by Hydro turbine generator unit, also known as hydroelectric turbine, is a device used to convert kinetic energy of flowing water into mechanical energy of rotation in order to drive an electrical generator that produces electricity. Hydro turbine generator units work on the principle of dynamic action of run-of-river or stored water released from a reservoir through a turbine fitted with blades that extract kinetic energy from flowing water for converting it into electricity. The global hydro turbine generator unit market is estimated to be valued at US$ 7 Billion in 2024.
The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 7 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:
The growing adoption of renewable energy sources across the globe has increased the demand for hydro turbine generator units significantly over the past few years. According to the International Renewable Energy Agency, renewable energy accounts for around 26% of global electricity production in 2019 up from around 19% in 2014. The increasing focus on developing zero carbon emission energy resources to reduce dependence on fossil fuels has boosted the adoption of hydroelectric power plants worldwide. This rapid growth in hydropower installations is one of the major factors responsible for driving the hydro turbine generator unit market.
SWOT Analysis
Strength: Hydro turbine generator units offer clean, renewable and efficient source of energy generation. They can operate for long durations with very low maintenance requirements.
Weakness: High initial setup and installation costs. Geographic constraints as suitable river basins/dams are required.
Opportunity: Increasing global focus on renewable and clean energy sources provides growth opportunities. Investments in new hydroelectric projects worldwide will boost demand.
Threats: Natural calamities like floods can damage hydroelectric infrastructure. Sharp fluctuations in water levels affect power output of hydro turbines.
Key Takeaways
The Global Hydro Turbine Generator Unit Market Size is expected to witness high growth. The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 7 Billion in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
Regional analysis comprises Asia Pacific dominates the global market currently due to large number of hydroelectric projects in countries like China and India. The region is estimated to continue its dominance during the forecast period supported by ongoing projects.
Key players operating in the hydro turbine generator unit market are Andreotti Impianti, Kirloskar Brothers Limited, Canadian Hydro Components Ltd., The James Leffel & Co, WWS Wasserkraft GmbH, Gilkes, Cornel Pumps, FLOVEL, GERenewableEnergy, Wärtsilä.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
