A new report released by Allied Market Research projects that the hydropower turbines market, valued at $3.2 billion in 2023, is set to reach $5.2 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 4.9% from 2024 to 2033.
The report – Hydropower Turbines Market by Type (Reaction Turbine and Impulse Turbine) and Application (Power Generation, Power Storage, Marine, Aeronautics, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033 – suggests that the surge in global initiatives to develop sustainable energy solutions is a prime driver behind the anticipated growth of the hydropower turbines market. Factors fuelling this expansion include increased investments in renewable energy resources and the construction of smart cities worldwide. The transition towards sustainable energy underscores the significance of hydropower as a dependable and eco-friendly energy source.
Despite these positive drivers, challenges such as high initial investment costs and regulatory hurdles associated with dam construction hinder market growth. However, opportunities lie in expanding hydropower capacity in developing regions.
Key findings from the report include:
- The reaction turbine segment is expected to exhibit faster growth throughout the forecast period. Reaction turbines dominate the market due to their suitability for various flow conditions and reduced environmental impact.
- By application, the power generation segment is anticipated to dominate the market by 2033.
- Geographically, the Asia-Pacific region holds the highest market share and is projected to maintain dominance during the forecast period. This dominance is attributed to abundant water resources, rapid economic growth, increasing energy demands, and significant governmental support for renewable energy projects.
