Hydro Turbine Market: Expanding Pumped Storage Capacity and Aging Fleet Modernization to Drive Market Growth

The global hydro turbine market was valued at over USD 62.8 billion in 2025 and is projected to register a compound annual growth rate of approximately 4.4% from 2026 to 2035. The market covers Francis, Kaplan, Pelton, and bulb turbines used in conventional hydropower plants, alongside reversible pump turbines used in pumped storage hydropower facilities, sold to utilities and government-backed power authorities. Pumped storage hydropower has emerged as a particularly active growth category within the broader market, with more than 200 GW of global pumped storage capacity currently installed and over 60 GW of additional capacity expected by 2030, reflecting growing demand for large-scale, grid-balancing energy storage as renewable generation expands.

The market is expected to grow steadily through the forecast period, owing to continued pumped storage project development across Asia-Pacific, sustained modernization and refurbishment demand from aging hydropower fleets in Europe and North America, and growing government support for hydropower as a grid-stabilizing complement to variable wind and solar generation. India alone maintains approximately 51 GW of installed hydropower capacity and continues to expand pumped storage development to balance its growing renewable generation mix, while several European utilities continue large-scale turbine modernization programs at hydropower stations originally commissioned decades ago.

Executive Snapshot

What is the size and growth rate of the global hydro turbine market?
The market was valued at over USD 62.8 billion in 2025 and is projected to grow at approximately a 4.4% compound annual growth rate from 2026 to 2035, supported by pumped storage expansion and aging fleet modernization.

How much pumped storage hydropower capacity is currently installed globally, and how much more is expected by 2030?
More than 200 GW of pumped storage capacity is currently installed worldwide, with over 60 GW of additional capacity expected by 2030, according to figures referenced by ANDRITZ Hydropower.

What advantage does variable speed pump turbine technology offer for grid flexibility specifically?
Variable speed pump turbines, such as units supplied by GE Vernova for India’s Tehri Pumped Storage Hydropower Plant, allow faster transitions between turbine and pump operation, improving grid flexibility as more renewable generation is integrated.

How active has order activity been for major hydro turbine suppliers recently?
Manufacturers including ANDRITZ have continued securing a steady stream of new pumped storage and conventional hydropower orders across India, South Korea, Türkiye, and other markets throughout 2025 and into 2026.

Why does fleet modernization continue to represent a significant share of overall hydro turbine demand?
Many hydropower stations across Europe and North America were originally commissioned decades ago, supporting sustained refurbishment and turbine replacement demand from suppliers including Voith, which recently completed turbine modernization work at a New Zealand hydropower station originally built in the 1950s.

What technical standards apply to hydro turbine design, safety, and performance testing globally?
Design and performance testing requirements are shaped in part by standards coordinated through the International Electrotechnical Commission, applicable across conventional and pumped storage turbine categories.

Market Dynamics: Hydro Turbine Market

Pumped storage hydropower continues to expand rapidly as a grid-balancing complement to variable renewable generation. Due to this, more than 60 GW of additional global pumped storage capacity is expected by 2030, supporting sustained order activity for suppliers including ANDRITZ.
India continues to expand pumped storage development at significant scale to balance its growing renewable generation mix. Continued large-scale project activity, including variable speed pumped storage technology supplied by GE Vernova for the Tehri complex, continues to support India’s position as a major hydro turbine demand market.
Aging hydropower fleets across Europe and North America continue to require sustained turbine modernization investment. Refurbishment programs from suppliers including Voith continue to extend the operating life and efficiency of hydropower stations originally commissioned decades ago.
Variable speed pump turbine technology adoption continues to expand to improve grid flexibility and renewable integration. Growing deployment of variable speed technology, including systems supplied by GE Vernova, continues to support faster response times for grid operators managing increasingly variable generation mixes.
Order activity for major pumped storage and conventional hydro projects has remained consistently strong across multiple regions. Continued order wins for ANDRITZ across India, South Korea, and Türkiye throughout 2025 and 2026 reflect sustained global project activity across both pumped storage and conventional hydro categories.
Specialized low-head and small hydro turbine technology continues to expand the addressable market beyond large-scale projects. Technology such as bulb turbines, where suppliers including ANDRITZ maintain a substantial global installed capacity share, continues to support economically viable power generation at very low head sites.

