Hydro turbine generator unit market

Hydro Turbine Generator Unit Market, By Component (Turbine and Generator), By Turbine Type (Pelton Turbine, Francis Turbine, Kaplan Turbine, Turgo Turbine, Bulb Turbine, Crossflow Turbine, and Others), by Generating Unit Capacity (< 50MW (Small Hydro), 50 - 100MW (Medium Hydro), and > 100MW (Large Hydro)), By Technology (Impulse Turbines and Reaction Turbines), Product Type (Refurbished and New), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

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Apr 2021
CMI4432
240 Pages
Excel & Pdf
Industrial Automation and Machinery

Summary

Hydro turbine generator unit refers to the generating equipment, which converts hydro-energy into electrical energy. It is the main power equipment to generate electric energy in hydropower plants. The role of the turbine is to transform the energy of water, steam or wind into mechanical energy that will make the generator spin. The generator transforms the mechanical energy into electricity. In hydropower plants, this combination of generator and turbine is called a generating unit. Increasing demand for reliable and continuous electricity from industrial sector driving the hydro turbine generator unit market growth.

The global hydro turbine generator unit market is expected to witness significant growth during the forecast period (2020–2027) owing to the technological advancements in turbine design. Ongoing technological advancements in turbine design coupled with the integration of Industrial Internet of Things (IIOT) devices to improve efficiency will drive the hydro turbine generator unit market growth. IIoT devices use sensors and embedded software to collect, share, and analyze data. IIoT technologies allow machines to communicate autonomously with other machines, enabling them to identify trends and actionable insights from historical and real-time data. IIoT technologies allow utilities in the hydropower industry to leverage data and optimize multiple aspects in power plants. These technological advancements make hydropower a much more promising and practical solution for the energy crisis. Emerging technological trends are aimed at increasing hydropower’s flexibility, efficiency, and cost-effectiveness. Some of the most salient flexibility technologies under development include- stabiliser fins, an adjustable diaphragm installed in the draft tube cone, J-grooves, air injection/admission, axial water injection with high/low velocity and low/high discharge, tangential water injection at a cone wall, and two-phase air-water injection along the axis. For instance, in July 2017, NTN Corporation introduced NTN Micro Hydro Turbine, an independent power type compact hydroelectric generator, to produce electricity efficiently by placing it in existing water channel.

The availability of lower cost alternatives for hydro power is one of the key factor hampering the growth of the hydro turbine generator unit market. New extraction methods in the fossil fuel industry have greatly reduced their operating costs. Other low-cost renewable energy sources such as wind and solar have also taken hold on the market. Both of these alternatives have influence over the overall energy prices, which hydropower industry must evaluate to remain competitive. Additionally, constructing a new hydropower plant in the market requires years of permits, environmental studies, and large cost overheads. These obstacles can be difficult for hydropower providers to overcome. This in turn, could hamper the growth of global hydro turbine generator unit market during the forecast period.

Global Hydro Turbine Generator Unit Market - Impact of Coronavirus (Covid-19) Pandemic

Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. Some companies in the market are formally resuming work and are facing challenges to increase production capacity in a short period of time and make up for the previous losses due to shutdown of manufacturing activities. COVID-19 has had an impact on the hydropower industry worldwide, particularly by leading to a reduction of demand, and disruptions in the power supply chain. Companies are battling with challenges such as working capital issues, demand stagnation along with limited financial capacity. Manufacturing of most power sector equipment such as hydro turbine generator units is going into a sharp slowdown. Furthermore, the demand for electricity had reduced significantly due to the COVID-19 pandemic. Governments around the world were compelled to reduce the business activity in response to minimize the threat of coronavirus. There is a significant increase in residential load demand while there is a substantial decrease in commercial and industrial loads as the lockdown has severely reduced the industrial and commercial activities across the globe. This situation has created new challenges in the technical and financial activities of the hydro power sector.

