by The Hydro Turbine Generator Unit Market is estimated to be valued at Us$ 10144.49 Mn or 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 utilized in hydroelectric power plants to convert kinetic energy of flowing water into electrical energy. They consist of a turbine that rotates due to flow of water, which is connected to an electrical generator that converts mechanical energy of rotating turbine into electrical energy. The main types of hydro turbines used are Francis, Kaplan, Pelton and bulb turbines. The hydro turbine generator units are widely utilized by utilities, industries and other commercial establishments to fulfill their electricity needs in a sustainable manner.
Market Dynamics:
Two main drivers contributing to the growth of hydro turbine generator unit market are rising focus on renewable sources of energy and increasing investments in hydroelectric projects. With growing environmental concerns, many countries are promoting increased adoption of clean sources of energy like hydro, solar and wind to reduce dependence on fossil fuels. According to International Renewable Energy Agency (IRENA), global hydropower generation increased by 20% from 2004 to 2021 and hydropower accounted for over 16% of global electricity production in 2021. Moreover, large hydroelectric projects are being undertaken across various countries to meet rising electricity demand and ensures energy security. For instance, governments in countries like China, Brazil, India and Canada are investing heavily in constructing new hydroelectric dams and modernizing the existing infrastructure. This will boost the demand for hydro turbine generator units during the forecast period.
Segment Analysis
The hydro turbine generator unit market can be segmented on the basis of type into impulse turbine and reaction turbine. The reaction turbine segment dominates the market as it provides advantages such as operating efficiently at a wide range of net heads. Reaction turbines can generate power efficiently even at heads as low as 10 meters, while impulse turbines need minimum net head of around 30 meters to operate effectively.
PEST Analysis
Political: Favorable government policies and regulations supporting investment in renewable energy sources are boosting the hydro turbine generator unit market.
Economic: Growing demand for clean and inexpensive electricity coupled with declining costs of hydro power generation are fueling the market growth.
Social: Increasing awareness about climate change and focus on reducing carbon emissions are positively impacting the adoption of hydroelectric power plants using turbine generator units.
Technological: Advancements in turbine design and manufacturing technologies are improving efficiency and reliability of hydroelectric power generation systems.
Key Takeaways
The Global Hydro Turbine Generator Unit Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand for renewable energy sources. The market size for 2023 is estimated at US$ 10144.49 Mn.
Asia Pacific is expected to dominate the global market during the forecast period. China, India, Japan, and Southeast Asian countries are witnessing rapid urbanization and industrialization, driving the demand for electric power in the region. Hydropower remains an integral part of the energy mix in Asia Pacific, supporting the hydro turbine generator unit market.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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