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The global hydro turbine market attained a value of nearly USD 2.33 billion in 2023. The market is projected to grow at a CAGR of 3.30% between 2024 and 2032 to reach a value of around USD 3.13 billion by 2032.
A hydro turbine, also known as a water turbine, refers to a device which is used to convert energy generated by moving water into mechanical energy or electricity. Runner, wicket gates, stays, stay vanes, and draft tubes, among others, are the major components of a hydro turbine.
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Based on type, the market is segmented into reaction turbine and impulse turbine. On the basis of capacity, the market is classified into small (less than 10MW), medium (10–100MW), and large (greater than 100MW). The major regional markets for hydro turbine are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global hydro turbine market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The reaction turbine segment accounts for a significant share of the hydro turbine market. Reaction turbine offers significant advantages such as high blade efficiency, availability of both kinetic and pressure energy, and low design complexity, among others. Moreover, due to the high hydraulic efficiency and compact size of reaction turbines, they are widely preferred in sites with higher flows and lower heads.
The Asia Pacific accounts for a healthy share in the hydro turbine market. The increasing investments towards developing hydro power plants across emerging economies, such as India and China, by both governments and private players are driving the market in the region.
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In addition, factors such as rapid industrialisation and urbanisation, the surging population levels, the rising focus on sustainability, and growing electricity demand are likely to boost the reliance on hydropower and bolster the demand for hydro turbines in the forecast period.
General Electric Company is a multinational conglomerate which provides energy solutions, services, and equipment, including hydro turbines. The company is headquartered in Massachusetts, the United States, and it aims to advance a low-carbon future through its innovative technologies.
ANDRITZ AG is a technology company that offers innovative solutions aimed for the metals, hydro, marine, thermal power, automation, and pulp and paper sector, among others. It was established in 1852 and is currently headquartered in Graz, Austria.
LITOSTROJ POWER d.o.o is a leading industrial manufacturer which manufactures hydro turbines, pumps, valves and gates, and several automated products. It was founded in 1848 and is headquartered in Ljubljana, Slovenia.
Other market players include Voith GmbH & Co. KGaA, Canyon Hydro, Cornell Pump Company, Toshiba Corporation, Canadian Hydro Components Ltd., WWS Wasserkraft GmbH, and Gilbert Gilkes & Gordon Ltd, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Capacity |
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Breakup by Region |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of nearly USD 2.33 billion in 2023.
The market is estimated to grow at a CAGR of 3.30% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 3.13 billion by 2032.
The rapid expansion of electricity-intensive sectors, such as construction and healthcare, the growing demand for low-cost energy, and increasing preference for reaction turbines are the major drivers of the market.
The key trends in the market include technological advancements in turbine systems and increasing investments towards developing hydro power plants across emerging economies.
Reaction turbine and impulse turbine are the different hydro turbine types in the market.
Hydro turbines are typically made from materials that can resist water pressure, erosion, and cultivation, such as fibreglass, carbon fibre, or reinforced plastics.
General Electric Company, ANDRITZ AG, LITOSTROJ POWER d.o.o, Voith GmbH & Co. KGaA, Canyon Hydro, Cornell Pump Company, Toshiba Corporation, Canadian Hydro Components Ltd., WWS Wasserkraft GmbH, and Gilbert Gilkes & Gordon Ltd, among others, are the key hydro turbine market players, according to the report.
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