by Hydro turbine generator units are responsible for converting the kinetic energy of flowing water into electrical energy. They play a crucial role in hydropower plants which help generate clean and renewable electricity from rivers and dams. Hydroelectric power provides various advantages like low operating costs, no greenhouse gas emissions and stable energy output. With global efforts to reduce carbon footprint and transition towards more sustainable sources, the demand for hydro power projects is rising significantly.
The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 10144.49 Mn 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 key trends
The growing need for renewable sources of energy is one of the major trends boosting the hydro turbine generator unit market. With depleting fossil fuel reserves and rising environmental concerns, many countries are focusing on developing alternative clean energy solutions. Hydropower as a renewable source satisfies a major portion of the global electricity demand and accounts for over 16% of the total electricity generation worldwide. Ongoing projects to upgrade aging hydropower infrastructure as well as construction of new plants will drive the demand for hydro turbine generator units during the forecast period.
SWOT Analysis
Strength: Hydro turbine generators are a renewable source of energy production that does not produce greenhouse gases. They can effectively harness the power of moving water to generate electricity.
Weakness: Hydropower projects require large initial investments and have long payback periods. They are also dependent on river flows, which may fluctuate with weather patterns.
Opportunity: Many countries are shifting focus towards developing renewable sources of energy to reduce carbon emissions. The growing demand for electricity also provides opportunities to set up new hydro power plants.
Threats: Changes in climate and rainfall patterns due to global warming pose a threat by causing uncertainty in river flows on which these projects depend. Rising costs of components and labor can impact project viability.
Key Takeaways
The global Hydro Turbine Generator Unit Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 10144.49 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.
Asia Pacific currently dominates the market with the largest share. Countries like China, India, and Japan are focusing on increasing hydropower capacity to meet their renewable energy production targets. Due to abundant river systems and growing power needs, the Asia Pacific region is expected to remain the fastest growing as well as the largest market for hydro turbine generators.
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. These companies are focusing on capacity expansion, new product launches, and contracts for hydropower projects to strengthen their presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
