by Hydro turbines are electrical generators used to convert energy from moving water into electric power. They are essential equipment in hydropower stations and are used to transmit power from falling or flowing water into electrical energy. Hydro turbines are available in various designs such as impulse turbines and reaction turbines. Impulse turbines like Pelton wheels and cross-flow turbines are commonly utilized for high head applications while reaction turbines like Francis and Kaplan turbines are generally employed for medium and low head applications.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the hydro turbine generator unit market is the increasing focus on the installation of low and ultra-low head hydro power plants. These plants are installed at locations with a very low head ranging from 1-30 meters. They provide an effective solution for generating power from rivers that have low flow but high currents. This technology allows for power generation even from locations that were earlier deemed unviable. With technological advancements, manufacturers are developing hydro turbines and generators that are optimized for low and ultra-low head conditions. This growing market segment opens new opportunities for industry players.
Porter’s Analysis
Threat of new entrants: Low, since this market requires large capital investments and established distribution channels. There are stringent regulations around power generation which acts as a barrier.
Bargaining power of buyers: High, as there are many turbine generator unit manufacturers. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: Moderate, as suppliers of raw materials like steel have established relationships with manufacturers. Suppliers also have capabilities to produce for other industries.
Threat of new substitutes: Low, as hydropower is one of the most economical and reliable sources of renewable energy compared to other substitutes.
Competitive rivalry: High, as top players compete on technology, quality, price and customer service. Manufacturers focus on innovations to gain market share.
Key Takeaways
The Global Hydro Turbine Generator Unit Market Demand is expected to witness high growth. 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.
Regional analysis: Asia Pacific region dominates the market currently due to high investments in hydropower projects by China, India, Japan and other developing nations. Countries are focusing on developing renewable sources as part of their climate change initiatives. North America and Europe are also major markets driven by government push for clean energy.
Key players: Key players operating in the Hydro Turbine Generator Unit market are Siemens, ANDRITZ, Toshiba, Harbin Electric, Dongfang Electric, Power Machines, Hitachi Mitsubishi Heavy Industries, Turbohyd, Zhefu and Bhel. Turbine manufacturers are expanding their product portfolio with customized solutions to tap new growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
