Wilmington, Delaware, United States, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The hydro turbine market was estimated to have acquired US$ 2.2 billion in 2021. It is anticipated to register a 5.0% CAGR from 2022 to 2031, and by 2031, the market is likely to gain US$ 3.6 billion.
As the focus on decentralized energy generation grows, small and micro hydro turbines are gaining prominence. These compact turbines can be installed in remote areas, offering off-grid power solutions, particularly in developing regions where electricity access is limited.
Hydrokinetic turbines, which generate power from the kinetic energy of flowing water without the need for dams or reservoirs, are gaining traction. They are particularly suitable for river and tidal applications and can expand the use of hydropower in various locations.
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With aging hydro installations, there is a growing need for advanced maintenance and monitoring solutions. Companies specializing in turbine condition assessment, predictive maintenance, and asset optimization are poised for growth. Integrating hydropower with other renewable sources like solar and wind to form hybrid energy systems is an exciting avenue. These combinations offer consistent power generation, overcoming the intermittent nature of some renewables.
Turbine manufacturers are exploring ways to reduce the environmental impact of hydropower installations. Fish-friendly turbines and habitat restoration projects are emerging opportunities in the quest for sustainable energy development. The synergy between hydropower and energy storage is a promising avenue. Pumped hydro storage, in particular, is gaining attention for its ability to store excess energy and release it when demand peaks.
Global Hydro Turbine Market: Key Players
The global hydro turbine market is fiercely competitive, with a mix of established manufacturers and innovative entrants shaping the industry. Leading players such as General Electric, Voith Group, and Andritz AG dominate with extensive portfolios and global reach. These companies consistently invest in research and development to improve turbine efficiency and performance.
Smaller, niche firms, like Toshiba Hydro Power and Mavel, are gaining prominence with specialized offerings and technological advancements. As the world increasingly embraces clean energy solutions, this dynamic market is evolving. Turbine manufacturers are focusing on eco-friendly designs, efficient maintenance solutions, and adaptability to capture a share of the growing global hydropower sector. The following companies are well-known participants in the global hydro turbine market:
- General Electric Co.
- ANDRITZ AG
- Toshiba Energy
- Harbin Electric Machinery
- Kirloskar Brothers Ltd.
- Siemens AG
- Canyon Industries Inc.
- Cornell Pump Co.
- Gilbert Gilkes & Gordon
- WWS Wasserkraft GmbH
- Canadian Hydro Components Ltd
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Key Findings of the Market Report
- Low head turbines dominate the hydro turbine market due to their versatility and extensive use in a wide range of low-flow applications.
- Francis turbines dominate the hydro turbine market with their versatility and efficiency, making them a popular choice for hydropower generation.
- Large hydro plants dominate the hydro turbine market, delivering substantial electricity production and contributing significantly to global hydropower capacity.
Market Trends for Hydro Turbines
- Increasing use of digital technologies for turbine operation and maintenance, improving efficiency and reducing operational costs.
- A focus on upgrading existing hydropower plants with more efficient turbines to maximize power output and extend the lifespan.
- Enhanced grid compatibility, allowing for smoother integration of hydropower into national and regional energy grids.
- Growing adoption in emerging markets, especially in Africa and South America, due to untapped hydropower potential.
- Greater use of sustainable materials and practices in turbine construction to reduce the environmental impact of hydropower projects.
Global Market for Hydro Turbine: Regional Outlook
- North America boasts established hydropower infrastructure, with the United States and Canada leading the way. Investments in turbine technology upgrades and capacity expansion, as well as a focus on sustainability, are driving market growth.
- Europe, with its commitment to renewable energy, continues to invest in hydro turbines. Countries like Norway, Sweden, and Switzerland are prominent contributors to the regional market, aligning with ambitious clean energy targets.
- Asia Pacific is a key growth hub, with countries like China and India embracing hydro turbine technology for their burgeoning energy needs. The region's extensive river networks and emphasis on sustainable power generation make it a hotbed for hydropower investments.
Product Portfolio
- General Electric offers a diverse product portfolio in the hydro turbine market, featuring a wide range of advanced hydroelectric turbines and associated systems, contributing to sustainable energy generation.
- ANDRITZ AG provides an extensive product range in the hydro turbine sector, encompassing turbines and associated solutions for efficient and environmentally responsible hydropower generation.
- Toshiba Energy specializes in high-quality hydroelectric turbines and related equipment, offering innovative solutions for clean energy production and grid integration.
Global Hydro Turbine Market Segmentation
Head Type
- Low Head
- Medium Head
- High Head
Type
- Impulse Turbine
- Pelton Turbine
- Cross Flow Turbine
- Reaction Turbine
- Kaplan Turbine
- Francis Turbine
- Bulb Turbine
Installation Site
- Pico Hydro Plants
- Micro Hydro Plants
- Mini Hydro Plants
- Large Hydro Plants
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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