HYDRO TURBINE GENERATOR UNIT MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant region in the global hydro turbine generator unit market. With United States and Canada having large hydroelectric power generation capacities, there is a significant demand for new hydro turbine generator units as well as replacement of existing ageing units. Major global players in hydro turbine manufacturing such as GE Renewable Energy, Andritz, Voith, Toshiba, and Harbin have large production and servicing facilities spread across United States and Canada catering to the needs of local power projects. Moreover, both countries have stringent norms around usage of renewable sources for power generation which has further boosted the development of hydropower plants over last decade. With continuous investments in upgrading hydropower infrastructure, the region is expected to continue dominating the global market.

Among growing regions, Asia Pacific is emerging as the fastest growing regional market for hydro turbine generator units. Countries like China, India and Southeast Asian nations are investments heavily in expanding their renewable power generation capacities including large, small and micro hydropower projects. China with its ambitious target of achieving over 300 GW of hydro installed capacity by 2030 and investment plans of over US$ 150 Billion is driving most of the demand. Whereas India has set a goal of adding 5 GW annual hydropower capacity taking the total to 66 GW by 2027. This rapid capacity addition is attracting component manufacturing companies to set up localized manufacturing units to cater to the projected rise in demand. In addition, economical labor and availability of raw materials in countries like China is supporting their prominence in turbine exports. The favorable policy push and massive planned investments make Asia Pacific the most lucrative regional market for long term growth.