Hydropower Turbine Market Size

Hydropower Turbine Market Size

Hydropower Turbine Market size in 2018 was valued over USD 1 billion and the annual installed capacity is projected to exceed 41 GW by 2025.

Increasing demand for reliable and continuous electricity from industrial sector will drive the global hydropower turbine market. Mitigation of supply-demand mismatch has been a prime concern for utilities which led to the significant investments toward the development of sustainable power generation sources including hydro. For instance, in April 2019, the U.S. Department of Energy announced to provide USD 26.1 million financial aid to support the use of advanced manufacturing techniques and materials in the development of new water technologies.
 

Growing investments toward the replacement of traditional power generating technologies with advance sustainable and clean solutions will propel the market. For instance, regulators across European Union has set target to reduce carbon emissions by 20% by 2020 from 1990 levels, by promoting the utilization of renewable resources.
 

Ongoing technological advancement in turbine design coupled with the integration of IIOT devices to improve efficiency will stimulate market size. For instance, in July 2017, NTN Corporation introduced NTN Micro Hydro Turbine, the independent power type compact hydroelectric generator to produce electricity efficiently by placing it in existing water channel.