Global Hydraulic Turbine Market Overview
As per MRFR analysis, the Hydraulic Turbine Market Size was estimated at 25.13 (USD Billion) in 2022. The Hydraulic Turbine Market Industry is expected to grow from 26.23(USD Billion) in 2023 to 38.6 (USD Billion) by 2032. The Hydraulic Turbine Market CAGR (growth rate) is expected to be around 4.38% during the forecast period (2024 - 2032).
Key Hydraulic Turbine Market Trends Highlighted
There is an ever-growing call for green energy in the world today, which has been a prime factor that drives up the worldwide hydraulic turbine market. It is necessary for governments and companies to change their approach to renewable energy sources, which is why hydraulic turbines have become essential components of hydroelectric power plants.
Technological advancements have also increased the efficiency of hydraulic turbines by improving blade design materials and reducing operation costs while at the same time extending their lifespan. Furthermore, market demand is fuelled by increasing emphasis on energy security and independence as they guarantee a sustainable source of electricity.
Opportunities in the market include new technologies such as variable-speed turbines that vary how much electricity they generate depending upon what it is needed for. Greater investments in hydropower projects in developing countries, specifically the Asia Pacific region and South America, provide significant growth opportunities. Improved efficiency and reduced maintenance costs are among the opportunities that can be gained from integrating hydraulic turbines with advanced control systems and digital technology.
Current trends include pumped-storage hydroelectricity, which stores excess energy during low-demand periods using hydraulic turbines and then releases it during peak periods. This enhances grid stability plus supports intermittent renewable energy integration. On another note, modular or pre-assembled designs reduce installation durations as well as costs associated with turbines when installed separately, hence driving down the price tag on them. Lastly, environmentally friendly solutions are also available in the form of fish-friendly turbines, which minimize fish mortality along with ecological impacts, thus protecting aquatic organisms.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Hydraulic Turbine Market Drivers
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Increasing Demand for Renewable Energy Sources
The growing global demand for renewable energy sources is a major driver of the hydraulic turbine market. Hydraulic turbines are used to generate electricity from the kinetic energy of flowing water, making them a clean and sustainable source of energy. As the world transitions to a low-carbon economy, the demand for hydraulic turbines is expected to increase significantly.
The increasing adoption of renewable energy policies and targets by governments around the world is also contributing to the growth of the hydraulic turbine market. The expansion of hydropower projects in developing countries is a key factor driving the growth of the hydraulic turbine market. Hydropower is a cost-effective and reliable source of electricity, making it an attractive option for countries looking to meet their growing energy needs. The growing population and increasing urbanization in developing countries are also contributing to the demand for hydraulic turbines.
Technological advancements are continuously improving the efficiency and performance of hydraulic turbines. The development of new materials and designs is enabling manufacturers to produce turbines that are more efficient and cost-effective. The increasing use of automation and control systems is also improving the reliability and operability of hydraulic turbines. The increasing demand for renewable energy sources, the expansion of hydropower projects in developing countries, and technological advancements are the major factors driving the growth of the Hydraulic Turbine Market Industry.
Government Support and Incentives
Government support and incentives are playing a significant role in driving the growth of the hydraulic turbine market. Many governments around the world have implemented policies and incentives to promote the adoption of renewable energy technologies. These policies include tax credits, subsidies, and feed-in tariffs. Government support is particularly important in developing countries, where the cost of hydropower projects can be high.
The availability of government incentives can make hydropower projects more financially viable and attractive to investors. The increasing focus on sustainable development and climate change mitigation is also encouraging governments to support the adoption of renewable energy technologies. The Hydraulic Turbine Market Industry is expected to benefit from continued government support and incentives. As governments around the world continue to implement policies to promote renewable energy, the demand for hydraulic turbines is expected to increase.
Declining Costs and Improving Efficiency
The declining costs and improving efficiency of hydraulic turbines are making them a more attractive option for renewable energy generation. The cost of manufacturing hydraulic turbines has decreased in recent years due to advancements in technology and economies of scale. The increasing availability of low-cost materials is also contributing to the decline in costs. In addition to declining costs, the efficiency of hydraulic turbines has also improved in recent years.
