Hydro turbine generator units play a vital role in converting kinetic energy of moving water into electrical energy. They consists of hydraulic turbines such as pelton wheel, francis and kaplan turbines which rotate under force of flowing water and drive electrical generators to produce clean electricity. The units finds wide application in hydro power plants across utilities and industries. The global hydro turbine generator unit market requires substantial investments for capacity addition to tap potential of hydropower resources.
The global Hydro Turbine Generator Unit Market is estimated to be valued at US$ 10144.49 Mn 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:
The growth of the hydro turbine generator unit market is majorly driven by rising investments toward installation of new hydropower projects worldwide. According to International Renewable Energy Agency, global investment in hydropower capacity addition reached $58.3 billion in 2021, up by 37% compared to 2020. China represented largest share in hydropower capacity investments during the year. Overall, hydropower remained the top renewable power source attracting major funding. Such large capital investments toward development of sustainable and clean energy infrastructure will continually drive the demand for hydro turbine generator units over the forecast period. Countries worldwide are promoting indigenous hydropower production to reduce dependence on expensive imports of fossil fuels for meeting growing power needs, which bodes well for the market.
Segment Analysis
The global hydro turbine generator unit market is dominated by large capacity hydro turbine generator unit due to increasing demand for bulk power generation. These large capacity hydro turbine unit ranging from 100-500 MW capacity are widely used in large hydropower projects for supplying bulk power needed in urban regions and industrial areas. These large hydro turbine generator units are highly efficient in transforming kinetic energy of flowing water into electrical energy. The development of large hydroelectric power projects primarily drives the demand for large capacity hydro turbine generator units.
Key Takeaways
The global Hydro Turbine Generator Unit market Share is estimated to be valued at US$ 10144.49 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is expected to witness the fastest growth in the hydro turbine generator unit market during the forecast period. This is attributed to growing investments in hydropower projects across developing nations like China and India. China dominates the global hydropower installed capacity and continuously enhances its renewable power generation infrastructure including investment in large-scale hydropower projects.
Key players
Key players operating in the hydro turbine generator unit market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy’s Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc.. Abbott Laboratories offers best-in-class hydro turbine generator units that offer optimal turbine efficiency and power output for water to wire applications in hydropower projects. Teva Pharmaceutical Industries has a wide portfolio of hydro turbine generator units with variable operating ranges suitable for small to large hydropower generation plants.
For more insights, read- https://www.ukwebwire.com/hydro-turbine-generator-unit-market-trends-size-and-share-analysis/
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