power from water.  

Market Dynamics

Growing Investment in Developed and Developing Nations 

The majority of currently under construction hydroelectric projects are in Asia-Pacific, with some instances including Wudong-de Hydropower Station (10.2GW), Seli (400MW), Miyar (120MW), and Baihetan Hydropower Project (16GW). China produced around 4-5 times more hydropower than the US in 2020. Additionally, the expansion of investment opportunities in brand-new hydropower projects supports the market expansion in Asia-Pacific. As a result, the market growth is positively impacted by the industry participants' increased interest and the substantial investments in medium and large hydropower projects.

Initiatives and Subsidies from the Government 

Several government initiatives are anticipated to open up profitable opportunities for industry participants. For instance, the Energy Policy Act of 2005's Section 242 authorized financial incentives to support the creation of hydroelectricity in 2014. According to this statute, participants in the industry can expect maximum payments of $750,000 annually and up to 1.8 cents per kilowatt hour (kWh) of energy produced. Additionally, under the renewable electricity production tax credit program, industry participants are eligible to collect tax credits worth up to 1.1 cents per kWh. This is expected to motivate more consumers to invest actively in the hydraulic turbine mark and accelerates the market's expansion.

Market Segmentation

Our in-depth analysis of the global hydro turbine market includes the following segments by technology, and capacity:

• Based on technology, the market is sub-segmented into reaction and impulse.

• Based on capacity, the market is bifurcated into small (less than 10mw), medium (10mw - 100mw) and large (greater than 100mw).

Impulse is Projected to Emerge as the Largest Segment

Based on the technology, the global hydro turbine market is sub-segmented intoreaction and impulse. Among these, the impulse sub-segment is expected to hold the largest share of the market.In an impulse turbine, the rotor blades are shaped like a buck and are appropriate for high water heads. The change in momentum moves the turbine blades after being struck by the water jet, and the kinetic energy from the water pressure is directed at the turbine blades. The water flow strikes the turbine blades tangentially in an impulse turbine. Pelton wheel, cross-flow turbine, and other popular impulse turbine designs are only a few. Due to increased demand from chemical and pharmaceutical companies, small and medium-sized hydropower plants, and other industries, the impulse turbine segment is anticipated to dominate during the forecast period.

Medium 10MW-100MW) Sub-segment to Hold a Considerable Market Share

The 10 MW and above rating is mainly utilized for power production and heavy industrial uses, such as the chemical and pharmaceutical sectors. Additionally, this works well for providing energy in large and medium-sized urban regions. Such massive hydropower projects typically use hydroelectric dams. However, such projects also make use of run-of-the-river and pumped-storage technology. The industrial and commercial end-user market expansion is anticipated to be driven by increased demand for sustainable energy solutions. The demand for hydraulic turbines is expected to increase significantly over the forecast period as governments worldwide turn to renewable energy sources. 

Regional Outlook

The global hydro turbine market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Global Hydro Turbine Market Growth by Region 2024-2031

Asia-Pacific Holds Major Market Share

Among all the regions, Asia-Pacific holds a significant share in the global market. China was the fastest growing country with respect to installed capacity of hydro power in 2018, adding 8.54GW. Over 90.0% of the added capacity in Asia-Pacific came from China, including 1.5 GW from pumped storage, which increased China's total installed capacity to 352 GW. This, in turn, is expected to create ample opportunities for the hydro turbine market.In May 2018, the Government of India initiated the 1000 MW Pakal Dul hydroelectric project and the 330 MW Krishnaganga hydroelectric project in Jammu and Kashmir's Kishtwar district. Moreover, countries such as Japan, Vietnam and South Korea have been investing in hydro power sector, promulgating the hydro turbine market.The hydro power industry, being the biggest end user of hydro turbines, has witnessed a significant growth in the recent years in Asia-Pacific.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global hydro turbine market include Andritz AG, General Electric Co., Litostroj Power Group and Siemens AG, among others.The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.In September 2022, Contract awarded to ANDRITZ for providing technical services and electro-mechanical equipment for Vietnam's Ialy hydropower plant extension project. An order for the complete electro-mechanical equipment and technical assistance for the Ialy hydropower plant extension project in the Vietnamese provinces of Gia Lai and Kon Tum was given to the international technology company ANDRITZ by Vietnam Electricity (EVN), an influential economic group in the country's energy sector. The Ialy hydropower plant's total installed capacity will rise to 1,080 MW after the installation, increasing more than 30%. In 2025, the project is anticipated to be finished.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global hydro turban market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.