Hydropower Turbine Market Report Scope & Overview:

The Hydropower Turbine Market size was valued at USD 2.33 billion in 2023 and is expected to grow to USD 3.55 billion by 2031 and grow at a CAGR of 5.4% over the forecast period of 2024-2031.

The "head" or height of the standing water and the flow, or volume of water over time, at the site are the two factors that determine the type of hydropower turbine that will be used for a project. Cost, turbine efficiency, and the depth at which the turbine must be installed are further determining considerations. When a runner is positioned directly in the water stream, water flows over the blades as opposed to striking them one at a time. Reaction turbines are the most common type of turbine utilized at sites with higher flows and lower heads.

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The most prevalent kind currently utilized in the United States has a taller head and higher flows. The basic principle behind a hydropower turbine is similar to that of a wind turbine, were the movement of air (wind) turns the turbine blades, generating electricity. In the case of a hydropower turbine, the force of moving water, either from a river, dam, or other water ‘Sources, causes the turbine blades to rotate. The rotation of the turbine is then transferred to a generator, which produces electrical energy. There are several types of hydropower turbines, each designed to work optimally under different water flow conditions. Some common types include Francis Turbine, this type of turbine is suitable for medium to high water heads and moderate to high flow rates. It has both radial and axial flow components and is commonly used in hydroelectric power plants. Kaplan turbines are ideal for low to medium water heads and high flow rates. They have adjustable blades, allowing for better efficiency over a wide range of operating conditions.

MARKET DYNAMICS

KEY DRIVERS:

• Increasing need for clean energy power generation technology

• Rising demand for electricity

• Rising Demand for Cheap Electricity

Since hydropower generation doesn't produce greenhouse gases or other air pollutants, it has become more common to build and implement hydropower projects as a superior renewable source of electricity. Up to 90% of the energy in water can be converted into electric energy by hydro turbines. The cost of producing hydroelectricity has decreased as a result of technological advancements and great efficiency. The price of According to estimates, the cost of producing hydropower is around 40% less than it would be if fossil fuels were used.

RESTRAIN:

• High Upfront cost

OPPORTUNITY: 

• Flexible in Technology

• Growing demand for renewable energy and clean energy

CHALLENGES:

• Technological innovation and rapid development

The market will be driven by rising investments made in replacing outdated, dirty, and unsustainable power generation techniques. For instance, the European Union's authorities have set goals to reduce carbon by encouraging the use of renewable resources, it is possible to reduce emissions levels by 20% by 2020. The market will grow as a result of ongoing technological advancements in turbine design and the incorporation of IIOT devices to increase efficiency. By integrating a tiny hydropower generator into an existing water channel, electricity may be produced effectively.

IMPACT OF ONGOING RECESSION

Manufacturing for clean energy is a field that is becoming more and more significant both domestically and internationally. It has been promoted as a source of new employment opportunities in the United States in a sector of the economy that was severely affected by the recession. The U.S. Department of Energy (DOE) sponsors the Clean Energy Manufacturing Analysis Centre (CEMAC), which carries out reliable, impartial, timely, consistent, and industry-relevant studies of clean energy technology. In this project, the National Renewable Energy Laboratory (NREL) and Oak Ridge National Laboratory (ORNL) worked together to conduct a manufacturing and supply chain analysis of hydropower, with a focus on the small hydropower (SHP) market in the United States. The goal was to gain knowledge about supply chain limitations, manufacturing costs, location factors, and opportunities for hydropower using advanced manufacturing technologies.

KEY MARKET SEGMENTATION

By Head Type

• Low Head

• Medium Head

• High Head

By Type

• Impulse Turbine

• Pelton Turbine

• Cross Flow Turbine

• Reaction Turbine

• Kaplan Turbine

• Francis Turbine

• Bulb Turbine

By Installation Site

• Pico Hydro Plants

• Micro Hydro Plants

• Mini Hydro Plants

• Large Hydro Plants

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REGIONAL ANALYSIS

The North American, European, Asian Pacific, Latin American, Middle Eastern, and African segments of the worldwide hydro turbine market. The largest source of renewable energy in North America, which primarily consists of hydroelectric power, is found in the United States and Canada. 7% of the total electricity generated is produced by hydroelectric power plants. The market for hydro turbines is anticipated to rise as a result of emerging technologies and growing attention to renewable energy sources.

In northern Europe and the Alpine region, hydropower is an established technology. In terms of producing hydroelectricity, nations like Norway, Sweden, France, Italy, and Austria are at the top of the list in Europe. Investing in refurbished and modernized existing facilities is a current trend in pumped storage hydro small stations to reduce environmental concerns.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• The 'Renewable Energy Aggregation Service' was introduced by Toshiba Energy Systems & Solutions in May 2022 as a help service for renewable energy power producers. By FY 2025, Toshiba Group hopes to have generated sales from the whole VPP business of over 21 billion yen.

• In October 2021, Siemens Energy and Voith Hydro, a German technology business with a focus on hydropower, formed a joint venture. Siemens Energy is expected to be able to concentrate primarily on transferring and storing energy, decarbonizing industrial processes, and producing electricity as a result of this with little to no emissions of CO2.   

KEY PLAYERS

The Major Players are Harbin Electric Machinery, WWSs Wasserkraft GmbH, Gilbert Gilkes & Gordon Ltd., Siemer AG, Canyon Industries Inc., ANDRITZ AG, General Electric Co., Cornell Pump Co., Toshiba Energy. Kirloskar Brothers Ltd. and Other Players

Harbin Electric Machinery-Company Financial Analysis