Global Hydro Turbine
Generator Unit Market Is Estimated To Witness High Growth Owing to Increasing
Demand for Renewable Energy and Government Initiatives toward Sustainable
Development

The global Hydro Turbine Generator Unit Market is estimated to be valued at US$
7,320.0 Mn in 2019 and is expected to exhibit a CAGR of 3.5% over the forecast
period 2020-2027, as highlighted in a new report published by Coherent Market
Insights.



A) Market Overview:

Hydro turbine generator units are widely used in hydroelectric power plants to
convert the energy of flowing water into electrical energy. These units consist
of turbines, generators, and other auxiliary equipment. The demand for hydro
turbine generator units is driven by the increasing focus on renewable energy
sources and government initiatives to reduce carbon emissions. These units
provide a clean and sustainable source of energy and are environmentally
friendly. They are used in various applications such as hydroelectric power
plants, dams, rivers, and other water resource projects.



B) Market Dynamics:

1. Driver: Increasing Demand for Renewable Energy

The growing need for clean and sustainable energy sources to mitigate climate
change is a major driving factor for the hydro turbine generator unit market.
Hydroelectric power is considered one of the most reliable and economical
sources of renewable energy. It accounts for a significant share of the global
renewable energy capacity. Governments around the world are implementing
various policies and incentives to promote the development of hydroelectric
power plants, which is boosting the demand for hydro turbine generator units.



For example, the Indian government's target to achieve 175 GW of renewable
energy capacity by 2022, with a major focus on hydroelectric power, is expected
to drive the market growth in the Asia Pacific region.



2. Driver: Government Initiatives toward Sustainable Development

Government initiatives and regulations aimed at reducing carbon emissions and
promoting sustainable development are driving the demand for hydro turbine
generator units. Many countries have set renewable energy targets and
implemented feed-in tariffs, tax incentives, and subsidies to encourage the
development of renewable energy sources such as hydroelectric power. For
instance, the U.S. Department of Energy's Water Power Technologies Office
provides funding and support for research and development in the hydroelectric
power sector.



C) SWOT Analysis:

Strength:

1. Environmentally friendly: Hydro
Turbine Generator Unit Market Growth provide a clean source of energy
and do not emit greenhouse gases during operation.

2. High energy conversion efficiency: These units have a high efficiency in converting
the energy of flowing water into electrical energy.



Weakness:

1. High capital cost: The installation and construction costs of hydroelectric
power plants can be high, which could limit the market growth.

2. Limited availability of suitable sites: The availability of suitable sites
for hydroelectric power plants is limited, which could restrict the market
growth.



Opportunity:

1. Increasing investments in renewable energy: The increasing investments in
renewable energy projects, especially in developing countries, present
significant opportunities for the market players.

2. Technological advancements: Continuous technological advancements in hydro
turbine generator units, such as the development of advanced control systems
and materials, provide opportunities for market growth.



Threats:

1. Intense competition from other renewable energy sources: The hydro turbine
generator unit market faces competition from other renewable energy sources
such as wind and solar, which could impact its growth potential.

2. Environmental concerns: The construction of large-scale hydroelectric power
plants can have certain environmental impacts, such as habitat disruption and
fish migration issues, which could pose challenges to market growth.



D) Key Takeaways:

- The global hydro turbine generator unit market is expected to witness high
growth, exhibiting a CAGR of 3.5% over the forecast period, due to increasing
demand for renewable energy and government initiatives toward sustainable
development.

- Asia Pacific is expected to be the fastest-growing and dominating region in
the hydro turbine generator unit market, driven by the rapid growth of
hydroelectric power projects in countries like China and India.

- Key players operating in the global hydro turbine generator unit market
include Andritz AG, General Electric, Voith Group, Toshiba Energy Systems &
Solutions Corporation, Harbin Electric International Company Limited, Dongfeng
Electric Machinery Co., Ltd., Power Machines, Hitachi Mitsubishi Hydro
Corporation, IMPSA, Zhefu Holding Group Co., Ltd., Bharat Heavy Electricals
Limited (BHEL), Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Limited,
WWS Wasserkraft GmbH, FLOVEL Energy Private Limited, and Litostroj Power.



In conclusion, the global hydro turbine generator unit market is witnessing
significant growth due to the increasing demand for renewable energy and
government support for sustainable development. Despite challenges such as high
capital costs and environmental concerns, the market is expected to expand, driven
by technological advancements and investments in renewable energy projects. The
Asia Pacific region is expected to lead the market growth, with key players
competing to capitalize on the opportunities presented by this growing market.