The development of new designs and materials has enabled manufacturers to produce turbines that are more efficient at converting the kinetic energy of water into electricity. The increasing efficiency of hydraulic turbines is making them a more cost-effective option for renewable energy generation. The declining costs and improving efficiency of hydraulic turbines are expected to continue to drive the growth of the Hydraulic Turbine Market Industry.
Hydraulic Turbine Market Segment Insights
Hydraulic Turbine Market Turbine Capacity Insights
The Hydraulic Turbine Market segmentation by Turbine Capacity is a crucial aspect of understanding the market dynamics and identifying growth opportunities. The market is segmented into three main categories: ‘<30 MW', '30-100 MW', and '>100 MW'. The ‘<30 MW' segment is expected to witness steady growth over the forecast period, owing to the increasing demand for small-scale hydropower projects in remote areas and developing economies. These turbines are suitable for applications with limited water resources and can generate electricity for local communities or industrial facilities.
The '30-100 MW' segment is anticipated to hold a significant market share, driven by the growing adoption of hydropower as a renewable energy source. Turbines in this range are commonly used in medium-sized hydropower plants and offer a balance between efficiency and cost-effectiveness. The '>100 MW' segment represents large-scale hydropower projects and is expected to exhibit moderate growth. These turbines are employed in major hydropower plants and contribute significantly to the overall power generation capacity.
However, factors such as environmental regulations and the development of alternative renewable energy sources may influence the growth of this segment.In terms of market share, the '30-100 MW' segment is projected to dominate the Hydraulic Turbine Market, capturing over 40% of the revenue by 2024. The increasing demand for hydropower in emerging markets and the expansion of existing hydropower plants are key factors driving the growth of this segment. The Hydraulic Turbine Market is expected to reach a value of USD 28.55 billion by 2024, exhibiting a CAGR of 4.67% during the forecast period. The growing awareness of environmental sustainability, coupled with government incentives and technological advancements, is fueling the market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Hydraulic Turbine Market Turbine Type Insights
The Hydraulic Turbine Market is segmented by turbine type into Pelton turbines, Francis turbines, Kaplan turbines, and tubular turbines. Among these, Francis turbines hold the largest market share due to their wide applicability in medium and high head hydropower plants. In 2023, the global market for Francis turbines was valued at USD 12.5 billion and is projected to reach USD 17.2 billion by 2032, exhibiting a CAGR of 4.1%. Pelton turbines are expected to witness a steady growth rate, owing to their suitability for high head applications.
The market for Kaplan turbines is anticipated to expand at a moderate pace, driven by their efficiency in low head hydropower plants. Tubular turbines are expected to gain traction in the coming years due to their compact size and cost-effectiveness for small hydropower projects.
Hydraulic Turbine Market Power Generation Insights
The Hydraulic Turbine Market segmentation by Power Generation includes Grid-Connected and Off-Grid. The Grid-Connected segment held a larger market share in 2023 and is projected to continue its dominance throughout the forecast period. This is attributed to the increasing demand for renewable energy sources, government initiatives to promote grid integration, and the cost-effectiveness of grid-connected systems.
Off-Grid systems are anticipated to witness a steady growth rate due to their reliability and flexibility in remote areas with limited access to electricity. The Hydraulic Turbine Market revenue for the Grid-Connected segment is projected to reach USD 22.5 billion by 2032, growing at a CAGR of 4.5%, while the Off-Grid segment is expected to reach USD 6.1 billion by 2032, growing at a CAGR of 4.0%.
Hydraulic Turbine Market Water Source Insights
The Hydraulic Turbine Market segmentation by Water Source includes Reservoir, River and Canal. The River segment held the largest market share in 2023, accounting for over 60% of the Hydraulic Turbine Market revenue. The growth of this segment can be attributed to the increasing number of hydropower projects being developed in riverine regions. For instance, in 2023, the global installed hydropower capacity from river sources was around 1,350 GW, which is expected to reach 1,600 GW by 2032, exhibiting a CAGR of 3.1%.
