Hydropower Turbine Market Size - By Capacity, By Head, By Product, Analysis, Share, Growth Forecast, 2025 - 2034

Hydropower Turbine Market Size

The global hydropower turbine market was valued at USD 58.5 billion in 2024 and is expected to reach USD 81.1 billion by 2034, growing at a CAGR of 3.4% from 2025 to 2034. Increasing global electricity demand coupled with high-capacity utilization of hydropower plants will proliferate the business landscape. Growing investments toward the replacement of traditional power generating technologies along with advanced sustainable and clean solutions will stimulate the industry dynamics.
 

A hydropower turbine is a device that harnesses the energy of flowing or falling water, converting its kinetic and potential energy into mechanical power, which is subsequently transformed into electricity by a generator. Essential to hydropower systems, these turbines are utilized in various applications, including dams, run-of-river installations, and pumped storage facilities.
 

Upgradation of aging hydropower infrastructure and development of small-scale hydropower plants in association with expansion of grid networks in rural areas will accelerate the business scenario. Ongoing investment from government, private sector companies, and utilities in hydroelectric infrastructure, exploring new projects & modernization of existing facilities will sway the industry expansion.
 

Increasing shift toward low-carbon energy sources coupled with key renewable energy targets set by the emerging countries will augment product deployment. Continuous refurbishment and retrofitting of existing hydropower plants with advanced turbines that cater to improved flow regulation, minimize environmental impact, and higher efficiency will propel the business spectrum.
 

Hydropower Turbine Market Trends

The industry is poised for substantial growth owing to the increasing emphasis on renewable energy integration and the modernization of existing hydropower facilities. Increasing focus on distributed power systems and growing awareness of climate change in conjunction with advancements in turbine technology including eco-friendly designs and high-efficiency models will augment the hydropower turbine market outlook.
 

Furthermore, the surging adoption of pumped storage projects in line with rising demand for regional water resource development programs will drive the business momentum. Substantial investment in small and micro hydropower projects in line with advancements in turbine design including modular & compact design will proliferate the industry outlook.
 

Continuous improvement in turbine design including fish friendly, variable speed turbines, and aerating turbines for water quality optimization will escalate the business penetration. Favorable hydropower development funds, tax credits, and policies in tandem with supportive regulatory frameworks will stimulate hydropower turbine market growth.
 

Rising electricity demand, paired with the escalating need for predictable & stable energy sources across key geographies, will positively influence the favorable business opportunities. Increasing shift toward more sustainable solutions coupled with rapid expansion of run-of-river and low-head hydropower projects will drive the product deployment.
 

Growing incorporation of predictive maintenance including real-time data analytics and AI enabled solutions together with advanced monitoring systems will foster the industry dynamics. Burgeoning investment from the key emerging economies in hydropower infrastructure as part of the national energy strategies to fulfill growing energy demands will accelerate business trajectory.
 

Hydropower Turbine Market Analysis

• The hydropower turbine industry was estimated at USD 56.2, 57.6, and 58.5 billion in 2022, 2023 and 2024, respectively. The industry is gaining traction on account of incorporation of hybrid renewable energy sources and installation of floating solar plants. Government in association with involvement of key private players toward development of hydropower will propel the industry scenario.
   
• Based on capacity, the industry is segmented into ≤ 1 MW, > 1 MW to 10 MW, > 10 MW to 50 MW, and > 50 MW. The > 10 MW to 50 MW hydropower turbine market will exceed USD 25 billion by 2034. This capacity caters to high-output requirements making it ideal for grid stabilization and meeting the energy demands of urban and industrial regions, which in turn will bolster industry growth.
   
• For instance, in January 2024, Statkraft invested USD 6.5 billion to strengthen its Norwegian wind and hydro power infrastructure in tandem with construction of new onshore wind farms. Moreover, this strategic investment included an allocation of over 2 billion for upgrading the country’s hydroelectric power plants.
   
• The ≤ 1 MW rated capacity hydropower turbine market will witness a growth rate of over 4% till 2034. Continuous innovations including optimized blade designs, enhanced flow handling, and digital monitoring systems will further elevate the business potential. Growing focus toward capacity expansion, smart grid integration, and sustainable practices in line with increasing electricity demand will proliferate the product adoption.
   
• The > 1 MW to 10 MW rated capacity of hydropower turbine market was valued over USD 15 billion in 2024. Surging demand for distributed and decentralized energy systems coupled with rapid expansion of medium and small sized hydropower projects will boost the industry landscape. Increasing growth of industrial power supply and rural electrification is driving the demand for these rated capacities.
   
• For instance, in November 2024, at the UN COP 29, the government of Indonesia announced an ambitious initiative to build 100 GW of renewable energy. This program will strengthen the country’s commitment toward clean energy generation.
   
• The > 50 MW rated hydropower turbine market is projected to hit USD 20 billion by 2034. These rated capacities are experiencing notable shift driven by infrastructure modernization, growing need to grid stability, and supportive energy transition policies. Robust investment in large scale projects to export electricity to foreign countries will stimulate the business potential.
   
