The Global Hydropower Refurbishment Market was valued at USD 13.3 billion in 2025 and is estimated to grow at a CAGR of 8.5% to reach USD 30.2 billion by 2035.
The hydropower refurbishment market is expanding steadily as utility operators and asset owners increasingly invest in extending the service life of existing hydropower facilities while improving operational efficiency and grid performance. Aging generation infrastructure, evolving reliability standards, and rising investments in renewable energy integration are transforming refurbishment projects into a strategic priority rather than routine maintenance activities. Modernization programs are focused on enhancing plant efficiency, increasing operational flexibility, and improving long-term asset reliability to meet changing electricity demand. Refurbished hydropower facilities also play a critical role in supporting grid stability by providing dependable and dispatchable electricity generation that complements the growing share of variable renewable energy sources. As power systems continue to evolve, operators are prioritizing upgrades that improve plant performance, reduce maintenance costs, and maximize the value of existing infrastructure. Long-term asset management strategies, growing emphasis on sustainable power generation, and increasing investments in energy infrastructure modernization are expected to drive continuous demand for refurbishment services. These factors are creating strong growth opportunities across equipment, plant type, and regional markets throughout the forecast period.
The turbine refurbishment segment accounted for 34.9% share and is expected to grow at a CAGR of 8.3% through 2035. This segment continues to lead the market because turbine performance has a direct impact on overall plant efficiency, power generation, and operational reliability. Continuous operation over extended periods increase equipment wear, making refurbishment essential for restoring performance, improving energy output, and extending equipment lifespan. Ongoing investments in advanced turbine technologies and modernization programs are expected to support sustained demand throughout the forecast period.
The storage (reservoir) hydropower plants segment held 44.4% share in 2025 and is projected to register a CAGR of 8.4% during 2026-2035. This segment holds the largest market share due to the extensive installed base of large hydropower facilities that require periodic modernization to maintain operational efficiency and regulatory compliance. Increasing investments in long-term asset upgrades, improved generating capacity, and enhanced operational performance continue to support market expansion. Growing demand for reliable renewable electricity generation is further strengthening refurbishment activities across storage hydropower facilities.
North America Hydropower Refurbishment Market accounted for 23.8% share in 2025 and is expected to grow at a CAGR of 8.2% through 2035. Regional growth is supported by a substantial installed hydropower capacity and an increasing number of aging facilities requiring modernization to improve operational efficiency and extend asset life. Utility operators continue to invest in equipment upgrades, digital monitoring technologies, and plant optimization initiatives to enhance reliability, improve energy production, and meet evolving grid performance requirements. Continued investment in renewable energy infrastructure and long-term asset management strategies is expected to sustain market growth across the region.
Major companies operating in the global hydropower refurbishment market include ABB, AECOM, AFRY, ANDRITZ, Ansaldo Energia, Bharat Heavy Electricals Limited, Dongfang Electric Corporation, Fuji Electric, GE Vernova, Gilbert Gilkes & Gordon Ltd., Goltens, Harbin Electric Corporation Co., HECO, Hitachi Energy, INTPOW, Litostroj Power, Metalock Engineering, Mott MacDonald, Mitsubishi Heavy Industries Ltd., Nidec ASI, Siemens Energy, Stantec, Toshiba America Energy Systems Corporation, TurbinePROs, Voith GmbH & Co., and WEG. Companies operating in the hydropower refurbishment market are strengthening their competitive position through modernization expertise, technology innovation, and expansion of comprehensive service portfolios. Market participants are investing in advanced engineering solutions, digital monitoring systems, automation technologies, and predictive maintenance capabilities to improve plant performance and extend equipment life. Businesses are also enhancing refurbishment services through integrated project management, customized upgrade solutions, and long-term maintenance agreements that support reliable plant operation. Strategic partnerships, geographic expansion, and investments in specialized technical capabilities continue to strengthen market presence across established and emerging regions.
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The hydropower refurbishment market is expanding steadily as utility operators and asset owners increasingly invest in extending the service life of existing hydropower facilities while improving operational efficiency and grid performance. Aging generation infrastructure, evolving reliability standards, and rising investments in renewable energy integration are transforming refurbishment projects into a strategic priority rather than routine maintenance activities. Modernization programs are focused on enhancing plant efficiency, increasing operational flexibility, and improving long-term asset reliability to meet changing electricity demand. Refurbished hydropower facilities also play a critical role in supporting grid stability by providing dependable and dispatchable electricity generation that complements the growing share of variable renewable energy sources. As power systems continue to evolve, operators are prioritizing upgrades that improve plant performance, reduce maintenance costs, and maximize the value of existing infrastructure. Long-term asset management strategies, growing emphasis on sustainable power generation, and increasing investments in energy infrastructure modernization are expected to drive continuous demand for refurbishment services. These factors are creating strong growth opportunities across equipment, plant type, and regional markets throughout the forecast period.