The increasing demand for renewable energy sources and the favorable government policies supporting hydropower development are the key factors driving the growth of this segment. The Reservoir segment is expected to witness the highest growth rate during the forecast period. The growth of this segment can be attributed to the increasing construction of dams and reservoirs for water storage and flood control purposes. For instance, in 2023, the global installed hydropower capacity from reservoir sources was around 750 GW, which is expected to reach 900 GW by 2032, exhibiting a CAGR of 3.6%.
The growing need for water security and the increasing investment in water infrastructure development are the key factors driving the growth of this segment. The Canal segment accounts for a significant share of the Hydraulic Turbine Market. The growth of this segment can be attributed to the increasing use of canals for irrigation and water transportation purposes. For instance, in 2023, the global installed hydropower capacity from canal sources was around 200 GW, which is expected to reach 240 GW by 2032, exhibiting a CAGR of 3.0%. The increasing demand for water for agricultural purposes and the growing investment in canal infrastructure development are the key factors driving the growth of this segment.
Hydraulic Turbine Market Application Insights
The Hydraulic Turbine Market segmentation by Application is primarily driven by the increasing demand for renewable energy sources. The hydropower plants segment is expected to account for the largest revenue share in the market in 2024, owing to the growing need for clean and sustainable energy generation. The tidal energy generation segment is also expected to witness significant growth in the coming years, due to the increasing focus on harnessing the power of tides for electricity generation.
The pumped-storage hydropower segment is expected to grow steadily, driven by the need for reliable and cost-effective energy storage solutions. Overall, the Hydraulic Turbine Market is expected to witness steady growth in the coming years, supported by the increasing adoption of renewable energy technologies.
Hydraulic Turbine Market Regional Insights
The regional segmentation of the Hydraulic Turbine Market showcases distinct market dynamics and growth trajectories across various geographical regions. North America is anticipated to account for a significant share of the market in 2023, driven by increasing investments in renewable energy infrastructure and favorable government policies. Europe is expected to follow closely, with a robust market for hydraulic turbines due to its commitment to sustainable energy sources and modernization of existing hydropower plants.
APAC is projected to witness substantial growth in the coming years, propelled by rapid industrialization, urbanization, and government initiatives to enhance energy security. South America and MEA are also expected to contribute to the overall market growth, albeit at a slower pace, due to ongoing infrastructure development and increasing demand for renewable energy sources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Hydraulic Turbine Market Key Players And Competitive Insights
Major players in the Hydraulic Turbine Market industry are focusing on expanding their global presence by adopting various strategies such as mergers, acquisitions, and partnerships. Leading hydraulic turbine market players are investing in research and development to introduce innovative products and solutions, which is further contributing to the development of the hydraulic turbine market. The Hydraulic Turbine Market Competitive Landscape is highly competitive, with a few major players holding a significant market share.
These players are continuously striving to gain a competitive edge by offering advanced products, cost-effective solutions, and excellent customer support. One of the prominent competitors in the Hydraulic Turbine Market is Voith Hydro. The company offers a wide range of hydraulic turbines, including Francis, Kaplan, and Pelton turbines. Voith Hydro has a strong global presence, with operations in over 40 countries.
The company is focused on providing customized solutions to meet the specific requirements of its customers. Another major competitor in the Hydraulic Turbine Market is GE Renewable Energy. The company provides a wide range of products and services for the renewable energy industry, including hydraulic turbines. GE Renewable Energy has a strong presence in North America, Europe, and Asia. The company is focused on developing innovative technologies to improve the efficiency and reliability of its hydraulic turbines.
