Table of Contents
Overview
The global hydro turbine market is on a steady growth path, projected to reach around USD 88.0 billion by 2034, rising from USD 58.3 billion in 2024, with a 4.2% CAGR between 2025 and 2034. North America leads this space, holding a 44.90% share, equivalent to about USD 26.1 billion, driven by ongoing upgrades and new renewable energy projects.
Hydro turbines play a critical role in power generation by converting the energy of flowing or falling water into mechanical rotation, which then produces electricity. Their efficiency depends on factors such as water head, flow rate, and turbine type, making them suitable for large dams, small hydro plants, and run-of-river installations. The market includes both new installations and the refurbishment of older assets to improve efficiency and integrate digital control systems.
A key driver is sustained public investment in clean and resilient energy infrastructure. In the United States, a USD 426 million federal grant for the Port of Humboldt Bay and USD 8 million from the U.S. Department of Energy to strengthen Los Angeles grid infrastructure highlight long-term support for renewable power systems. Additional planning support, including USD 3 million for a California coastal town to prepare for an offshore energy port, reflects growing interest in integrated renewable energy hubs.
Overall, rising clean-energy financing, including multiple fusion startups raising over USD 100 million, signals strong investor confidence in advanced power technologies, indirectly supporting hydro turbine modernisation and hybrid renewable projects.
Top Key Players in the Market
- ANDRITZ AG
- Canyon Industries Inc.
- Gilbert Gilkes & Gordon Ltd.
- Toshiba Energy
- Kirloskar Brothers Ltd.
- Siemens AG
- Harbin Electric Machinery
- WWS Wasserkraft GmbH
- Cornell Pump Co.
- General Electric Co.
1. ANDRITZ AG
ANDRITZ AG is a global industrial technology group with strong expertise in hydropower, automation, pulp and paper, metals, and environmental solutions. Founded in 1852, the company has evolved into one of the world’s leading suppliers of hydropower equipment, supporting both new installations and the modernization of aging power plants.
In 2023, ANDRITZ achieved record performance driven by rising renewable energy investments. Its hydropower portfolio includes turbines, generators, and digital control systems, supporting efficient and sustainable power generation worldwide.
| Established | 1852 |
|---|---|
| Headquarters | Graz, Austria |
| Industry | Industrial Technology |
| Core Products | Hydro turbines, generators, automation |
| Revenue (2023) | €8.7 billion |
| Business Focus | Renewable energy & hydropower |
| Global Presence | Worldwide |
| Company Type | Public |
| Sustainability Focus | High |
| Website | andritz.com |
2. Canyon Industries Inc.
Canyon Industries Inc. operates under Stone Canyon Industries Holdings, a private U.S.-based industrial holding company. The group focuses on mission-critical manufacturing and infrastructure-related businesses supporting long-term industrial demand.
The company emphasizes durable industrial assets backed by infrastructure spending. Its decentralized investment approach supports stable growth across industrial and energy-linked manufacturing operations.
| Parent Company | Stone Canyon Industries |
|---|---|
| Headquarters | Los Angeles, USA |
| Industry | Industrial Holdings |
| Business Model | Private ownership |
| Focus Area | Industrial manufacturing |
| Investment Strategy | Long-term assets |
| Market Presence | Global |
| Ownership Type | Private |
| Core Strength | Infrastructure-backed businesses |
| Website | scicp.com |
3. Gilbert Gilkes & Gordon Ltd.
Gilbert Gilkes & Gordon Ltd is a UK-based hydropower engineering company with over 170 years of operational heritage. The company specializes in turbines and pumping systems for small and medium hydropower projects.
Gilkes supplies equipment to more than 85 countries and supports renewable electricity generation through efficient and customized hydropower solutions.
| Established | 1856 |
|---|---|
| Headquarters | Kendal, United Kingdom |
| Industry | Hydropower Engineering |
| Core Products | Hydro turbines, pumps |
| Global Reach | 85+ countries |
| Business Type | Private |
| Market Focus | Small & medium hydro |
| Manufacturing | In-house |
| Renewable Focus | High |
| Website | gilkes.com |
4. Toshiba Energy Systems & Solutions Corporation
Toshiba Energy Systems & Solutions Corporation was established in 2017 as a core energy subsidiary of Toshiba Corporation. It focuses on power generation equipment and energy infrastructure solutions. The company supports global decarbonization efforts through advanced hydropower, grid, and digital energy systems.
