Hydropower Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players

The hydropower market size has grown strongly in recent years. It will grow from $230.39 billion in 2023 to $245.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to industrial revolution, government policies, environmental concerns, energy security.

The hydropower market size is expected to see strong growth in the next few years. It will grow to $303.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to energy transition, renewable energy policies, climate change adaptation, water resource management. Major trends in the forecast period include modernization of existing infrastructure, hybrid hydropower systems, small-scale and micro hydropower, digitalization and smart grid integration.

Market Overview -
Hydropower, or hydroelectric power is a renewable energy source that harnesses the energy of flowing or falling water to generate electricity. This process involves the conversion of the kinetic energy of water into mechanical energy, which is then transformed into electrical energy through the use of generators. It can be generated from various sources, such as rivers, streams, dams, or even tidal movements in oceans.

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Rising Demand For Electricity Fuels Growth Of The Hydropower Market
The rising demand for electricity is expected to propel the growth of the hydropower market going forward. Electricity is a form of energy resulting from the movement of charged particles, typically electrons. The increasing digitization of several sectors, including communication, information technology, and smart technologies, leads to a higher need for electricity to power servers, data centers, and communication networks. Hydropower is a renewable energy source, relies on the continuous flow of water, which is replenished by natural processes such as rainfall and snowmelt. This makes hydropower a sustainable and environmentally friendly option for electricity generation. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the rising demand for electricity is driving the growth of the hydropower market.

Competitive Landscape -
Major companies operating in the hydropower market are Électricité de France S.A., Siemens AG, General Electric Company, Iberdrola S.A., ABB Ltd., Georgia Power Company, Duke Energy Corporation, Vattenfall AB, ALSTOM Holdings, Statkraft AS, Hydro-Québec, Verbund AG, China Yangtze Power Co. Ltd., Andritz AG, China Three Gorges Corporation, Tata Power Company Limited, Ontario Power Generation Inc., Alfa Laval AB, BC Hydro and Power Authority, Brookfield Renewable Partners L.P., Voith GmbH & Co. KGaA, Bharat Heavy Electricals Limited (BHEL), Agder Energi AS, Gilbert Gilkes & Gordon Limited, HydroChina International Engineering Co. Ltd.

Innovative Product Development Driving Accessibility And Adoption In The Hydropower Industry
Major companies operating in the hydropower market are concentrating on the development of innovative products, such as VETT-in-a-Box, to address the need for cost-effective, easily deployable, and environmentally friendly microhydropower solutions. This product is a microhydropower system designed for easy installation and can generate electricity from small rivers, wastewater outflows, lock gates, or canals with a two-meter head drop. For instance, in February 2022, VerdErg Renewable Energy Limited, a UK-based renewable energy company, launched VETT-in-a-Box, a new micro-hydropower system to produce clean, decentralized energy with high load factors, further contributing to its innovative and impactful nature. It is a complete mini-hydropower system in a transportable arrangement, offering quick installation and ease of use. VETT-in-a-Box can be installed directly into the water course or adjacent to it for flow rates of 500-2,000 liters per second (l/s). Additionally, this system is fish-safe, with proven zero fish mortality, and produces clean, decentralized, predictable energy with high load factors from water at no environmental cost.

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Key Segments -
The hydropower market covered in this report is segmented -
1) By Type: Large Hydropower, Small Hydropower
2) By Component: Civil Construction, Electromechanical Equipment, Electric, Power Infrastructure, Others Components
3) By Application: Residential, Commercial, Industrial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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