The global hydro turbine generator unit market was valued at US$ 7,320.0 Million in 2019 and is expected to surpass US$ 9,510.0 Million by 2027, registering a CAGR of 3.5% during the forecast period (2019-2027), according to the Global Hydro Turbine Generator Unit Market Report, 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), published by Coherent Market Insights.
Hydro power is an eco-friendly renewable energy that generates power by harnessing the potential energy of water. Increasing demand for reliable and continuous electricity from industrial sector will drive the global hydro turbine generator unit market. For instance, according to the U.S. Departments of Power Resources, hydropower provides about 96 percent of the renewable energy in the U.S. Hydroelectric power has played an important role in the development of global electric power industry. Growing population and modern technologies require vast amount of electricity for industrial as well as commercial use. This is expected to drive demand for hydro turbine generator units during the forecast period.
For instance, in December 2020, international technology group ANDRITZ received an order as part of a consortium with VINCI Construction for the supply of electro-mechanical equipment for the new Sambangalou hydropower dam in the Senegalese region of Kédougou, bordering Guinea. The ANDRITZ scope of supply includes the complete ‘from water-to-wire’ solution, including three Francis turbines with a total output of 128 MW, generators, and all other equipment required.
Growing investments for the replacement of traditional power generating technologies with advanced sustainable and clean solutions will boost the growth of global hydro turbine generator unit market. For instance, in April 2019, the U.S. Department of Energy announced to provide US$ 26.1 million financial aid to support the use of advanced manufacturing techniques and materials in the development of new water technologies. For instance, in January 2021, international technology group ANDRITZ received an order from Mainstream Energy Solutions Limited for the modernization of hydro power generation unit at Jebba hydroelectric power plant on the Niger River. The ANDRITZ scope of supply and services comprises the entire electro-mechanical and hydro-mechanical equipment for unit 2G6 including a 96.4 MW turbine, a 103 MVA generator, transformer, outdoor switchyard and accessory equipment, as well as the intake gate.
Global Hydro Turbine Generator Unit Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including, infrastructure, power, automotive, manufacturing, and others. To combat COVID-19 pandemic, most of the countries have implemented lockdown and are now easing it phase-wise and industry wise. This has significantly impacted manufacturing sector as the facilities across the globe were temporarily shut down. COVID-19 has turned into a global crisis and it has a significant impact on the supply-side as well as the demand side of the hydro turbine generator unit market. Companies need to evaluate impacts on three fronts: supply chain, market demand, and workforce. Unavailability of raw materials for manufacturing of equipment due to complete lockdown is a major restraint for the growth of the market. Due to delay in supply of raw materials and component, the manufacturing companies were unable to supply hydro turbine generator units on time. Therefore, in the short term, the hydropower industry is largely affected by the pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 150 market data tables* and 90 figures* on “Global Hydro Turbine Generator Unit Market- Global forecast to 2027”
Key Trends and Analysis of the Global Hydro Turbine Generator Unit Market:
Joining thousands of companies around the world committed to making the Excellent Business Solutions.