Hydropower Market: Growth Accelerated by Expanding Renewable Energy Generation

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Hydropower Market: Growth Accelerated by Expanding Renewable Energy Generation
Hydropower Market

Hydropower involves generating electricity from the kinetic energy of flowing or falling water. Hydropower plants vary in size from large grid-connected installations with several generators to small micro hydropower systems with as little as 100 kilowatts of capacity or as required to power a single home or small community. Hydropower offers clean and renewable energy and its reservoirs also provide water for domestic and agricultural use.

The global hydropower market is estimated to be valued at US$ 260.21 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Expanding renewable energy generation is one of the key trends driving growth in the global hydropower market. Many countries worldwide are increasing their installation of renewable energy sources in order to meet rising energy demand as well as reduce dependence on fossil fuels to meet environmental targets. Hydropower, as a clean renewable source of electricity, stands to benefit from this drive to replace conventional power sources with green alternatives. Countries worldwide are exploring potential sites for new hydropower projects as well as modernizing existing hydropower infrastructure to maximize renewable energy capacity from this source. This growing prioritization of renewable energy development, including hydropower, is expected to significantly accelerate the market growth over the forecast period.

Segment Analysis
The global hydropower market is segmented by plant type into mini hydropower plant (up to 1 MW), micro hydropower plant (1-25 MW), small hydropower plant (25-100 MW), and large hydropower plant (>100 MW). The large hydropower plant segment dominates the global market with a share of over 70% in 2023. Large hydropower plants offer economies of scale which helps in reducing the cost of power generation. This makes large hydropower the most economical and commonly used renewable source for power generation globally.

Key Takeaways
Global Hydropower Market Demand is expected to witness high growth in the forecast period due to rising investments in renewable sources of energy.

Regional analysis comprises Asia pacific dominates the global hydropower market with a share of over 40% in 2023. China, India, and Japan are major markets in the region owing to high investments and hydropower potential. Europe is the second largest market for hydropower due to established infrastructure and emphasis on clean sources of energy.

Key players operating in the hydropower market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S. The global hydropower industry is consolidated in nature with top players accounting for over 50% of the market share. MHI Vestas and Siemens AG dominate the offshore wind turbine manufacturing globally. Strategic partnerships and expansion into emerging markets will be the key focus areas for leading players to strengthen market position.

 

Get More Insights on this topic- https://www.marketwebjournal.com/hydropower-market-size-share-and-demand/ 

 

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