| Established | 2017 |
|---|---|
| Parent Company | Toshiba Corporation |
| Headquarters | Kawasaki, Japan |
| Industry | Energy Systems |
| Core Products | Power generation equipment |
| Revenue (FY2024) | ¥416.1 billion |
| Employees | ~5,000 |
| Business Focus | Energy infrastructure |
| Global Operations | Yes |
| Website | global.toshiba |
5. Kirloskar Brothers Ltd.
Kirloskar Brothers Ltd, founded in 1888, is one of India’s oldest engineering companies specializing in fluid management and hydropower solutions. The company supports irrigation, power, and industrial sectors through reliable pumps and hydropower turbines designed for long-term efficiency.
| Established | 1888 |
|---|---|
| Headquarters | Pune, India |
| Industry | Fluid Management |
| Core Products | Pumps, hydro turbines |
| Market Presence | Global |
| Business Segments | Energy, water, industry |
| Infrastructure Role | High |
| Export Markets | International |
| Renewable Focus | Yes |
| Website | kirloskarpumps.com |
6. Siemens AG
Founded in 1847, Siemens AG is a German multinational leader in industrial technology, automation, and energy infrastructure. The company plays a major role in global energy transition through smart grids, industrial digitalization, and infrastructure modernization.
| Established | 1847 |
|---|---|
| Headquarters | Munich, Germany |
| Industry | Industrial Technology |
| CEO | Roland Busch |
| Revenue | €78.9 billion |
| Employees | ~318,000 |
| Core Segments | Automation, infrastructure |
| Global Rank | European engineering leader |
| Sustainability Focus | High |
| Website | siemens.com |
7. Harbin Electric Corporation
Harbin Electric Corporation is a major Chinese manufacturer of power generation equipment established in 1994. The company supplies turbines, generators, and complete power plant systems to global energy markets.
| Established | 1994 |
|---|---|
| Headquarters | Harbin, China |
| Industry | Power Equipment |
| Core Products | Generators, turbines |
| Market Reach | Global |
| Stock Listing | Hong Kong Exchange |
| Manufacturing Base | China |
| Energy Focus | Power generation |
| Export Markets | International |
| Website | harbin-electric.com |
8. WWS Wasserkraft GmbH
WWS Wasserkraft GmbH is an Austrian specialist in small hydropower solutions, delivering complete water-to-wire systems. The company focuses on decentralized renewable energy projects with turbine capacities up to 10 MW.
| Headquarters | Austria |
|---|---|
| Industry | Hydropower Engineering |
| Core Products | Small hydro turbines |
| Capacity Focus | Up to 10 MW |
| Business Model | EPC solutions |
| Renewable Segment | Small hydro |
| Project Scope | Water-to-wire |
| Market Focus | Decentralized energy |
| Experience | 35+ years |
| Website | wws-wasserkraft.at |
9. Cornell Pump Company
Cornell Pump Company is a U.S.-based manufacturer of centrifugal pumps and hydro turbine assemblies founded in 1946. The company supports industrial, municipal, and renewable energy projects with high-performance pumping solutions.
| Established | 1946 |
|---|---|
| Headquarters | Oregon, USA |
| Industry | Pump Manufacturing |
| Core Products | Pumps, hydro turbines |
| Market Segments | Industrial, municipal |
| Manufacturing | USA |
| Engineering Focus | High |
| Business Type | Private |
| Renewable Support | Yes |
| Website | cornellpump.com |
10. General Electric Company
General Electric Company, founded in 1892, is a historic U.S. industrial leader that completed a major corporate transformation in 2024. The company continues its energy legacy through advanced power systems and infrastructure technologies.
| Established | 1892 |
|---|---|
| Headquarters | USA |
| Industry | Industrial Technology |
| CEO | H. Lawrence Culp Jr. |
| Business Split | 2024 |
| Core Segments | Aerospace, energy |
| Global Presence | Worldwide |
| Innovation History | 130+ years |
| Energy Role | Power systems |
| Website | ge.com |
Conclusion
The hydro turbine sector plays a vital role in the global transition toward clean and reliable energy. By converting the natural movement of water into electricity, hydro turbines support long-term power generation with low environmental impact and high operational stability. They are widely used in large dams, small hydro projects, and run-of-river systems, helping balance energy supply and demand.
Continuous innovation in turbine design, efficiency improvement, and digital monitoring is extending the lifespan of existing plants and improving overall performance. As countries focus on energy security, grid stability, and sustainable infrastructure, hydro turbines will remain a dependable foundation within the renewable energy landscape.
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