Market Size of Europe Hydro Turbine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Hydro Turbine Market Analysis
Europe hydro turbine market is projected to register a CAGR of over 4.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, 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.
- On the other hand, 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.
- Nevertheless, the rising requirement for renewable energy in emerging economies is anticipated to create a good growth opportunity for hydro turbine manufacturers. Emerging markets offer a potentially strong growth opportunity for renewable energy in the next few years.
- Norway is expected to be the largest market in the forecast period, with its high mountain plateaus, numerous natural lakes, steep valleys, and fjords, Norway's topography is well suited to hydropower development.
