수력발전 설비 개보수 시장 기회, 성장 촉진요인, 업계 동향 분석 및 예측(2026-2035년)

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.

Table of Contents

Chapter 1 Methodology & Scope

• 1.1 Research approach
• 1.2 Quality commitments
  • 1.2.1 GMI AI policy & data integrity commitment
    • 1.2.1.1 Source consistency protocol
• 1.3 Research trail & confidence scoring
  • 1.3.1 Research trail components
  • 1.3.2 Scoring components
• 1.4 Data collection
  • 1.4.1 Partial list of primary sources
• 1.5 Data mining sources
  • 1.5.1 Paid sources
    • 1.5.1.1 Sources, by region
• 1.6 Base estimates and calculations
  • 1.6.1 Base year calculation for any one approach
• 1.7 Market estimates & forecasts parameters
• 1.8 Forecast model
  • 1.8.1 Quantified market impact analysis
    • 1.8.1.1 Mathematical impact of growth parameters on forecast
• 1.9 Research transparency addendum
  • 1.9.1 Source attribution framework
  • 1.9.2 Quality assurance metrics
  • 1.9.3 Our commitment to trust
• 1.10 Market definitions

Chapter 2 Executive Summary

• 2.1 Industry synopsis, 2022 - 2035
  • 2.1.1 Business trends
  • 2.1.2 Service trends
  • 2.1.3 Equipment trends
  • 2.1.4 Plant type trends
  • 2.1.5 Capacity trends
  • 2.1.6 Regional trends

Chapter 3 Industry Insights

• 3.1 Industry ecosystem analysis
  • 3.1.1 Raw material availability & sourcing analysis
  • 3.1.2 Manufacturing capacity assessment
  • 3.1.3 Supply chain resilience & risk factors
  • 3.1.4 Distribution network analysis
• 3.2 Industry impact forces
  • 3.2.1 Growth drivers
  • 3.2.2 Industry pitfalls & challenges
• 3.3 Regulatory landscape
• 3.4 Growth potential analysis
• 3.5 Porter's analysis
  • 3.5.1 Bargaining power of suppliers
  • 3.5.2 Bargaining power of buyers
  • 3.5.3 Threat of new entrants
  • 3.5.4 Threat of substitutes
• 3.6 PESTEL analysis
  • 3.6.1 Political factors
  • 3.6.2 Economic factors
  • 3.6.3 Social factors
  • 3.6.4 Technological factors
  • 3.6.5 Legal factors
  • 3.6.6 Environmental factors
• 3.7 Cost structure analysis of hydropower refurbishment
• 3.8 Emerging refurbishment opportunities & modernization trends
• 3.9 Digitalization, automation & condition-based monitoring in hydropower refurbishment
• 3.10 Expansion opportunities across aging hydropower assets and retrofit projects
• 3.11 Investment trends, asset modernization strategies & future market outlook
• 3.12 Impact of AI & Generative AI on the market (Driven by Primary Research)
  • 3.12.1 AI-Driven production optimization (Driven by Primary Research)
  • 3.12.2 Predictive maintenance & fault detection (Driven by Primary Research)

Chapter 4 Competitive Landscape, 2026

• 4.1 Introduction
• 4.2 Company market share analysis, by region, 2025
  • 4.2.1 North America
  • 4.2.2 Europe
  • 4.2.3 Asia Pacific
  • 4.2.4 Middle East & Africa
  • 4.2.5 Latin America
• 4.3 Competitive analysis of major market players
• 4.4 Competitive positioning matrix
• 4.5 Key developments
  • 4.5.1 Mergers & acquisitions
  • 4.5.2 Partnerships & collaborations
  • 4.5.3 New product launches
  • 4.5.4 Expansion plans & funding
• 4.6 Company tier benchmarking
  • 4.6.1 Tier classification criteria & qualifying thresholds
  • 4.6.2 Tier positioning matrix by revenue, geography & innovation

Chapter 5 Market Size and Forecast, By Service, 2022 - 2035 (USD Million)

• 5.1 Key trends
• 5.2 Turbine refurbishment
• 5.3 Generator refurbishment
• 5.4 Control, automation & SCADA upgrades
• 5.5 Civil & structural rehabilitation
• 5.6 Transformer & electrical equipment refurbishment
• 5.7 Environmental & ecological retrofits
• 5.8 Others

Chapter 6 Market Size and Forecast, By Equipment, 2022 - 2035 (USD Million)

• 6.1 Key trends
• 6.2 Turbines
• 6.3 Generators
• 6.4 Transformers
• 6.5 Governors
• 6.6 Excitation systems
• 6.7 Control & protection systems
• 6.8 Switchgear
• 6.9 Valves & gates
• 6.10 Penstocks
• 6.11 Others

Chapter 7 Market Size and Forecast, By Plant Type, 2022 - 2035 (USD Million)

• 7.1 Key trends
• 7.2 Run-of-river plants
• 7.3 Pumped storage plants
• 7.4 Storage (reservoir) hydropower plants

Chapter 8 Market Size and Forecast, By Capacity, 2022 - 2035 (USD Million)

• 8.1 Key trends
• 8.2 Small (≤ 10 MW)
• 8.3 Medium (> 10 MW – 100 MW)
• 8.4 Large (> 100 MW)

Chapter 9 Market Size and Forecast, By Region, 2022 - 2035 (USD Million)

• 9.1 Key trends
• 9.2 North America
  • 9.2.1 U.S.
  • 9.2.2 Canada
  • 9.2.3 Mexico
• 9.3 Europe
  • 9.3.1 Norway
  • 9.3.2 Russia
  • 9.3.3 Spain
  • 9.3.4 Germany
  • 9.3.5 France
  • 9.3.6 Austria
  • 9.3.7 Switzerland
  • 9.3.8 Sweden
• 9.4 Asia Pacific
  • 9.4.1 China
  • 9.4.2 India
  • 9.4.3 Japan
  • 9.4.4 Australia
  • 9.4.5 Vietnam
  • 9.4.6 Indonesia
  • 9.4.7 South Korea
  • 9.4.8 Malaysia
• 9.5 Middle East & Africa
  • 9.5.1 Turkey
  • 9.5.2 Ethiopia
  • 9.5.3 South Africa
  • 9.5.4 Egypt
  • 9.5.5 Morocco
  • 9.5.6 Zambia
• 9.6 Latin America
  • 9.6.1 Brazil
  • 9.6.2 Chile
  • 9.6.3 Argentina

Chapter 10 Company Profiles

• 10.1 ABB
• 10.2 AECOM
• 10.3 AFRY
• 10.4 ANDRITZ
• 10.5 Ansaldo Energia
• 10.6 Bharat Heavy Electricals Limited
• 10.7 Dongfang Electric Corporation
• 10.8 Fuji Electric
• 10.9 GE Vernova
• 10.10 Gilbert Gilkes & Gordon Ltd.
• 10.11 Goltens
• 10.12 Harbin Electric Corporation Co.
• 10.13 HECO
• 10.14 Hitachi Energy
• 10.15 INTPOW
• 10.16 Litostroj Power
• 10.17 Metalock Engineering
• 10.18 MITSUBISHI HEAVY INDUSTRIES, LTD.
• 10.19 Mott MacDonald
• 10.20 Nidec ASI
• 10.21 Siemens Energy
• 10.22 Stantec
• 10.23 TOSHIBA AMERICA ENERGY SYSTEMS CORPORATION
• 10.24 TurbinePROs
• 10.25 Voith GmbH & Co.
• 10.26 WEG