Global Hydropower Market Key Insights
During the forecast period of 2023-2035, the global hydropower market is expected to reach an estimated value of ~USD 300 billion by 2035 by expanding at a CAGR of ~3%. The market further generated revenue of ~USD 200 billion in the year 2022. Major key factors propelling the growth of the hydropower market worldwide are the growth in the use of renewable sources for energy production to build a sustainable future along with the rising focus on smart and energy-saving electricity generation.
Market Definition of Hydropower
Hydropower, also known as hydroelectric power, is considered to be one of the oldest and largest sources of renewable energy. Hydropower is used to produce mechanical energy and generate electricity by using the natural flow of moving water. To generate hydropower, usually, elevation difference is used by creating a dam or diversion structure, of water flowing in on one side and out, far below, on the other. Apart from being a clean and cost-effective technique for electricity generation, hydropower is also useful in flood control, irrigation support, and regulated water supply.
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Global Hydropower Market: Growth Drivers
Global hydropower market growth can majorly be attributed to the rising focus on adopting clean energy across the globe owing to the rising preference for renewable sources for energy production through cleaner technologies. For instance, global hydropower consumption reached almost 40 exajoules in 2021, whereas, hydroelectric energy production increased almost by 5 petawatt hours in the same time period. Further, the constantly growing investments in smart energy-saving across various industries to reduce the dependency on fossil fuels coupled with the need to deliver energy in rural locations are forecasted to impetus the market growth in the assessment period.
The global hydropower market is also estimated to grow majorly on account of the following:
- Increasing urbanization and industrialization
- Rising focus on reducing the carbon footprint
- High dependency on renewable electricity generation
- Constant government support in sanctioning new hydropower points
- Increasing greenhouse gas emissions
Global Hydropower Market: Restraining Factor
There is a high requirement for capital investments in setting up hydropower plants along with added operational expenditures in hydropower generation and long gestation periods are some of the factors that are expected to be the major hindrance to the growth of the global hydropower market during the forecast period.
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Global Hydropower Market Segmentation
- By Capacity {Large Hydropower (Above 10 MW), Small Hydropower (Under 10 MW), and Others}
Out of these, the large hydropower segment is attributed to garner the highest market share by 2035. The many advantages that large hydropower offers such as enhanced efficacy in generating a large amount of energy added with a long-life span and less requirement of maintenance and operational costs are expected to drive the segment growth in the forecast period. As a result, a high number of large-scale hydropower plants are being built across the world resulting in the expansion of the hydropower market size. For instance, India had around 200 hydropower plants above 25 MV power generation capacity in 2020, with the potential to generate over 50 gigawatts (GW) of hydropower energy.
- By Components (Electromechanical, Electric, Infrastructure, Civil, and Others)
- By End-User (Industrial, Utility, and Others)
- By Region
The Asia Pacific hydropower market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, owing to the presence of large water bodies, making the region a suitable location for setting up hydropower plants with run-over-river facilities along with the burgeoning population demanding a high amount of electricity every day. According to the International Hydropower Association, China is the world’s biggest producer of hydroelectricity, with a hydropower generation of 1,355 TWh power in 2020 with a hydropower installed capacity of around 370,160 MW in the same time period. Moreover, growing economic development along with environmental awareness about reducing greenhouse emissions amongst the informed population and rising carbon-free initiatives in the region are also expected to boost the market growth.
The market research report on global hydropower also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Hydropower Market
Some of the key players of the global hydropower market are Siemens AG, Bharat Heavy Electricals Limited, Voith GmbH & Co. KGaA, ANDRITZ AG, ALSTOM Holdings, The Vattenfall Group, Gilbert Gilkes & Gordon Ltd. and others.
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