Europe Hydro Turbine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The European hydro turbine market is expected to grow at a CAGR of more than 4.5% over the period of 2020-2025. Factors such as increasing demand for energy, a rise in the need for cleaner technologies for power production, and stringent emission policy targets are likely to drive the hydro turbine market. Moreover, hydropower is the world’s largest source of renewable electricity generation, and with new hydropower projects sanctioned, the demand for hydro turbines is expected to increase. However, certain drawbacks, such as design challenges of the turbine, ecological concerns related to dams, long gestation periods, and high installation cost of dams are hampering the growth of the studied market.
Key HighlightsThe Europe hydro turbine market is moderately fragmented. Some of the key players in this market include General Electric Company, Andritz AG, Litostroj Power Group, Siemens AG, Voith GmbH & Co. KGaA.
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