Hydropower Market is Estimated To Witness High Growth Owing To Rising Concerns for Clean Energy Sources

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Hydropower Market is Estimated To Witness High Growth Owing To Rising Concerns for Clean Energy Sources
The hydropower market consists of conventional hydropower turbines and pumped storage systems which utilize energy from flowing water to generate electricity.

The global hydropower Market is estimated to be valued at US$ 212.4 Bn in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The hydropower market consists of conventional hydropower turbines and pumped storage systems which utilize energy from flowing water to generate electricity. Hydropower is considered a renewable energy source as it has low operating costs and produces negligible carbon emissions. It is used widely across both developing as well as developed economies globally due to its inherent advantages over fossil fuel-based generation.

Market key trends:
One of the key trend observed in the hydropower market is growing investments in modernizing ageing hydropower infrastructure. Many countries are investing heavily in renovating, retrofitting and upgrading their existing hydropower facilities as most assets have functioned for over 25-30 years and are due for critical maintenance and refurbishment work. This is done to gain operational efficiencies, incorporate newer technologies and enhance generation capacity of existing plants. For instance, from 2020-2024 the Brazilian government has planned USD 6 billion investments only for modernizing its hydropower plants.
Segment Analysis
The global
Hydropower Market is segmented into product, type, capacity, and geography. Based on product, the hydropower market is segmented into Equipment and Services. The Equipment segment dominated the market in 2021 and is projected to maintain its dominance over the forecast period. This is because hydropower equipment such as turbines, pumps, generators, valves, and transformers are essential components for hydropower projects and account for a major share of capital cost.

Based on type, the market is segmented into Mini, Micro, Small, and Large. The Large hydropower plants segment dominated the market in 2021 with a share of over 65%. Large hydropower projects have a capacity of more than 100 MW. They provide higher energy generation as compared to small and mini hydropower projects. Their flexible operation and large storage capability also make them a preferred option for providing reliable base load power.

Key Takeaways
The global hydropower market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand for renewable energy sources.

Regional analysis: Asia Pacific dominated the global market in 2021 and is expected to continue its dominance during the forecast period. This is attributed to countries like China, India, and Japan focusing heavily on hydropower generation to meet their increasing electricity demands. China represents the largest share, accounting for over 35% of the global installed hydropower capacity in 2021.

Key players: Key players operating in the hydropower market are General Electric Company, Siemens AG, Andritz AG, Voith GmbH & Co. KGaA, China Yangtze Power Co. Ltd, PJSC RusHydro, Électricité de France SA (EDF), and Iberdrola SA. These players are focusing on new product launches and expansion strategies to gain a competitive edge in the market. For instance, in August 2022, Voith announced plans to establish a new hydropower research and development center in Switzerland to strengthen its innovation capabilities.

Read More : https://www.ukwebwire.com/hydropower-market-set-for-rapid-growth-2/

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