The hydro turbine generator unit is a mechanical and electrical device that is used to convert the kinetic energy of moving water into mechanical energy and then into electrical energy. Hydro turbine generator units mainly consist of a turbine, generator and connecting shaft and are an integral part of hydropower plants. They convert the energy of falling or flowing water into electrical energy using the principle of electromagnetic induction. Hydropower plants provide a clean source of electricity without producing carbon emissions. The electricity generated from hydropower plants is then supplied to both residential and commercial sectors for various end-use applications. Hydro turbine generator units have several advantages such as reliability, low operation and maintenance costs and long operational life. With growing environmental concerns, governments across the globe are promoting renewable energy sources like hydropower to reduce dependence on fossil fuels.
The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 10 billion in 2024 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 key trends:
One of the key trends in the Global hydro turbine generator unit market size is the increasing investment in small hydro power projects. Small hydropower refers to hydropower projects that typically have a generating capacity of up to 25 MW. These projects are tapping the potential of smaller water streams and canals to generate electricity. They have lower construction costs as compared to large hydropower projects. Several countries are focusing on developing small hydropower as it provides a decentralized source of renewable energy. For instance, according to the International Journal of Renewable Energy Research, China has the largest small hydropower installed capacity in the world and has set a target to increase its small hydropower capacity from 25 GW to 30 GW by 2020. Similarly, India’s government has set an ambitious target of installing 5,000 MW of small hydropower capacity by 2022 as part of its renewable energy goals. Growing investments in small hydro projects will fuel the demand for hydro turbine generator units during the forecast period.
Threat of new entrants: The threat of new entrants is moderate due to high initial investments required to set up new manufacturing units and comply with strict regulations.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing hydro turbine generator units.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers for hydro turbine generator units.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives available for hydroelectric power generation.
Competitive rivalry: The competitive rivalry is high among key players to gain higher market share.
The global Hydro Turbine Generator Unit Market is expected to witness high growth.
Regional analysis: The Europe region is also exhibiting significant growth due to favorable government policies and initiatives supporting the development of renewable energy sources. Countries such as Russia, Norway, and Switzerland have vast hydropower potential which is being tapped through new project developments.
Key players operating in the Hydro Turbine Generator Unit market are Andritz, GE, Hitachi Mitsubishi Hydro, Toshiba, Harbin Electric, Dongfang Electric, Power Machines, and BHEL.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it