Global Hydro Turbine Generator Unit Market is Estimated to Account for US$ 9,510.0 Mn by End of 2027, Says Coherent Market Insights (CMI)

SEATTLE–(BUSINESS WIRE)–#HydroTurbine–A water turbine is a rotating machine that converts mechanical energy of water to electrical work through the process of turbine rotation. The device rotates and the rotating motion is obtained by the use of a pump. These turbines are very useful in desalinating water and also in heating water as they do not use the steam turbines. Water turbines are very efficient when it comes to producing electricity but the amount of electricity produced is directly related to the efficiency of the turbine.

The global Hydro Turbine Generator Unit market is estimated to account for 9,510.0 Mn in terms of value by the end of 2027

Market Drivers

1. Positive outlook towards renewable energy is expected to drive growth of the global hydro turbine generator unit market during the forecast period.

   Hydroelectric power is classed as renewable energy since it relies on the Earth�s natural water cycle’s kinetic energy to generate electricity. With rising concerns regarding global warming and carbon footprint, governments of many countries across the globe are rapidly shifting towards renewable energy sources from coal and natural gas. This positive outlook has resulted in increased investment in hydroelectric projects. For instance, in January 2021, the Government of India approved a US$ 724 million investment for the 850 MW Ratle hydropower project on Chenab River in Jammu and Kashmir. Thus, such factors are expected to drive growth of the global hydro turbine generator unit market during the forecast period.

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2. Integration of IIoT with hydroelectric power is expected to propel the global hydro turbine generator unit market growth over the forecast period

   Hydropower has evolved significantly since the time of its inception with additional novel technologies. With the advent of the Industrial Internet of Things (IIoT) and Industry 4.0 solutions, hydroelectric power is expected to become significantly better. IIoT typically offers improved output, reduces operating costs, and optimizing production scheduling. IIoT devices use sensors and embedded software to collect, share, and analyze data, making the power plant far more efficient and superior. Hence, these factors are expected to propel the global hydro turbine generator unit market growth over the forecast period.

Market Opportunity:

1. Continuous research and development activities can present lucrative growth opportunities in the global hydro turbine generator unit market
2. Advent of new technologies can pose major business opportunities in the global hydro turbine generator unit market

Market Trends:

1. Hydropower plants with >100 MW are gaining major traction

   Any hydropower with a generation capacity > 100 MW is expected to gain significant traction in the global hydro turbine generator unit market. In these types of power plants, large amounts of water drive turbines wherein dams are required to store water in lakes, rivers, and reservoirs. The stored water can be used for power generation along with industrial, domestic, and agricultural use.

2. Impulse hydropower turbine is expected to gain rapid traction

   Impulse hydropower turbine is expected to witness wider adoption due to wide acceptability across the low flow and high head applications. Since impulse hydropower turbines are cost-effective, simple in design, and low maintenance, the demand for such turbines is expected to surge in the near future.

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Competitive Landscape:

Major companies involved in the global hydro turbine generator unit market are Andritz AG, WWS Wasserkraft GmbH, General Electric, Dongfeng Electric Machinery Co., Toshiba Energy Systems & Solutions Corporation, Hitachi Mitsubishi Hydro Corporation, Bharat Heavy Electricals Limited (BHEL), Harbin Electric International Company Limited, and Gilbert Gilkes & Gordon Ltd.

For instance, in December 2020, GE Renewable Energy entered into an agreement with BE Power to boost a 400 MW pumped hydro storage project in Australia.

Market Segmentation:

• By Component: Turbine and Generator
• By Turbine Type: Pelton Turbine, Francis Turbine, Kaplan Turbine, Turgo Turbine, Bulb Turbine, Crossflow Turbine, and Others
• By Generating Unit Capacity: (< 50MW (Small Hydro), 50 – 100MW (Medium Hydro), and > 100MW (Large Hydro)
• By Technology: Impulse Turbines and Reaction Turbines
• By Product Type: Refurbished and New

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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