Global hydro turbine market to hit $4.9b by 2035

Investments in RE transition and grid reliability are some of the factors fuelling the growth.

The global hydro turbine market is projected to reach $4.9b by 2035, reflecting a compound annual growth rate of 5.9% between 2025 and 2035.

According to Transparency Market Research Inc., the “growth is underpinned by government initiatives for clean energy transitions, the need to modernise ageing hydropower infrastructure, and the rising deployment of pumped-storage hydro (PSH) for grid stability.”

Asia Pacific accounts for 43.5% of the market share, with China and India driving growth with large hydropower dams and PSH projects. Southeast Asian countries are also investing in micro-hydro for rural electrification.

"Supportive government policies and abundant water resources underpin regional dominance,” the report said.

By 2035, Transparency Market Research expects that over 30% of capacity will be upgraded with advanced, efficient turbines. PSH projects will also witness major growth, especially in China, India, and the US.

“Whilst new large dam projects face environmental scrutiny, pumped-storage hydro and small-hydro projects are opening fresh avenues of expansion,” the company said.

“With a projected market size of $ 4.9b by 2035, hydro turbines will remain a cornerstone of the renewable energy landscape, providing reliable, sustainable power and supporting the world’s transition to a cleaner, carbon-neutral future,” it added.