• Based on head, the industry is segmented into 2 – 25 m, > 25 – 70 m, and > 70 m. The 2 – 25 m head of hydropower turbine market was evaluated over USD 3.5 billion in 2024. These low head turbines are primarily used for run-of-river, canals, and rivers projects. Growing investment in mini and small hydropower projects coupled with expansion of hydropower for industrial and agricultural use, thereby complementing business growth.
   
• The > 25 – 70 m hydropower turbine market will observe a growth rate of over 3.5% through 2034. These head turbines are widely used in small to medium hydroelectric dams and pumped storage facilities. Ongoing government incentives and policies for medium hydropower projects in tandem with innovation in Kaplan, Pelton, and Francis turbines will augment the industry landscape.
   
• For instance, in July 2024, Indian government announced USD 1 billion investment to develop 12 hydropower projects in Arunachal Pradesh. The government aims to improve the region’s energy infrastructure along with the Ministry of finance has further announced USD 87 million finance assistance per project.
   
• The > 70 m hydropower turbine market is likely to exceed USD 45 billion by 2034. These turbines are primarily suitable for mountainous river projects and pumped storage facilities. Growing upgradation of large-scale hydropower in association with rapid expansion of grids and HV transmission will bolster the business expansion.
   

• Based on product, the industry is segmented into impulse and reaction. The reaction hydropower turbine holds a market share of 81.6% in 2024. These turbines are widely used in medium to large-scale projects owing to their capability to manage varying water flow rates effectively. Its eco-friendly design, which minimizes ecological disruption in tandem with rising incentives for replacing inefficient turbines will fuel the product deployment.
   
• For instance, in March 2024, the central government of India inaugurated NHPC’s 2,880 MW of Dibang Multipurpose Hydropower Project located in Lower Dibang Valley district in Arunachal Pradesh. The project was valued USD 3.71 billion, which will be featuring the tallest dam in India.
   
• The impulse hydropower turbine market is likely to exceed USD 14.5 billion by 2034. The industry in observing robust growth fueled by evolving energy policies, strategic investment toward expansion of hydropower projects, and continuous innovation in turbine design. Key industry manufacturers are expanding their capabilities to meet growing energy demand will proliferate business scenario.
   

• The U.S. hydropower turbine market was valued at USD 4, 4.1, and 4.4 billion in 2022, 2023 and 2024, respectively. The country will cross USD 4.5 billion by 2034. Rising interest in distributed energy resources in association with burgeoning demand for small and micro hydropower projects will positively sway the business landscape. Government subsidies for renewable energy infrastructure and growth of off-river hydropower installations combined with collaborative efforts between public & private sectors will amplify the industry scenario.
   
• For citation, in February 2024, the U.S. Department of Energy (DOE) announced that it has selected 46 energy hydroelectric projects from 19 states for cost-shared efficiency incentive to enhance the generation capital of the Nation’s hydropower fleet. The federal government will contribute up to USD 71.5 million in incentive payments for the collective efficiency improvements.
   
• The North America hydropower turbine hold a market share of over 14% in 2024. Increasing emphasis on reducing carbon emissions along with rapid urbanization and industrialization across the country will stimulate the demand for these units. The region is actively promoting their long-term renewable energy targets together with enhancing their turbine efficiency will boost the business expansion.
   
• For reference, in March 2025, Canadian government announced 32 projects with a maximum total funding of USD 50 million to aid in the investment of Canada's critical mineral value chains. These investments are bound to aid in achieving a secure and resilient future.
   
• The Europe hydropower turbine market will witness at a CAGR of over 2% up to 2034. Ongoing modernization efforts of aging hydropower infrastructure in line with continuous innovation in turbine technology and digital monitoring capabilities will escalate product penetration across the region. Moreover, rising in intermittent energy sources including solar and wind is boosting the demand for energy storage solutions.
   
• For instance, in March 2025, EIB has approved financials incentives accounted USD 433.59 million for Energie AG Oberösterreich to foster hydropower expansion in Austria. With a total value exceeding USD 650.39 million, Energie AG is poised to construct a run-of-river hydropower facility in Traunfall and a pumped storage plant in Ebensee.
   
• The Asia Pacific hydropower turbine market will exceed USD 40 billion by 2034. The region will experience robust growth owing to its vast untapped hydro resources and increasing government initiatives to expand renewable energy capacity. Integration of hydropower into hybrid energy microgrids along with advancement in turbine blade materials for better efficiency will strengthen the industry trajectory.
   
• For instance, in January 2023, China announced to construct 200 pumped storage power plants with cumulative capacity of 270 GW by the year of 2025, to cater grid stability and incorporate renewable energy sources into the Chinese grid.
   
• The Middle East & Africa hydropower turbine market will witness a growth rate of over 5.5% till 2034. Rapid expansion of small hydro plants for commercial applications coupled with rising interest in hydropower as a sustainable source of water treatment will foster the business outlook. Growing electricity demand along with increasing emphasis on energy security initiatives will drive the industry scenario.
   
• For instance, in November 2024, The Saudi Power Procurement secured a project in Saudi Arabia which was led by Acwa Power and Taqa, am Abu Dhabi based company. Combinedly these projects Al Nairyah I & II and Rumah I & II will add on 7,200 MW of power in the country.
   
