Hydropower Plants Market to be Worth $318.3 Billion by 2030

According to this latest publication from Meticulous Research®, the global hydropower plants market is projected to reach $318.3 billion by 2030, at a CAGR of 3% from 2023 to 2030. The growth of this market is driven by the increasing demand for renewable energy sources, rising government support for hydropower generation projects, and growing demand for micro hydropower plants due to the low maintenance and easy replacement. However, the high initial cost of construction may restrain the market's growth.

The increasing utilization of the kinetic energy of the flowing water for electricity generation and small hydropower projects are expected to offer significant growth opportunities for the stakeholders in the hydropower plant market. Furthermore, international conflicts over water management and uncertainty regarding climate change's impact on local hydrological conditions are expected to pose challenges to the growth of the hydropower plant market.

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Rising Government Support For Hydropower Generation Projects to Fuel the Market Growth

Governments across various economies are putting in efforts to implement hydropower generation projects owing to the increasing demand for renewable energy generation, shift towards cleaner energy sources, and increase the share of renewable energy in the total power generation across emerging economies. According to the Department of Energy (U.S.), hydropower and pumped storage continue to play a crucial role in the fight against climate change by providing essential power, storage, and flexibility services. Hydropower provides benefits beyond electricity generation by providing flood control, irrigation support, and clean drinking water. It is affordable and also provides low-cost electricity and durability over time compared to other sources of energy. Considering all these benefits, governments across emerging economies are focusing on developing small and large hydropower generation plants by providing funding or investments for the installations. China, Brazil, the U.S., Canada, India, and Japan are the major economies in the construction of hydropower projects across the world. Government bodies are actively providing funding for installing hydropower plants, which in turn supports the growth of this market.

The global hydropower plants market is segmented by component (solutions [electromechanical and hydraulic equipment {turbines {reaction turbines, impulse turbines}, generators, control and protection systems, inlet valves and regulators, transformers, testing systems, suction nozzles, condensers and switchgears, hydraulic cylinders, hydraulic, actuators, valves, and pumps, hydraulic and electromechanical drives, and other electromechanical equipment (circuit breakers, electrohydraulic governors, propeller pitch systems), electric infrastructure, civil infrastructure (reservoirs, artificial dams, pressure tunnels, surge tanks, valve houses, penstocks, powerhouses, and other civil infrastructures {draft tubes and bays})], services[plant assessment, design, and development services, extensions, upgrades, and retrofits services, and operation and maintenance services]), capacity (small hydropower plants [up to 1MW], medium hydropower plants [1MW-10MW], large hydropower plants [above 10MW]), type (impoundment powerplants, diversion powerplants [run-of-river], and pumped storage powerplants). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on component, the global hydropower plants market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global hydropower plants market. The large market share of this segment is attributed to the surge in demand for turbine and power generator solutions for efficient power generation, increasing demand for hydropower generators to ensure enhanced performance for site conditions and customer needs, increasing implementations of predictive maintenance solutions for hydropower plants, and increasing deployments of plant control and protection systems. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on capacity, the global hydropower plants market is segmented into small hydropower plants (up to 1MW), medium hydropower plants (1MW-10MW), and large hydropower plants (above 10MW). In 2023, the small hydropower plants segment is expected to account for the largest share of the global hydropower plants market. The large market share of this segment is attributed to the use of small hydropower plants for rural electrification, government investments in small hydropower projects, increasing implementations of small hydropower plants in developing economies, reduction in renewable energy costs, and the decrease in infrastructure costs. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on type, the global hydropower plants market is segmented into impoundment powerplants, diversion powerplants (run-of-river), and pumped storage powerplants. In 2023, the impoundment powerplants segment is expected to account for the largest share of the global hydropower plants market. The large market share of this segment is attributed to the growing demand for large hydropower systems and the rising need to meet changing electricity needs or other needs, such as flood control, recreation, fish passage, and other environmental and water quality needs. Impoundment plants create areas for recreational activities with a reservoir in place, and people can use these for swimming, boating, water sports, and fishing. This is also improving the demand for impoundment plants, in turn supporting the large market share of this segment. However, the pumped storage segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global hydropower plants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global hydropower plants market. The large share of this market is attributed to the minimum cost of production of renewable energy sources and the rapid reduction in the total cost of infrastructure. Setting up micro and mini hydropower stations across the region has also proved to be a major opportunity for the growth of the hydropower plant market. The increasing investments made by the key market players for the generation of electricity and supplying the rural areas, growing demand for reliable electricity, increasing investments for renewable and small hydropower projects in response to climate change and growing number of small hydropower projects in China, Japan, and India are major factors supporting the growth of the hydropower plant market in Asia-Pacific. Additionally, this region is projected to register the highest CAGR during the forecast period.

Key Players

The key players operating in the global hydropower plants market are Bharat Heavy Electricals Limited (India), Flovel Energy Private Limited (India), General Electric Company (U.S.), Natel Energy, Inc. (U.S.), Siemens Energy AG (a subsidiary of Siemens AG) (Germany), SNC-Lavalin Group Inc. (Canada), Toshiba Corporation(Japan), Voith GmbH & Co. KGaA (Germany), KOLEKTOR GROUP d.o.o. (Slovenia), Canadian Hydro Components Ltd. (Canada), Hitachi Mitsubishi Hydro Corporation (a subsidiary of Hitachi, Ltd.) (Japan), ABB Ltd. (Switzerland), China Three Gorges Corporation (China), Tata Power Company Limited (India), and IHI Corporation (Japan).

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Key questions answered in the report:

Which are the high-growth market segments in terms of component, capacity, and type?

What is the historical market size for hydropower plants across the globe?

What are the market forecasts and estimates for 2023-2030?

What are the major drivers, restraints, opportunities and challenges in the global hydropower plants market?

Who are the major players in the global hydropower plants market, and what are their market shares?

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This release was published on openPR.