Hydro turbine generator units are electromechanical devices used in hydroelectric power plants to convert kinetic energy of falling or flowing water into electric energy. Hydro turbine generator units consist of a turbine and an electrical generator joined together on a common shaft. The turbine uses kinetic energy from flowing water to turn the shaft, which turns the generator’s coils within a magnetic field, inducing electricity. The main components of a hydro turbine generator unit are turbine, shaft, generator(stator & rotor), bearings, draft tube, and control systems. There are different types of hydro turbines such as Pelton wheel, Francis turbine, Kaplan turbine, and bulb turbine depending on head and flow of water. Major end-uses of electricity generated from hydro turbine generator units include residential, commercial, and industrial.
The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 8.2 billion in 2023 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.
The hydro turbine generator unit market is expected to be flourished by rising demand for renewable energy sources. According to the International Energy Agency, hydropower accounts for 16% of the total worldwide electricity generation and 71% of worldwide renewable electricity generation. Growing emphasis on developing renewable and clean energy resources to reduce dependence on fossil fuel-based power generation and to mitigate greenhouse gas emissions is driving the growth of the hydro turbine generator unit market. Furthermore, the increasing power demand around the world due to rapid urbanization and industrialization is also fueling the hydro turbine generator unit market growth. However, the high initial investment cost for hydroelectric power projects might hinder the market growth.
The hydro turbine generator unit market is dominated by the large capacity segment which accounts for over 50% share. Large capacity hydro turbine generator units with capacity range of 100-250 MW are highly popular for large hydroelectric power plants. These large units are capable of supplying bulk power for utilities and industrial operations. The demand for such high capacity hydro turbine units have been rising from developing regions of Asia Pacific and South America to meet the increasing energy needs.
Political: Favorable government policies and regulations regarding promotion of renewable energy and hydro power plants in various countries is aiding the growth of hydro turbine generator unit market.
Economic: Growing investments in construction of new hydroelectric projects and expansion of existing plants to ensure energy security is boosting demand for hydro turbines.
Social: Rising global focus on environment sustainability and use of clean resources for power generation is creating growth opportunities for hydro power technology. Technological: Advancements in design and materials of turbine components is improving efficiency. Use of 3D modeling and simulation tools during engineering is enhancing performance of hydro turbine units.
The Global Hydro Turbine Generator Unit Market Growth is expected to witness high. The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 7.5 billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
The Asia Pacific region dominates the global market and is expected to maintain its leading position during the forecast period. Countries like China, India, Japan and Southeast Asian nations are witnessing rising investments to boost hydropower infrastructure which will push the demand for hydro turbine units in coming years.
Key players related content comprises Key players operating in the hydro turbine generator unit market are ANDRITZ, GE Renewable Energy, Hitachi Mitsubishi Hydro, Toshiba, IMPSA, Voith, Harbin Electric and Dongfang Electric.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it