Press release
Hydropower Plants Market Projected to Soar, Reaching New Heights in Renewable Energy
Hydropower Plants Market
Hydropower plants stand at the forefront of energy transformation, leveraging water's potential energy to generate electricity. Renowned for their stability, reliability, and eco-friendly nature, these plants offer a myriad of benefits including flood control, irrigation support, and clean drinking water, underpinning their growing popularity in the global energy landscape.
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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).
The market's growth is fueled by surging demand for renewable energy sources, bolstered by robust governmental support for hydropower initiatives and the rising prominence of micro hydropower plants. However, challenges such as high initial construction costs present obstacles to market expansion.
Moreover, the rising adoption of computer-aided design (CAD)/computer-aided manufacturing (CAM) technologies and the increasing demand for artificial 3D-printed organs are expected to offer significant market growth opportunities. However, the less accuracy and repeatability of 3D printing than traditional methods pose a major challenge to the market's growth.
Segmented across various parameters including components, capacity, type, and geography, the market offers a comprehensive overview of its dynamic landscape. Notably, the solutions segment dominates the market, driven by increasing demand for turbine and power generator solutions, while the Asia-Pacific region emerges as a frontrunner, propelled by burgeoning investments and a surge in small hydropower projects.
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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.
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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.
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