Market Segmentation: Hydro Turbine Market

By Capacity

≤ 1 MW
> 1 MW to 10 MW
> 10 MW to 50 MW
> 50 MW

By Head Type

Low Head Turbine (Up to 30m)
Medium Head Turbine (30 to 300m)
High Head Turbine (Above 300m)

By Installation Site

Small Hydro Power Plant (Up to 1 MW)
Medium Hydro Power Plant (1 MW – 10 MW)
Large Hydro Power Plants (Above 10MW)

By Application

Power Generation
Power Storage
Marine
Aeronautics
Others

By Geography

North America: United States, Canada, and Mexico
Europe: Germany, U.K., France, Italy, Spain, Russia, Benelux, Nordics, and Rest of Europe
Asia Pacific: China, Japan, India, South Korea, Australia, New Zealand, Taiwan, South East Asia, and Rest of Asia Pacific
Latin America: Brazil, Argentina, Columbia, Chile, Peru, and Rest of Latin America
Middle East: Saudi Arabia, United Arab Emirates, Oman, Qatar, and Rest of Middle East
Africa: Nigeria, Egypt, Ethiopia, South Africa, and Rest of Africa

Key Growth Drivers: Hydro Turbine Market

Rapidly expanding pumped storage capacity additions are driving sustained new equipment order growth. Due to this, more than 60 GW of new pumped storage capacity is targeted globally by 2030, and the market is expected to grow on the back of this expansion through the forecast period.
Continued large-scale renewable integration is increasing the strategic value of grid-balancing pumped storage assets. Growing variable renewable generation continues to increase utility demand for the rapid response capability that pumped storage and variable speed technology from GE Vernova can provide.
Sustained modernization investment in aging hydropower fleets is supporting steady refurbishment-related demand. Continued refurbishment activity from Voith continues to extend operating life and improve efficiency at decades-old hydropower stations.
Continued large-scale project development in India and other major emerging markets is supporting strong regional demand. Sustained pumped storage project activity in India continues to support significant order volume for suppliers including ANDRITZ.
Government policy support for hydropower as a renewable-complementary technology continues to underpin long-term demand. Continued policy recognition of hydropower’s grid-stabilizing role continues to support sustained investment alongside growing wind and solar capacity.
Continued investment in specialized low-head and small hydro technology is expanding the addressable project base. Ongoing technology investment from suppliers including ANDRITZ continues to make smaller and lower-head hydropower sites more economically viable to develop.

Regional Outlook: Hydro Turbine Market

Asia-Pacific: Largest and fastest-growing regional market, supported by extensive pumped storage development in India and China, with significant project activity for ANDRITZ and GE Vernova.
Europe: Significant established market, with sustained modernization and pumped storage construction activity supported by ANDRITZ across Germany, Norway, and other markets.
North America: Expected to hold the largest market share over the forecast period, supported by continued refurbishment activity and grid modernization investment.

Competitive Landscape: Hydro Turbine Market

Notable key players include ANDRITZ, Voith, GE Vernova, Toshiba Energy Systems, Harbin Electric, Dongfang Electric, and Bharat Heavy Electricals Limited.

Recent Developments

ANDRITZ announced in 2026 a major order from Tata Power to supply three reversible pump turbines and associated equipment for the 1,000 MW Bhivpuri pumped storage project in Maharashtra, India.
ANDRITZ confirmed in its fourth-quarter 2025 order intake an award from Doosan Enerbility to supply pump turbine units for the new Yeongdong pumped storage plant in Chungcheong Province, South Korea.
GE Vernova commissioned the first of four 250 MW variable speed pumped storage units at India’s Tehri Pumped Storage Hydropower Plant, marking the country’s first deployment of variable speed pumped storage technology.

Consultant POV

The hydro turbine market continues to grow at a more measured pace than newer renewable categories, reflecting the long project development timelines and high capital costs characteristic of large-scale hydropower infrastructure. Within that steady overall trajectory, pumped storage stands out as a genuinely fast-growing sub-segment, increasingly valued for its ability to balance grid demand as wind and solar generation expand. Continued modernization investment in decades-old fleets across Europe and North America provides a parallel, more stable demand stream alongside new pumped storage construction in India, China, and South Korea. Overall, the market is expected to grow due to expanding pumped storage capacity, sustained fleet modernization needs, and growing government recognition of hydropower’s grid-stabilizing role.

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