Key Companies in the Hydraulic Turbine Market Include
- Grundfos
- Toshiba Energy Systems Solutions
- Siemens Energy
- Harbin Electric International Company Limited
- Alstom
- GE Renewable Energy
- Voith Hydro
- Calpeda
- Xylem
- Flowserve
- Bharat Heavy Electricals Limited
- Andritz
- Voith
- Dongfang Electric Corporation Limited
- Hitachi Energy
Hydraulic Turbine Market Industry Developments
The Hydraulic Turbine Market is anticipated to reach a valuation of USD 38.6 billion by 2032, exhibiting a CAGR of 4.38% during the forecast period (2024-2032). The market growth is primarily driven by rising energy demand, increasing focus on renewable energy sources, and supportive government policies. Recent developments in the market include the launch of advanced hydraulic turbines with higher efficiency and reliability.
For instance, in 2023, GE Renewable Energy introduced its latest Kaplan turbine, designed to maximize energy production and reduce operating costs. Additionally, governments worldwide are implementing favorable policies to promote hydropower development, such as feed-in tariffs and tax incentives. The market is also witnessing strategic partnerships and acquisitions among key players to expand their product offerings and geographical reach.
Hydraulic Turbine Market Segmentation Insights
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Hydraulic Turbine Market Turbine Capacity Outlook
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Hydraulic Turbine Market Turbine Type Outlook
- Pelton Turbines
- Francis Turbines
- Kaplan Turbines
- Tubular Turbines
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Hydraulic Turbine Market Power Generation Outlook
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Hydraulic Turbine Market Water Source Outlook
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Hydraulic Turbine Market Application Outlook
- Hydropower Plants
- Tidal Energy Generation
- Pumped-Storage Hydropower
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Hydraulic Turbine Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
25.13(USD Billion) |
| Market Size 2023 |
26.23(USD Billion) |
| Market Size 2032 |
38.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.38% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Grundfos, Toshiba Energy Systems Solutions, Siemens Energy, Harbin Electric International Company Limited, Alstom, GE Renewable Energy, Voith Hydro, Calpeda, Xylem, Flowserve, Bharat Heavy Electricals Limited, Andritz, Voith, Dongfang Electric Corporation Limited, Hitachi Energy |
| Segments Covered |
Turbine Capacity, Turbine Type, Power Generation, Water Source, Application, Regional |
| Key Market Opportunities |
Increased investment in renewable energy Rising concerns about climate change are driving increased investment in renewable energy sources, particularly hydropower Growing demand for electricity The global demand for electricity is projected to increase significantly in the coming years, creating opportunities for hydraulic turbine manufacturers Technological advancements Continuous advancements in hydraulic turbine technology, such as improved efficiency and reduced operating costs, are creating new market opportunities Government incentives: Many governments offer incentives and subsidies to support the development and deployment of renewable energy projects, including hydraulic turbines Aging infrastructure The aging infrastructure of existing hydropower plants is creating a need for replacements and upgrades, driving demand for hydraulic turbines |
| Key Market Dynamics |
Rising demand for renewable energy Advancements in turbine technology Government incentives for green energy Increasing hydropower plant capacity Growing demand for electricity |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Hydraulic Turbine Market is expected to reach a valuation of USD 26.23 billion in 2023.
The Global Hydraulic Turbine Market is projected to grow at a CAGR of 4.38% from 2024 to 2032.
The Global Hydraulic Turbine Market is expected to reach a valuation of USD 38.6 billion by 2032.
The Asia-Pacific region is expected to hold the largest market share in the Global Hydraulic Turbine Market, driven by increasing demand for renewable energy sources.
Key applications of Hydraulic Turbines include electricity generation, water supply, and flood control.
Key competitors in the Global Hydraulic Turbine Market include General Electric, Voith, Andritz, and Harbin Electric.
Key trends driving the growth of the Global Hydraulic Turbine Market include increasing demand for renewable energy, government incentives, and technological advancements.
Key challenges facing the Global Hydraulic Turbine Market include environmental regulations, high capital costs, and competition from other renewable energy sources.
Key opportunities for growth in the Global Hydraulic Turbine Market include expanding markets in developing countries, technological advancements, and increasing demand for clean energy.
Key factors to consider when selecting a Hydraulic Turbine include type of turbine, size and capacity, efficiency, cost, and maintenance requirements.
