Hydro Turbine Market Size

Hydro Turbine Market size was over USD 2.1 Billion in 2023 and is likely to reach USD 4.07 Billion by the end of 2036, growing at around 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydro turbine is assessed at USD 2.2 Billion. The growing preference for sustainable energy development, as well as the increased utilization of renewable energy resources such as hydropower due to low-cost energy production, are expected to drive market growth. As per projections, the hydroelectric capacity is expected to rise by 10% by the end of 2024 around the globe.

The rising demand for clean energy, combined with the increasing adoption of clean energy policies by many industries in order to meet the government's pollution limits to prevent carbon emissions, is expected to create a significant opportunity for market growth in the coming years.

The increasing demand for electricity worldwide as the world's population grows is also attributed to market growth.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of hydro turbine is assessed at USD 2.2 Billion.

The hydro turbine market size was over USD 2.1 Billion in 2023 and is likely to reach USD 4.07 Billion by the end of 2036, growing at around 5.2% CAGR during the forecast period i.e., between 2024-2036. The growing number of water turbine projects in dams to generate electric power from water potential energy are the major factors driving the market growth.

North America industry is poised to account for the largest share of 26% by 2036, driven by rising climate concerns amongst the authorities and common people.

Voith GmbH & Co. KGaA, LITOSTROJ POWER d.o.o., Toshiba Energy Systems & Solutions Corporation, GE Group, Siemens AG, ANDRITZ Hydro, Kirloskar Brothers Limited, Harbin Electric Machinery Company Limited, Canyon Hydro, Cornell Pump Company

Hydro Turbine Market Size