Hydro Turbine Generator Sets Market Size, Share, Growth, and Industry Analysis, By Type (Francis Turbine, Kaplan Turbine, Diagonal Turbine and Tubular Turbine), By Application (Impulse Turbines and Reaction Turbines), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

hydro turbine generator sets market REPORT OVERVIEW

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The global hydro turbine generator sets market size was in USD 3614 million 2022 and is expected to reach USD 4709.1 million by 2028, exhibiting a CAGR of 4.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A Hydro Turbine Generator Set, also known as a hydroelectric turbine generator set, is a system used to generate electricity from the kinetic energy of flowing water. The hydro turbine is the primary component responsible for converting the energy of moving water into mechanical energy. There are various types of hydro turbines, including Francis, Kaplan, Pelton, and others, each designed for specific flow rates and head conditions. The choice of turbine type depends on the characteristics of the hydroelectric site. The generator is coupled to the hydro turbine and is responsible for converting the mechanical energy from the turbine into electrical energy. It typically consists of a rotor and a stator. As the turbine spins the rotor, it induces a magnetic field in the stator, generating electricity through electromagnetic induction.

 To maintain a consistent output of electricity, a governor system is used to control the speed of the hydro turbine. It regulates the flow of water to the turbine to match the electrical demand, ensuring a stable and reliable power supply. The penstock is a pipe or conduit that directs water from the water source (such as a river or dam) to the hydro turbine. The pressure and flow of water in the penstock are critical for the efficient operation of the turbine.

COVID-19 Impact: Economic Uncertainty to Hinder Market Growth

Like many industries, the hydro turbine generator sets market experienced disruptions in the supply chain. Restrictions on the movement of goods, factory closures, and transportation delays led to delays in manufacturing and delivery of equipment. Many hydropower projects, especially large-scale ones, experienced delays due to the pandemic. This was caused by a combination of factors, including labor shortages, travel restrictions, and difficulties in obtaining permits. Economic uncertainty during the pandemic affected investment in new projects. Some investors and governments redirected funds toward pandemic response efforts, leading to reduced spending on infrastructure and renewable energy projects.

"LATEST TRENDS"

"Digitalization and Automation to Enhance Market Growth"

There was a growing interest in small and micro hydropower projects, particularly in regions with abundant water resources. These projects are less capital-intensive and have a smaller environmental footprint compared to large-scale hydroelectric plants. The integration of digital technologies, such as sensors, data analytics, and automation, was becoming more prevalent in hydro turbine generator sets. This allowed for better monitoring, predictive maintenance, and optimization of power generation. Pumped storage hydropower projects, which involve using excess energy to pump water uphill for later use in generating electricity during peak demand, were gaining attention as a means of grid stabilization and energy storage.

hydro turbine generator sets market SEGMENTATION

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• By Type

Based on type market is classified as francis turbine, kaplan turbine, diagonal turbine and tubular turbine.

• By Application

Based on application market is classified as impulse turbines and reaction turbines.

DRIVING FACTORS

"Climate Change and Environmental Concerns to Augment Market Growth"

The global shift towards cleaner and more sustainable energy sources has been a major driver for the hydro turbine generator sets market growth. Governments and utilities are seeking to reduce their reliance on fossil fuels and increase the share of renewable energy in their energy mix. Growing concerns about climate change and environmental sustainability have spurred interest in hydropower, which is a low-carbon and eco-friendly energy source. Hydropower helps reduce greenhouse gas emissions and minimize environmental impacts. Hydropower provides a stable and reliable source of energy, helping to enhance energy security by reducing dependence on volatile energy markets and imported energy sources. Hydroelectric power plants, especially pumped storage facilities, play a crucial role in grid stabilization. They can quickly respond to fluctuations in electricity demand and supply, ensuring grid stability and reducing the risk of blackouts.

"Technological Advancements to Propel Market Growth"

Regions with abundant water resources, including rivers, dams, and reservoirs, have a natural advantage in developing hydropower projects. The availability of water resources is a significant driver of investment in this sector. Ongoing innovations in hydropower technology, including improvements in turbine efficiency and environmental mitigation measures, are making hydropower more attractive and cost-effective. The need to upgrade and modernize existing hydroelectric plants, many of which are aging, is driving investments in the sector. These upgrades can improve efficiency, safety, and environmental performance. Pumped storage hydroelectric projects are increasingly recognized as a valuable means of energy storage. These projects can store excess energy during periods of low demand and release it during peak demand, helping to balance the grid.

RESTRAINING FACTORS

"Land Use and Resettlement to Impede Market Expansion"

Hydroelectric projects, particularly large dams, can have significant environmental impacts, including altered river ecosystems, habitat destruction, and impacts on aquatic life. Concerns about these effects can lead to opposition and project delays. Hydro projects often require land acquisition and may necessitate the resettlement of communities. Land use conflicts, social displacement, and resettlement challenges can hinder project development. Developing hydroelectric projects, especially large-scale ones, can be capital-intensive. The high upfront costs can be a significant barrier, particularly for smaller investors and developing countries.

hydro turbine generator sets market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Large-Scale Hydro Projects"

Asia Pacific has been a global leader in the hydro turbine generator sets market share due to its vast hydropower potential and ambitious renewable energy targets. The Chinese government has invested heavily in hydropower infrastructure, including large-scale hydro projects. China's abundant water resources and commitment to reducing carbon emissions have contributed to its leadership in this market. The region has well-established hydropower industries. Large-scale hydropower plants, as well as smaller installations, are widespread in these countries. In Asia Pacific, existing hydropower capacity is being upgraded and modernized to improve efficiency and environmental performance.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players of hydro turbine generator sets are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Andritz (Austria)
• Alstom (GE) (France)
• Voith (Germany)
• Toshiba (Japan)
• Harbin Electric (China)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.