Hydro turbine generator units play an indispensable role in hydroelectric power generation by efficiently converting kinetic energy of flowing water into electrical energy. They come equipped with advanced features such as adjustable guide vanes, wicket gates, and governing system which helps in precisely controlling the amount of water flow and output power. Rising concerns over carbon emissions from conventional power plants have boosted the deployment of clean energy alternatives like hydro power.
The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 5.6 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased deployment of hydro power plants driven by supportive government initiatives towards cleaner energy sources is a major trend fueling the demand for hydro turbine generator units. Many countries worldwide have launched national missions and programs targeting higher renewable energy capacity additions including hydro power. For instance, the Indian government has set an ambition target of achieving 475 GW of renewable energy capacity by 2030 with substantial contribution from large, medium and small hydro projects. This in turn is expected to propel the sales of hydro turbine generator units in the country during the forecast period. Growing investments in refurbishment and modernization of aging hydroelectric infrastructure also provides lucrative opportunities for hydro turbine generator unit manufacturers.
Segment Analysis
The hydro turbine generator units market can be segmented on the basis of turbine type into impulse turbines and reaction turbines. The reaction turbines segment accounts for the major market share as it has become more common due to its higher efficiencies. Reaction turbines like Francis turbines and Kaplan turbines require considerably lower installation and maintenance costs as compared to impulse turbines like Pelton turbines. This has made reaction turbines such as Francis turbines, which are suitable for a wide range of head and flow conditions, the dominating segment in this market.
Key Takeaways
The Global Hydro Turbine Generator Unit Market Demand is expected to witness high growth. The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 5.6 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023-2030.
The Asia Pacific region is expected to be the fastest growing as well as the dominating regional market due to the presence of major emerging economies like China and India that are focusing on hydropower generation to meet their growing energy needs in a sustainable manner. This is mainly due to the optimal hydrological conditions and huge hydropower potential in these countries. Additionally, supportive government policies promoting renewable energy coupled with significant investments in hydropower projects are propelling the adoption of hydro turbine generator units. The need to shift from conventional power sources to greener alternatives is also driving the market in the region.
Key players
Key players operating in the Hydro Turbine Generator Unit market are Andritz, Voith, GE Renewable Energy, Toshiba, Dongfang Electric, BHEL, Hitachi Mitsubishi, Harbin Electric, IMPSA, Zhefu.
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