Hydropower Turbine Market

• Growing Demand for low-cost electricity generated by hydro turbines will drive market growth.

The hydropower turbine is incredibly efficient, and it can run successfully even at minimal discharge. Furthermore, it is simple to assemble and install. Changes in flow rate can be accommodated by altering the hydropower turbine. A single nozzle is used for very low flow rates, whereas several nozzles are utilised for high flow rates. As a result, such benefits increase the adoption rate of the hydropower turbine market, propelling its growth over the forecast period.

In addition, the popularity of developing technologies such as run-of-river, low head turbines, and micro hydro plants is expected to drive market demand. Environmental deterioration and understanding of climate change are leading many important stakeholders to use environmentally friendly power production technologies in order to support sustainable development among various nations across the world. These characteristics are expected to enhance market expansion within the estimated time frame.

The Global Hydropower Turbine Market Industry is projected to witness substantial growth over the next decade. With a market value expected to reach 2.54 USD Billion in 2024 and further increase to 3.34 USD Billion by 2035, the industry is on a promising trajectory. The compound annual growth rate (CAGR) of 2.52% from 2025 to 2035 indicates a steady expansion driven by various factors, including technological advancements and increasing energy demands. This growth is likely to attract investments and foster innovation within the sector, positioning hydropower as a cornerstone of the global energy landscape.

Government incentives play a pivotal role in the expansion of the Global Hydropower Turbine Market Industry. Many countries are offering financial support, tax breaks, and subsidies to encourage the development of hydropower projects. This support is particularly evident in regions with abundant water resources, where governments are keen to harness hydropower potential. For instance, the U.S. Department of Energy has initiated programs to promote hydropower development, which is likely to stimulate market growth. Such initiatives not only enhance the attractiveness of hydropower investments but also contribute to the overall sustainability goals of nations.

The Global Hydropower Turbine Market Industry is experiencing a surge in demand driven by the global shift towards renewable energy sources. Governments worldwide are implementing policies to reduce carbon emissions and promote sustainable energy solutions. Hydropower, being one of the most established renewable energy sources, plays a crucial role in this transition. For instance, countries like China and Brazil are investing heavily in hydropower projects, which contributes to the projected market growth. The market is expected to reach 2.54 USD Billion in 2024, reflecting the increasing reliance on hydropower as a clean energy source.

The Global Hydropower Turbine Market Industry is poised for growth due to the increasing energy demands in developing economies. As populations rise and industrial activities expand, countries in regions such as Southeast Asia and Africa are seeking reliable energy sources. Hydropower offers a sustainable solution to meet these growing needs while minimizing environmental impact. For example, nations like India are investing in large-scale hydropower projects to ensure energy security. This trend is expected to drive the market's compound annual growth rate (CAGR) of 2.52% from 2025 to 2035, as more countries recognize the benefits of hydropower.

Innovations in turbine technology are significantly impacting the Global Hydropower Turbine Market Industry. Enhanced turbine designs, such as Kaplan and Francis turbines, are being developed to improve efficiency and reduce operational costs. These advancements not only increase energy output but also extend the lifespan of turbines, making them more economically viable. For example, the implementation of variable speed technology allows turbines to operate efficiently across a range of water flows. This technological evolution is likely to attract further investments, contributing to the market's anticipated growth to 3.34 USD Billion by 2035.

The Global Hydropower Turbine Market Industry is increasingly influenced by the need for environmental sustainability and climate change mitigation. Hydropower is recognized for its low greenhouse gas emissions compared to fossil fuels, making it a preferred choice for countries aiming to meet international climate agreements. As nations commit to reducing their carbon footprints, investments in hydropower infrastructure are likely to rise. This shift not only supports energy transition efforts but also enhances the resilience of energy systems against climate impacts. The growing emphasis on sustainability is expected to further bolster the market's growth trajectory.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Hydropower Turbine Market area will dominate this market, owing to the low cost of producing renewable energy sources and the significant reduction in total infrastructure costs. The increasing need for electricity has been met with the support of hydroelectric projects, which has helped to position this region as a market leader among other competitors. The establishment of micro and tiny hydropower plants throughout the region has also proven to be a significant opportunity for the region's prosperity.

Moreover, China’s Hydropower Turbine Market held the largest market share, and the Indian Hydropower Turbine Market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Hydropower Turbine Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe’s Hydropower Turbine Market accounts for the second-largest market share because of the rising movement towards renewable energy sources and the quick adoption of small hydropower projects, the market in this region is likely to grow. Further, the German Hydropower Turbine Market held the largest market share, and the UK Hydropower Turbine Market was the fastest growing market in the European region

The North America Hydropower Turbine Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the market's greatest annual increase in hydroelectric capacity.

Leading market players are investing heavily in R&D to expand their product lines, which will help the Hydropower Turbine Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Hydropower Turbine industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Hydropower Turbine industry to benefit clients and increase the market sector. In recent years, the Hydropower Turbine industry has offered some of the most significant advantages to medicine. Major players in the Hydropower Turbine Market, including Cornell Pump Co., Canadian Hydro Components Ltd. WWS Wasserkraft GmbH, Capstone Turbine, Gilbert Gilkes & Gordon and others, are attempting to increase market demand by investing in R&D operations.

Andritz AG is a technology company that provides plants, equipment, systems, and services to a variety of sectors. The headquarters of the organisation are in Graz, Austria. The company is named after the Andritz area in Vienna and is traded on the Vienna Stock Exchange. Andritz employs over 29,100 people across 280 production and service locations in 40 countries. In 2022, the corporation recorded EUR7.5 billion in revenue and €402.6 million in nett income. 

In March 2022, ANDRITZ and EGAT will work together to grow and modernise the hydropower business. Andritz, the Austrian energy conglomerate, has signed a Memorandum of Understanding (MOU) with Thailand's Electricity Generation Authority (EGAT) to investigate and grow business potential in the hydropower sector.

Hitachi, Ltd. is a Japanese multinational firm based in Chiyoda, Tokyo, Japan. It is the parent firm of the Hitachi Group (Hitachi Gurpu), and was once a part of the Nissan zaibatsu, DKB Group, and Fuyo Group of enterprises before DKB and Fuji Bank (the core Fuyo Group entity) combined to establish the Mizuho Financial Group. As of 2020, Hitachi's business ranges from IT to infrastructure, including AI, the Internet of Things, and big data. In December 2019, Hitachi Ltd. announced the acquisition of 80% of ABB Ltd.'s power grid division for $6.4 billion, renaming it Hitachi-ABB Power Grids.