Seattle, WA -- (SBWIRE) -- 10/16/2019 -- Development of hydropower turbine has significantly helped in harnessing renewable energy, in order to reduce the reliance on conventional power generation system. For instance, U.S. Department of Energy (DOE) announced US$ 26.1 million in funding to drive innovative industry-led technology solutions to advance the marine and hydrokinetics (MHK) industry and increase hydropower's ability to serve as a flexible grid resource. Moreover, fluctuating price of fossil fuels coupled with rising focus on saving energy will further favor the hydropower turbine market growth.

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Additionally, governments are focused on stringent rules and regulations in order to minimize carbon emissions along with rising demand for electricity around the globe are also expected to propel the hydro turbine market growth over the forecast period. Moreover, rising investment towards promoting small and mini hydel projects will also support the market growth. As per the U.S. Department of Energy, hydroelectric power is the largest source of renewable electricity in the U.S, producing about 6.3% of the nation's total electricity throughout the last decade. For instance, more than 2,500 U.S. companies are supporting hydropower industry for the production of domestic manufacturing facilities which will present economic benefits.

Furthermore, growing investment towards renovation and up-gradation of existing hydroelectric facilities coupled with rising awareness regarding the benefits of renewable technologies will foster the product demand. The government of India aims at adding 1,190 MW of hydropower capacity in the 2019, which will take the total capacity to more than 50,000 MW. At present India has 45,399 MW of large hydel plants and 4,594 MW of small ones.

Key players active in the market are VOITH, Gamesa, Goldwind Science & Technology, Siemens wind power, Vestas, Dongfang Electric Corporation, GE Wind Energy, ENERCON GMBH, NORDEX, China Ming Yang Wind Power Group, Ormat Technologies, EGP Group, Cyrq Energy, Calpine, Alterra Power, Northern California Power Agency, U.S., Geothermal, Contact Energy, Sumitomo Corporation, Mannvit, Mitsubishi Minatomirai Industrial, Energy Development Corporation, and KSB

North America region is experiencing high growth rate as compared to other regions. As per the report Hydropower Status by International Hydropower Association, in 2018, the region has installation of 510 MW in 2017 and Canada having major storage projects which are under construction. Africa has the highest untapped potential for hydropower development as 1,924 MW was added in 2017, bringing Africa's total installed capacity to 35.3 GW.
Hydropower will remain the single largest source of renewable electricity across the Europe region. This is due to the fact that it generated an estimated 600 TW/h of clean electricity in 2017 and more 2,307 MW was added in 2017 according the report Hydropower Status by International Hydropower Association. At the same time, East Asia and Asia Pacific region has witnessed the highest annual increase in hydropower installed capacity in 2017, 9.8GW was installed, bringing total capacity around the region to 468.3GW, according to the same source.

As per the report by The International Energy Agency (IEA), the global renewables electricity generation is expected to grow by over one-third to over 8,000 terawatts per hour, equal to the total power consumption of China, India, and Germany combined. As a result, the share of renewables in power generation will reach 30% in 2022, up from 24 % in 2016.

Key Developments
In July 2017, NTN Corporation (hereafter, NTN) launched the independent power type compact hydroelectric generator "NTN Micro Hydro Turbine," which can generate power simply by placing it in existing water channels.
Energy and GE Renewable Energy partnered for the commercialization of distributed hydropower system, in July 2019. The partnership enables GE Renewable Energy to provide Energy's hydropower turbines.
In July 2019, John Laing Environmental Assets Group Limited (JLEN), a listed environmental infrastructure fund, acquired Yorkshire Hydropower Holdings Limited (YHHL) for a total consideration, including working capital, of US$ 5.26 Mn. YHHL owns 100% of the equity in Yorkshire Hydropower Limited (YHL), which in turn holds the rights to two operational hydro projects and an operational battery storage system.

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Key Areas Of The Market
Rising demand for electricity around the globe coupled with increasing government initiatives for the development of more hydropower plants for catering to huge unmet demand is primarily boosting the hydropower turbine market growth
Africa has the potential for hydropower industry whereas North America is experiencing a moderate growth rate
Europe is the largest source of renewable energy, at the same time Asia pacific region is expected to witness significant growth in the near future