The turbine refurbishment segment accounted for 34.9% share and is expected to grow at a CAGR of 8.3% through 2035. This segment continues to lead the market because turbine performance has a direct impact on overall plant efficiency, power generation, and operational reliability. Continuous operation over extended periods increase equipment wear, making refurbishment essential for restoring performance, improving energy output, and extending equipment lifespan. Ongoing investments in advanced turbine technologies and modernization programs are expected to support sustained demand throughout the forecast period.
The storage (reservoir) hydropower plants segment held 44.4% share in 2025 and is projected to register a CAGR of 8.4% during 2026-2035. This segment holds the largest market share due to the extensive installed base of large hydropower facilities that require periodic modernization to maintain operational efficiency and regulatory compliance. Increasing investments in long-term asset upgrades, improved generating capacity, and enhanced operational performance continue to support market expansion. Growing demand for reliable renewable electricity generation is further strengthening refurbishment activities across storage hydropower facilities.
North America Hydropower Refurbishment Market accounted for 23.8% share in 2025 and is expected to grow at a CAGR of 8.2% through 2035. Regional growth is supported by a substantial installed hydropower capacity and an increasing number of aging facilities requiring modernization to improve operational efficiency and extend asset life. Utility operators continue to invest in equipment upgrades, digital monitoring technologies, and plant optimization initiatives to enhance reliability, improve energy production, and meet evolving grid performance requirements. Continued investment in renewable energy infrastructure and long-term asset management strategies is expected to sustain market growth across the region.
Major companies operating in the global hydropower refurbishment market include ABB, AECOM, AFRY, ANDRITZ, Ansaldo Energia, Bharat Heavy Electricals Limited, Dongfang Electric Corporation, Fuji Electric, GE Vernova, Gilbert Gilkes & Gordon Ltd., Goltens, Harbin Electric Corporation Co., HECO, Hitachi Energy, INTPOW, Litostroj Power, Metalock Engineering, Mott MacDonald, Mitsubishi Heavy Industries Ltd., Nidec ASI, Siemens Energy, Stantec, Toshiba America Energy Systems Corporation, TurbinePROs, Voith GmbH & Co., and WEG. Companies operating in the hydropower refurbishment market are strengthening their competitive position through modernization expertise, technology innovation, and expansion of comprehensive service portfolios. Market participants are investing in advanced engineering solutions, digital monitoring systems, automation technologies, and predictive maintenance capabilities to improve plant performance and extend equipment life. Businesses are also enhancing refurbishment services through integrated project management, customized upgrade solutions, and long-term maintenance agreements that support reliable plant operation. Strategic partnerships, geographic expansion, and investments in specialized technical capabilities continue to strengthen market presence across established and emerging regions.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter’s Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
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Table of Contents
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive Landscape, 2026
Chapter 5 Market Size and Forecast, by Service, 2022-2035 (USD Million)
Chapter 6 Market Size and Forecast, by Equipment, 2022-2035 (USD Million)
Chapter 7 Market Size and Forecast, by Plant Type, 2022-2035 (USD Million)
Chapter 8 Market Size and Forecast, by Capacity, 2022-2035 (USD Million)
Chapter 9 Market Size and Forecast, by Region, 2022-2035 (USD Million)
Chapter 10 Company Profiles
Companies Mentioned
- ABB
- AECOM
- AFRY
- ANDRITZ
- Ansaldo Energia
- Bharat Heavy Electricals Limited
- Dongfang Electric Corporation
- Fuji Electric
- GE Vernova
- Gilbert Gilkes & Gordon Ltd.
- Goltens
- Harbin Electric Corporation Co.
- HECO
- Hitachi Energy
- INTPOW
- Litostroj Power
- Metalock Engineering
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Mott MacDonald
- Nidec ASI
- Siemens Energy
- Stantec
- TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION
- TurbinePROs
- Voith GmbH & Co.
- WEG
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | July 2026 |
| Forecast Period | 2025 - 2035 |
| Estimated Market Value ( USD | $ 13.3 Billion |
| Forecasted Market Value ( USD | $ 30.2 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 26 |
