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Global Hydrogenerators Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 7.0% During the Forecast Period.
Hydro generators are one of the most important component of hydropower projects that are connected to a turbine to converts mechanical energy into electrical energy. During 2019, hydropower accounted for around 48% of the total renewable energy installed capacity. The increase in hydropower installation capacity is expected to directly impact the growth of hydrogenator market.
Increasing Demand for Energy on Global Scale and High Usage of Hydrogenerators by the Hydro-Power Industry Is Anticipated To Drive the Demand for Hydrogenerators
With the increasing urbanization across the globe, electricity consumption has increased considerably over the years. This is anticipated to boost the demand for hydrogenerators across the globe over the forecast period.
The demand for high-quality hydrogenerators coupled with the requirement of increased productivity of hydrogenerators are the factors creating market opportunities for the global hydrogenerators market. In addition, the rapid growth of variable renewable energies (VRE) in recent years is increasing the need for rapid-response energy storage technologies and will demand the need for Hydro Generators in the future.
However, factors such as high Capital expenditures (CAPEX) requirements, especially in key markets, variation in regulatory policies across different regions, the high installation cost of dams and Environmental impacts, are expected to restrain the market growth during the forecasting period.
The Large Hydrogenerators Segment Is Expected To Dominate The Hydrogenerators Market During The Forecast Period
Large hydrogenerators was the largest segment, accounted for over XX% of the global revenue share of Hydrogenerators market in 2019 and this trend is expected to remain unchanged over the forecast period.
Large hydro generators include the generators, with capacity more than 50 megawatts, that primarily use Francis and Kaplan turbine to capture maximum energy from the flowing water to generate electricity. The rising hydropower projects for electricity in Asia-pacific and South America regions coupled with the rising demand for electricity around the world is likely to drive the demand for large hydrogenerators.
The Asia-Pacific Is Expected to Dominate the Hydrogenerators Market During the Forecast Period
The Asia-Pacific accounted for over XX% of the global revenue share of hydrogenerators market in 2019 and this trend is expected to continue over the forecast period with approximately 543 GW of installed capacity as of 2019. China is the dominating country in the region and around the globe. It has a market share of 65%, with respect to the installed capacity in the region and 27% of the total installed global hydropower capacity. Furthermore, attributing to increasing government investments in establishing power plants and increasing electrification in rural and remote areas, the demand for hydrogenerators is anticipated to increase significantly in the Asia Pacific region.
Apart from China, India and Japan are the prominent countries in the region that have a cumulative market share of around 18%, with respect to total installed capacity in the region. Mangdechhu hydroelectric project is one of the prominent under-construction hydro-project in Bhutan that is being built by India and Bhutan. The project is expected to have an installed capacity of around 720 MW by 2022.
During 2019, the Indian government has approved INR 1600 crores on pre-investment activities and various clearance for the hydropower project in Arunachal Pradesh. The project is estimated to generate 2880 MW of power from 12 units of 240 MW generators. The addition of the project is expected to help the hydro-generator market to grow during the forecasting period.
The Market in Europe Expected to Hold a Significant Share in Hydrogenerators Market over the Forecast Period
Europe is anticipated to hold above XX % market share in the global Hydrogenerators market in terms of revenue and is expected to grow at CAGR of above XX % over the forecast period. Most of the European countries are increasing focus on extracting energy from renewable energy sources that have brought hydropower into the limelight. Growing demand for sustainable energy in Europe and growth initiatives are expected to drive the European market during the forecast period.
The global hydrogenerators market is expected significant growth in the North America region. Significant research funding for renewable energy and policies like net-zero carbon footprint are expected to remain main drivers for the demand for hydrogenetors in the region
Some of the key players in the global Hydro generators market are GE Renewable Energy VEM Group, Mitsubishi Heavy Industries, Ltd. Cummins, Inc., Ingeteam Corporation, S.A. ANDRITZ HYDRO GmbH Pentaflo Hydro Pvt. Ltd., Toshiba Corporation, General Electric, Arizona Hydrogen Manufacturing, Inc., Wärtsilä Corporation, Kirloskar Electric Company Ltd., Kohler Co. and Tamar Hydro Pty Ltd
Hydrogenerators Market Key Segments:
Hydrogenerators Market, By Capacity
- Large (over 50 MW)
- Medium (under 50 MW)
- Small (under 10 MW)
- Micro (under 100 kW)
- Pico (under 5 kW)
Hydrogenerators Market, By End Use
- Conventional (dams)
Hydrogenerators Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America