Wilmington, Delaware, May 02, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Hydropower Turbines Market by Type (Reaction Turbine and Impulse Turbine) and Application (Power Generation, Power Storage, Marine, Aeronautics, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "hydropower turbines market" was valued at $3.2 billion in 2023, and is estimated to reach $5.2 billion by 2033, growing at a CAGR of 4.9% from 2024 to 2033.
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Prime determinants of hydropower turbine market growth
The global hydropower turbine market is experiencing growth due to several factors such increase in demand for renewable energy sources, concerns about climate change and carbon emissions reduction, and technological advancements related to hydropower turbine design and efficiency. However, the high initial investment costs for hydropower projects and regulatory hurdles associated with dam construction hinder market growth. Moreover, the expansion of hydropower capacity in developing regions provides opportunities for expanding the hydropower turbine market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $3.2 billion |
| Market Size in 2033 | $5.2 billion |
| CAGR | 4.9% |
| No. of Pages in Report | 300 |
| Segments Covered | Type, Application, and Region |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; and South Africa. |
| Drivers |
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| Opportunity |
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| Restraint |
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The reaction turbine segment is expected to grow faster throughout the forecast period.
By type, the reaction turbine held the highest market share in 2023, accounting for nearly two-thirds of the hydropower turbine market revenue. Reaction-type turbines dominate the hydropower market due to their high efficiency in converting water kinetic energy into electrical power, suitability for a wide range of flow conditions, and reduced environmental impact. They effectively harness low and medium-head water sources, making them ideal for diverse hydroelectric installations. However, the impulse turbine segment is projected to attain the highest CAGR of 5.3% from 2024 to 2033. The impulse turbine is the fastest-growing segment in the hydropower turbine market due to its high efficiency in converting kinetic energy from water jets into mechanical energy, suitability for high-head, low-flow applications, and minimal environmental impact, making it ideal for small-scale and run-of-river installations.
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The power generation segment dominates the market by 2033
By application, the power generation segment held the highest market share in 2022, accounting for more than half of the hydropower turbine market revenue, and is estimated to dominate during the forecast period as these turbines are essential for converting water flow into electrical energy efficiently. As demand for renewable and clean energy sources intensifies globally, hydropower remains a pivotal, reliable source, driving the continuous need for effective hydropower turbines in electricity production.
The Asia-Pacific segment dominates the market by 2033
Region-wise, Asia-Pacific held the highest market share in 2022, accounting for nearly half of the hydropower turbine market revenue, and is estimated to dominate during the forecast period. However, the Asia-Pacific segment is projected to attain the highest CAGR of 5.2% from 2024 to 2033. This is mostly due to its abundant water resources, rapid economic growth, increasie in energy demands, and significant governmental support for renewable energy. Countries such as` China and India are investing heavily in hydropower projects to meet their growing power needs sustainably.
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Leading Market Players: -
- Siemens AG
- General Electric CO.
- ANDRITZ AG
- Cornell Pump CO.
- Gilbert Gikes & Gordon Ltd.
- Toshiba Energy
- Harbin Electric Machinery
- WWS Wasserkraft GmbH
- Canyon Industries Inc.
- Kirloskar Brothers Ltd.
The report provides a detailed analysis of these key players in the hydropower turbine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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