Hydro Turbine Market Share

APAC Market Forecast

Asia Pacific industry is likely to hold largest revenue share of 37% by 2037, The growth of the market can be credited to the presence of a large number of hydropower stations in India, China, and Japan, among other countries, and their high potential for generating hydroelectricity. In China, 1,302.00 TWh of power was generated by hydropower plants in 2019, as per the report by the IHA. Currently, hydropower accounts for 17% of the total electric power capacity of the country.

The increasing preference for hydropower production owing to the fact that it contributes a major portion of the renewable energy sector is estimated to drive market growth.

North American Market Statistics

The hydro turbine market in North America is poised to account for the largest share of 26% by the end of 2037, backed by rising climate concerns amongst the authorities and common people. The increasing number of dams and hydropower plants in the United States and Canada with the growing preference for sustainable energy development and the increasing price of fossil fuels is anticipated to propel the market growth. The increasing need to escalate the power production capacity in the region with flourishing industrialization and urbanization is further expected to promote significant market expansion in the region.