Asia Pacific held dominant position in the global hydro turbine generator unit market in 2019

Statistics:

Asia Pacific held dominant position in the global hydro turbine generator unit market in 2019, accounting for 48.9% share in terms of value, followed by Europe and North America.

Hydro Turbine Generator Unit Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2019:	US$ 7,320.0 Mn
Historical Data for:	2017 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	3.5%	2027 Value Projection:	US$ 9,510.0 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Spain, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: South Africa, and Rest of Middle East and Africa
Segments covered:	By Component: Turbine and Generator By Turbine Type: Pelton Turbine, Francis Turbine, Kaplan Turbine, Turgo Turbine, Bulb Turbine, Crossflow Turbine, and Others By Generating Unit Capacity: (< 50MW (Small Hydro), 50 - 100MW (Medium Hydro), and > 100MW (Large Hydro) By Technology: Impulse Turbines and Reaction Turbines By Product Type: Refurbished and New
Companies covered:	Andritz AG, General Electric, The 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.
Growth Drivers:	Increasing demand for reliable and continuous electricity from industrial sector Increasing investments for the modernization of hydro power plants
Restraints & Challenges:	Availability of low cost alternatives for hydro power

Figure 1: Global Hydro Turbine Generator Unit Market Share (%), By Region, 2019

Asia Pacific is expected to account for the largest market share during the forecast period, owing to the high presence of key players such as Toshiba Energy Systems & Solutions Corporation, HARBIN ELECTRLC INTERNATIONAL COMPANY LIMITED, Dongfeng Electric Machinery Co., Ltd., Hitachi Mitsubishi Hydro Corporation, and Bharat Heavy Electricals Limited (BHEL). For instance, in September 2020, Toshiba Energy Systems & Solutions Corporation, a Japan-based power generation equipment manufacturer, won the contract to provide two 70 MW hydro-turbines and hydro-generators to Tanahu Hydropower Plant, Nepal. The plant is expected to function from 2024.

Latin America is expected to exhibit significant growth during the forecast period, owing to the rising investments for the modernization of hydro power plants. For instance, in December 2020, The Voith Hydro supplied two 7.9-MW Kaplan-S turbines, generators, and other systems to small hydropower plant in Tamboril, Brazil.

> 100MW (Large Hydro) segment is expected to drive the market growth during the forecast period

Among generating unit capacity, the > 100MW (Large Hydro) segment is expected to hold dominant position in the global hydro turbine generator unit market during the forecast period. In large scale hydropower plants, the flowing water drives large water turbines, and dams are needed to store water in lakes, reservoirs, and rivers for later release. This stored water is used for power generation as well as irrigation, domestic or industrial use.

Figure 2: Global Hydro Turbine Generator Unit Market Value (US$ Mn) Analysis and Forecast, 2017 - 2027

The global hydro turbine generator unit market was valued at US$ 7,320.0 Mn in 2019 and is expected to reach US$ 9,510.0 Mn by 2027 at a CAGR of 3.5% between 2020 and 2027.

Major players operating in the global hydro turbine generator unit market include Andritz AG, General Electric, The 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.

Table of Content

*Browse 150 market data tables and 90 figures on "Hydro Turbine Generator Unit Market - Global forecast to 2027”.

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- Frequently Asked Questions -

What is the expected market size of hydro turbine generator unit in 2027?

The global hydro turbine generator unit market is expected to reach US$ 9,510.0 million by 2027.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2020-2027)?

The market is expected to witness a CAGR of 3.5% during the forecast period (2020-2027).

What is the primary factor contributing to growth of the market?

Increasing demand for reliable and continuous electricity from industrial sector is expected to boost the growth of the market.

Based on generating unit capacity, which segment held the largest market share in the market in 2019?

The > 100MW (Large Hydro) segment held the largest market share among industry verticals, contributing 66.5% in terms of value in 2019.

Which region held the largest market share in the market in 2019?

Asia Pacific region held the largest share in the market in 2019, accounting for 48.9% share in terms of value.

Who are the key players operating in the market?

Key players operating in the market include Andritz AG, General Electric, The 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.