Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Hydro Turbine Market (By Type: Reaction Turbine [Kaplan Turbine, Bulb Turbine, Francis Turbine], Impulse Turbine [Cross Flow Turbine, Pelton Turbine]; By Installation Type: Large Hydro Plants (more than 500 kw), Mini Hydro Plants (100 kw – 500 kw), Micro Hydro Plants (5 kw – 100 kw), Pico Hydro Plants (0 kw – 5 kw); By Head Type: High Head (300 m to 1500 m), Medium Head (30 m to 300 m), Low Head (Less than 30 m)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.

LOS ANGELES, April 23, 2019 (GLOBE NEWSWIRE) -- The global Hydro Turbine market size is estimated to grow at CAGR above 4.5% over the forecast time frame 2019-2026 and reach the market value around USD 2.7 billion by 2026.

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There are several driving factors in the hydro turbine market, such as increased demand for global energy, increasing demand for cleaner energy technologies, strict policy objectives, and more. In its 13th five-year energy development plan, China, the world's largest hydroelectric country, intends to have a further 60 GW of hydroelectric power by 2020. The market faces some disadvantages, such as turbine design challenges, dam-related environmental concerns, relocation problems and rehabilitation of stakeholders, long periods of gestation, high installation costs for dams, and more. These factors may act as roadblocks for the growth of the market studied.

In 2016, the global total installed hydroelectric capacity reached an estimated 31.5 GW, including pumped-storage capacity. The need for reliable, clean and affordable energy from countries seeking to meet the carbon reduction targets laid down in the Paris Agreement is the main driver of the capacity increase. In addition, recent years have increased the need for rapidly responding energy storage technologies, due to the rapid growth in renewable energy sources. There has been a evolving environment for river grid storage, with various new technology being delivered nearly exclusively through hydropower storage. The battery storage is evolving and increasing at a rapid pace as pumped storage still supplies more than 95 percent of the world's energy storage demands. Some 6.4 GW of pumped storage power was installed in 2016, almost twice as much as in 2015. The above factors contribute to the growth in the world's hydropower industry. In recent years, the hydroelectric industry has seen significant growth, as the largest end-user of hydro turbines. In order to reduce cost and improve hydro power efficiency and environmental performance, innovative technologies develop.

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Segment Insights

The type-based turbine segment in 2018 represented a value in the global hydro turbine market of approximately US$ 1500 Mn. As these turbines are preferred for power production because of their benefit of being immersed in the water and because they are using water pressure energy to generate energy, the demand for reactivity-turbines is increasing. The medium-head segment (30 m to 300 m) is expected to reach around US$ 1150 million at a CAGR of 4.5% by 2026, based on type of head. A low head dam has a water drop of below 30 m and a capacity of production up to 15,000 kW. High-head (300 to 1 500) dams can generate more power at lower costs than low-head dams but large dams can be restricted by economic, environmental or inappropriate locations. In contrast, many existing medium-head barriers and drops can be installed at medium-sized generation plants. New medium head dams could also be constructed to increase output. The key to their utility is their ability to generate electricity close to where necessary, which inevitably reduces the power lost during transmission. During the forecast period, these factors are expected to increase the medium head segment (30 to 300 m). The installation location is expected to be around US$ 2000 million at a CAGR of over 4.5% by 2026 for large hydropower plants (over 500 kw) segment.

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Regional Outlook

On the basis of the region, North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America have divided the global hydro turbine market. In terms of both value (US$ Mn) and volume (Units) the Asia Pacific hydro turbine market is expected to grow at its peak during the forecast period. As government initiatives to cope with frequent power shortages have increased, the market has seen considerable growth across Asia-Pacific. It is estimated that China and India will push the market in the near future with major economies.

Key Players

The Hydro Turbine market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are General Electric Co., Toshiba Energía AG, Kirloskar Brothers Ltd., Siemens AG, Canyon Inc., Gilbert Gilkes & Gordon Ltd. and Canadian Hydro Components Ltd. Components GmbH, Cornell Pump Co. among others.

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