Hydropower Market to Reach US$ 201.4 Bn in 2021, with a CAGR of 5.9% during 2022-2030

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Hydropower Market to Reach US$ 201.4 Bn in 2021, with a CAGR of 5.9% during 2022-2030
Hydropower is a form of renewable energy that harnesses the power of flowing or falling water to generate electricity.

Market Overview:
The global Hydropower Market is estimated to be valued at US$ 201.4 Bn in 2021 and is projected to reach a market value of US$ (incorporate given market value for 2022) Bn or Mn by 2022, with a Compound Annual Growth Rate (CAGR) of (incorporate given CAGR) 5.9% during the forecast period. Hydropower is a renewable energy source that utilizes the power of water to generate electricity, making it an environmentally friendly choice. The market for hydropower is driven by increasing global energy demand, growing concerns about climate change, and the need for sustainable energy solutions. Hydropower offers advantages such as low operating costs, reliability, and the ability to store energy for future use. This has led to the adoption of hydropower in various industries, including residential, commercial, and industrial sectors.

Market Key Trends:
One key trend in the Hydropower market is the increasing focus on the development of small-scale hydropower projects. Small-scale hydropower refers to projects with a capacity of less than 10 MW. These projects have gained traction due to their ability to generate clean and renewable energy using small water streams or rivers, making them suitable for remote areas where large-scale projects may not be feasible. The advantages of small-scale hydropower projects include low environmental impact, efficient use of water resources, and the potential for local community engagement and employment opportunities. Governments and organizations are increasingly supporting these projects through favorable policies, financial incentives, and technical assistance to promote sustainable and decentralized energy production. This trend is expected to drive the growth of small-scale hydropower installations in the coming

Segment Analysis:

The Hydropower Market can be segmented based on capacity, technology, and end-user. In terms of capacity, the dominating segment is the small hydro capacity segment. Small hydro capacity refers to hydroelectric power plants with a capacity of less than 10 MW. This segment is dominating the market due to its advantages such as lower investment costs, shorter construction time, and lower environmental impact compared to larger hydro capacity plants. Small hydro capacity plants are gaining popularity in rural and remote areas where grid connection is not feasible, as they can be installed near the demand centers.

Key Takeaways:

The global hydropower market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period. This growth can be attributed to increasing government initiatives to promote renewable energy sources and reduce carbon emissions. For instance, governments worldwide are implementing favorable policies and providing financial incentives for the development of hydropower projects. The growing demand for reliable and sustainable energy sources is also driving the market growth.

In terms of regional analysis, the Asia Pacific region is the fastest-growing and dominating region in the hydropower market. This can be attributed to the presence of countries like China, India, and Indonesia, which are investing heavily in hydropower projects to meet their increasing energy demand. The abundance of water resources and supportive government regulations further contribute to the growth of the hydropower market in this region.

Key players operating in the hydropower market include 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 key players have a significant presence in the market and are involved in strategies such as mergers and acquisitions, partnerships, and product innovations to maintain their market position. For example, in August 2021, GE Renewable Energy announced a partnership with Toshiba Energy Systems & Solutions Corporation to develop hydropower projects in Japan.

Overall, the hydropower market is expected to witness significant growth due to increasing government support, the demand for sustainable energy sources, and the presence of key players driving innovation in the industry. The small hydro capacity segment and the Asia Pacific region are likely to dominate the market in the coming years.

 

Read More : https://www.rapidwebwire.com/hydropower-market-increasing-demand-for-renewable-energy-sources-to-drive-market-growth/

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