• The Latin America hydropower turbine market will exceed USD 8.5 billion by 2034. The region is witnessing substantial growth propelled by abundant availability of water resources and commitment of renewable energy targets. Escalating need for clean energy, increased FDI, and infrastructure modernization efforts will proliferate business outlook.
   
• For reference, in February 2025, STOA and EDF has signed a purchase agreement of hydroelectric power plant from Neoenergia. It held previously 70% stake in the facility, with an overall installed capacity of 350 Megawatts. This transaction is valued at USD 260.13 million.
   

Hydropower Turbine Market Share

• The top 5 players including ANDRITZ, GE Vernova, Mitsubishi Heavy Industries, Siemens Energy, and Voith together hold a share of about 40% in the hydropower turbine industry. The market is highly competitive on account of regulatory compliances, continuous technological innovation, and sustainability initiatives. Moreover, there are significant entry barriers present which includes capital intensive manufacturing, strict environmental policies, and the requirement of long term service and maintenance skills.
   
• ANDRITZ continues to dominate the international market in hydropower with service offerings that include turbines and generator systems fabrication, plant automation and lifecycle maintenance services. The company has consolidated its market position with ongoing strategic alliances, technological innovation, and the renewable energy transition with hypermodern hydropower technology.
   
• Voith is renowned for its contributing role in the hydropower industry as a provider of innovative turbines, generators, digital hydropower software systems, and plant services. The company is an expert in small and large scale hydro and pumped storage plants, as well as in sophisticated automation systems for various energy processes.
   

Hydropower Turbine Market Companies

• Voith has reported USD 5.66 billion sales as of September 2024. The company has delivered over 1,000 small hydropower plants across worldwide. The company’s order volume increased to USD 6.87 billion, which increased 3% compared to the previous year.
   
• Siemens Energy has valued USD 37.26 billion as of September 2024. The company’s gross profit was projected to USD 4.87 billion in 2024. The combined output of the company’s small hydro power plant accounts for over 5,000 MW of electricity generated globally.
   
• ANDRITZ recorded USD 9 billion revenue in 2024. The company’s hydropower segment was recorded at USD 1.67 billion revenue in 2024. In addition, the EBITDA of the company was valued USD 132 million in 2024.
   

Major players operating in the hydropower turbine industry are:

• ANDRITZ
• B fouress
• BHEL
• Dobriyal Brothers
• GE Vernova
• Gilkes
• GUGLER Water Turbines
• Jyoti
• Litostroj Power
• Mitsubishi Heavy Industries
• Natel Energy
• Pentaflo Hydro
• Siemens Energy
• Toshiba
• Turbiwatt
• Voith
   

Hydropower Turbine Industry News

• In December 2024, GE Vernova received a contract from Dominion Energy South Carolina to upgrade two hydropower units at the Saluda Hydropower plant on the Saluda River, South Carolina. The modernization project, scheduled for completion in the third quarter of 2024, will enhance the plant's performance, reliability, and operational flexibility. These improvements will support the facility's long-term sustainability in power generation.
   
• In October 2024, TNB Power Generation awarded the refurbishment of the Chenderoh hydropower plant to ANDRITZ. Which allowed them to extend the plant’s service life, efficiency, and output by 5%. Additionally, this contract improved company reputation as a frontrunner in new hydropower technologies.
   
• In June 2024, B. Fouress was subcontracted by Upper Tamakoshi Hydropower for the 22 MW Electromechanical installation of the Rolwaling Khola Hydroelectric Project. UTHPL has also been in charge of the operational and constructional activities of the 456 MW Upper Tamakoshi Hydropower Project, which as of now, is the largest Hydropower facility in Nepal. Furthermore, under this contract, BFL will provide designs, fabrication, supply, and installation of all auxiliary EM equipment necessary for the efficient operation of the powerhouse.
   
• In January 2024, ANDRITZ has contracted to provide the turbines for the Amfilochia pumped storage hydropower plant in Greece. The project is aimed at increasing renewable energy potential for the country which will require Andritz advanced turbine technology for the energy storage and generation processes. This contract depicts the company's Andritz focus on supporting sustainable approaches in hydropower projects globally which will help Greece towards reinforcing their renewable energy backbone along with stabilizing their power grid.
   

The hydropower turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (MW) & revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Capacity

• ≤ 1 MW
• > 1 MW to 10 MW
• > 10 MW to 50 MW
• > 50 MW

Market, By Head

• 2 – 25 m
• > 25 – 70 m
• > 70 m

Market, By Product

• Impulse
• Reaction

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • Austria
  • Norway
  • Russia
  • Italy
  • Switzerland
  • Turkey
  • Sweden
• Asia Pacific
  • China
  • India
  • Vietnam
  • Bhutan
  • Indonesia
  • Nepal
  • Sri Lanka
• Middle East & Africa
  • Ethiopia
  • Iran
  • Israel
  • Nigeria
  • Zambia
• Latin America
  • Brazil
  • Peru
  • Argentina