Water Turbine Market Growth, Size, Share, Trends, and Forecast 2032

Water Turbine Market Insights

According to the report published by Zion Market Research, the global Water Turbine Market size was valued at USD 2,554.10 Million in 2023 and is predicted to reach USD 3,821.20 Million by the end of 2032. The market is expected to grow with a CAGR of 4.70% during the forecast period. The report analyzes the global Water Turbine Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Water Turbine Market industry.

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Key Insights:

• As per the analysis shared by our research analyst, the water turbine market is anticipated to grow at a CAGR of 4.70% during the forecast period (2024-2032).
• The global water turbine market was estimated to be worth approximately USD 2,554.10 million in 2023 and is projected to reach a value of USD 3,821.20 million by 2032.
• The growth of the water turbine market is being driven by the increasing demand for renewable energy and the global shift toward sustainable power generation.
• Based on the design, the reaction turbine segment is growing at a high rate and is projected to dominate the market.
• On the basis of application, the aeronautics segment is projected to swipe the largest market share.
• By region, North America is expected to dominate the global market during the forecast period.

Water Turbine Market: Overview

Fossil fuel is used in the conventional method to generate power. However, fossil fuels are non-renewable energy resource and they also cause pollution. Hence there has been an intensifying pressure to shift towards renewable energy sources. Industries are increasingly adopting renewable sources of energy such as water, solar, and wind. Water turbines provide energy with a lower environmental impact and it is a renewable source of energy. It generates electricity by converting kinetic energy into mechanical energy. It is a cost effective and efficient source of energy.

Water Turbine Market: Facts

Hybrid water wind turbines is one of the product types which is expected to be launched in the market in the coming periods. It stores water and its towers act as batteries for generation of electricity when the wind stops.

Water Turbine Market: Segmentation

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The global water turbine market can be segmented into its design and application.

On the basis of Design, the market is divided into reaction turbine and impulse turbine. The reaction turbine is further sub divided into Gorglow turbine, Tyson turbine, Kaplan turbine, Francis turbine, and the impulse turbine which is further sub-divided into Archimedes screw, Jonval turbine, water wheel, Turgo and Pelton wheel.

Based on Application, the market is classified into aeronautics, marine, power storage, and power generation.

Water Turbine Market: Growth Factors

There is a rising demand for hydro power plant owing to the renewability of water sources and since it is a clean source of energy, i.e., it does not contaminate the atmosphere during the generation of the power. This is one of the major factors boosting the growth of the water turbines market. The cost incurred on power generation through the conventional methods is relatively high as compared to generation through water turbines which makes it a highly demanded product in the market. Demands are further influenced by the growing government support across the various regions. However, the underwater lives such as the fish population and the water quality are adversely affected due to the installation of water turbines which may cause a hindrance to the market growth in the coming periods.

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Recent Development

• In Aug 2025, Grundfos, a global leader in advanced water solutions, completed the acquisition of Pittsburgh-based water and wastewater treatment company Newterra. This acquisition underscores Grundfos’ commitment to expanding its water treatment capabilities and its strategic ambition to grow its presence in the US and Canadian markets.
• In May 2023, ITOCHU Corporation acquired American Hydro from Wärtsilä, strengthening its position in North America's turbine manufacturing and maintenance sector. This acquisition supports the expansion of renewable energy infrastructure for over 2,000 hydraulic power stations in the region.
• In March 2022, Voith completed the acquisition of the remaining shares in Voith Hydro from Siemens Energy, becoming the sole owner and a full-line supplier of hydropower technology. This move strengthened Voith’s commitment to sustainable technologies and enhanced its strategic capabilities in the global hydropower sector.

Water Turbine Market: Report Scope

Turbine Market Dynamics 

Key Growth Drivers

The turbine market is primarily driven by the global energy transition toward renewable sources and the growing need for electricity worldwide. As governments and corporations implement ambitious decarbonization strategies, wind and hydro turbines are becoming a central component of power generation infrastructure. Technological advancements in turbine design, such as larger blades, higher hub heights, and more efficient aerodynamics, are significantly improving energy capture and lowering the levelized cost of energy (LCOE) for wind power. Additionally, the increasing demand for cleaner fossil fuel alternatives is driving the market for natural gas turbines, which produce fewer emissions than coal-fired power plants.

Restraints

Despite the push for clean energy, the turbine market faces several significant restraints. One major challenge is the high capital expenditure required for large-scale turbine projects, particularly for offshore wind farms. The market is also highly susceptible to supply chain disruptions and price volatility of raw materials like steel and rare earth elements, which are essential for turbine manufacturing. This can negatively impact project timelines and profitability. Furthermore, the intermittent nature of renewable energy sources like wind and solar means that they require energy storage solutions or backup power from other sources, which can add to the overall cost and complexity of a project.

Opportunities

The turbine market is ripe with opportunities for innovation and expansion. The development of bidirectional or Vehicle-to-Grid (V2G) technology for electric vehicles (EVs) offers a new avenue for growth, as the turbine could be a part of a larger, interconnected ecosystem. The increasing demand for cloud gaming and virtual reality (VR) streaming also presents a potential new avenue for streaming devices as a part of a larger, interconnected ecosystem. The market is also expanding into emerging economies, particularly in the Asia-Pacific region, where there is a large and growing population of budget-conscious consumers. This creates a strong opportunity for manufacturers to offer low-cost streaming devices to capture this market.

Challenges

The turbine market faces a number of complex challenges. A major challenge is the intense and crowded competitive landscape, with major tech giants like Amazon, Google, and Apple vying for market share against a number of other players. This fierce competition leads to intense price wars and thin profit margins. Another major challenge is the ongoing battle for content discovery and personalization as the sheer volume of content available on streaming platforms can overwhelm users. Without effective search and recommendation tools, users may experience "subscription fatigue" and churn. Additionally, the industry must constantly address technical barriers such as ensuring low-latency streaming and providing seamless cross-platform integration to meet ever-increasing consumer expectations for a high-quality, uninterrupted experience.

Water Turbine Market: Regional Analysis

The water turbine market will be dominated by Asia Pacific region owing to its agriculture driven economies such as Bangladesh, China, and India. Rising demand for clean power generation and government regulations supporting the development of renewable energy sources are some of the factors influencing the growth in Europe. North America is expected to exhibit a considerable demand for water turbines due to the positive incentives offered by the government for the utilization of green solutions.

Water Turbine Market: Competitive Players

Some of the major companies in the water turbine market include:

• General Electric
• Alterra Power Corporation
• Wärtsilä, Nautilus LLC
• Energy Development Corporation
• Canyon Industries Inc.
• The James Leffel & Co.
• Ram Power Corporation
• Toshiba India Pvt. Ltd.
• Sumitomo Corporation
• Enel Spa
• Gilbert Gilkes & Gordon Ltd.
• Calpine Corporation.

The Global Water Turbine Market is segmented as follows:

By Design 

• Reaction Turbine 
• Impulse Turbine

By Application 

• Aeronautics
• Marine
• Power Storage
• Power Generation 

Water Turbine Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.