Hydropower Plant Market Size, Trends, Outlook, Overview By 2024-2033

The hydropower plant market size has grown steadily in recent years. It will grow from $235.06 billion in 2023 to $246.51 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to growing application of small hydropower plants, increasing demand for renewable energy sources, rising government support for hydropower generation projects, rapid urbanization and industrialization, rising demand for effective and sustainable energy.

The hydropower plant market size is expected to see steady growth in the next few years. It will grow to $286.40 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to increasing demand for turbine and power generator solutions, growing demand for micro hydropower plants, rising demand for clean energy across the globe, increase in capacities for the installation of hydropower plants, growing awareness about the benefits of hydropower over other sources of energy. Major trends in the forecast period include adoption of advanced turbine technologies, small-scale hydropower projects, expansion of pumped storage hydropower, climate-resilient hydropower infrastructure, implementation of fish-friendly turbine designs.

Market Overview -

A hydropower plant is a structure that produces electricity by harnessing the kinetic energy of moving water to rotate turbines and generators. The amount of energy obtainable from the water's movement relies on the volume of water flow and the elevation difference, known as the head, between two points. Hydroelectric plants utilize the kinetic energy of flowing water in rivers, streams, or canals and are typically situated on or near a water body.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=14398&type=smp

Rising Demand For Renewable Energy Fuels Growth In Hydropower Plant Market

The increasing demand for renewable energy sources is expected to propel the growth of the hydropower plant market going forward. Renewable energy sources refer to energy derived from natural resources replenished on a human timescale, typically within a human lifetime or shorter. Hydropower plants use renewable energy from water resources to generate electricity without depleting finite resources, significantly contributing to greenhouse gas emissions, or ensuring long-term sustainability. For instance, in July 2022, according to reports published by the World Economic Forum, a Switzerland-based non-governmental organization, global energy investment has been growing steadily, averaging a 12% annual increase since 2020, and it is projected to rise by over 8% in 2022, reaching $2.4 trillion. Furthermore, according to the Institute for Energy Economics & Financial Analysis, a US-based nonprofit organization, investments in solar power generation totaled approximately $500 billion in 2022, up $80 billion from the previous year. Therefore, the increasing demand for renewable energy sources is driving the growth of the hydropower plant market.

Competitive Landscape -

Major companies operating in the hydropower plant market are Siemens Energy AG, ABB Ltd., Toshiba Corporation, China Three Gorges Corporation, Alstom Hydro, GE Renewable Energy, Hydro-Quebec, CPFL Energia S.A, SNC-Lavalin Group, Tata Power Company Limited, Alfa Laval AB, Voith GmbH & Co. KGaA, PJSC RusHydro, IHI Corporation, Bharat Heavy Electricals Limited, KOLEKTOR GROUP, Innergex Renewable Energy Inc., Flovel Energy Private Limited, Canadian Hydro Components, Natel Energy Inc., Andritz AG, Hitachi Mitsubishi Hydro Corporation, The British Columbia Hydro, Sinohydro Corporation, China Hydroelectric Corporation

Innovative Digital Solutions Transforming Hydropower Plant Management
Major companies operating in the hydropower plant market are concentrating on developing innovative technology products, such as hydro pockets and digital service products, to optimize the management and performance of hydropower assets, reduce unplanned downtime, and simplify operations. This solution uses digital technologies to improve plant operations' efficiency, transparency, and security. For instance, in June 2023, The Voith Group, a Germany-based machine industry company, launched Hydro Pocket in partnership with Ray Sono, a Germany-based digital specialist. This hydro pocket is basically for station management in the small hydropower sector, and this cloud-based solution provides real-time data from small and medium-sized hydropower plants directly on mobile devices, allowing investors and operators to increase the performance of their assets through intelligent digitalization. Additionally, the system covers monitoring, analysis, and management of the hydropower plants, offering advantages such as increased efficiency, flexibility, and security. Hydro Pocket has been designed to be adaptable to individual needs and user requirements, quick to install, and easy to configure.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/hydropower-plant-global-market-report

Key Segments -

The hydropower plant market covered in this report is segmented -

1) By Type: Impoundment Power Plants, Diversion Power Plants (Run-of-River), Pumped Storage Power Plants
2) By Component: Solutions, Services
3) By End-User: City Power Supply, Industrial Power Supply, Military Power Supply, Other End-Users

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

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.