July 21, 2024

Renewable Hydropower Growth To Boost The Global Hydro Turbine Generator Unit Market

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 Overview:

Hydro turbine generator units are machines used to convert energy from moving water in rivers, streams or other sources into electricity. They consist of a turbine, generator and alternator integrated as a single unit. Hydro turbines utilize the energy of moving water to rotate a shaft connected to an electric generator. The predominant types of hydro turbines used include impulse turbine and reaction turbines. Hydro power provides a clean, renewable and reliable source of energy with minimal carbon emissions. As governments focus on increasing the share of renewable energy in the overall energy mix, hydropower projects are gaining momentum globally.

Market key trends:

One of the major trends in the hydro turbine generator unit market is the increasing focus on developing mini and micro hydropower projects. Mini hydropower projects generate up to 1 MW of power while micro hydropower projects generate up to 100 kW of power. These small scale projects are gaining prominence due to their flexibility and ability to provide remote off-grid power in difficult terrains. They have lower installation and operational costs and shorter gestation periods compared to large hydropower projects. Growing investements in small hydropower are expected to drive the demand for hydro turbines in the forecast period. Furthermore, technological advancements aimed at improving turbine efficiency, longevity and reducing environmental impacts are some other key trends paving the growth of the hydro turbine generator unit market.

Porter’s Analysis

Threat of new entrants: The hydro turbine generator unit market requires high initial investments to establish manufacturing plants. Further, the market is witnessing dominance of established players and buyers preferring reputed brands. This poses threat of new entrants in the market.

Bargaining power of buyers: The hydro turbine generator unit market has the presence of numerous manufacturers. This gives buyers leverage to negotiate pricing with suppliers. Also, switching costs in the market are low as there are many alternatives available.

Bargaining power of suppliers: Key components required for hydro turbine generator units such as turbines and generators are available from a limited number of specialized suppliers globally. This gives them bargaining power against buyers.

Threat of new substitutes: There exists substitutes such as gas and steam turbines used for power generation. However, hydro turbine generator units have significantly lower running costs and are well-suited for locations with abundant water resources.

Competitive rivalry: The hydro turbine generator unit market has presence of numerous global and regional players. Competition is mainly based on product quality, price, product innovation and brand value.

Key Takeaways

The Global Hydro Turbine Generator Unit Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing Need for renewable energy sources in both developed and developing nations.

Asia Pacific region dominates the global market and accounts for more than 35% of the overall consumption. Countries such as China, India, Japan, and Southeast Asian nations are driving the demand. Rapid industrialization, urbanization and growing power needs are augmenting the growth of the regional market.

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.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it