Press release
Hydropower Market Pegged for Robust Expansion During 2024 - 2031 | Siemens Energy, General Electric (GE)
Hydropower Market
Global hydropower market is estimated to be valued at USD 251.58 Bn in 2024 and is expected to reach USD 356.36 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.
Market Dynamics:
The hydropower market is estimated to witness steady growth owing to rising energy demand worldwide and focus towards cleaner sources of energy. According to the International Energy Agency (IEA), global energy demand is expected to increase by around 25% by 2030. Rising population and industrial growth in developing nations will further drive the energy demand. To meet this rising demand, governments and key players are investing in cleaner energy sources including hydropower plants to reduce dependence on fossil fuels. Additionally, declining costs of hydropower generation as compared to other renewable energies is also fueling adoption of hydropower plants globally.
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Hydropower Market Drivers
Increasing demand for renewable energy sources
With the growing environmental concerns about global warming and climate change, there is an increasing focus on developing renewable sources of energy across the world. Hydropower is one of the most established and widely used renewable energy sources globally. It accounts for around 16% of the total electricity production worldwide. Many countries are aiming to increase the share of renewable sources like hydropower in their overall energy mix to reduce dependence on fossil fuels and cut carbon emissions. This rising demand for clean and green sources of energy is a key driver boosting the growth of the global hydropower market.
Hydropower Market Opportunity
Increasing focus on small hydropower projects
While large-scale hydro capacities are reaching saturation levels in many nations, there lies huge untapped potential for developing small hydropower projects. Small hydro has less than 25 MW of installed capacity. It is suitable for hilly off-grid regions where construction of large dams is not feasible. Many governments and private players are now promoting small hydro as a decentralized renewable energy solution. For example, India plans to add 5,000 MW of small hydro capacity by 2022. This growing focus on small hydro presents a major growth opportunity for hydropower market players to tap regional and rural markets in the future.
Hydropower Market Trends
Adoption of Pumped Storage Hydropower Technology
Pumped storage hydropower plants (PSPs) are gaining popularity as a way to efficiently store surplus renewable energy and optimize power generation based on demand and supply. It uses two reservoirs - water is pumped to the higher reservoir during periods of low demand and released to the lower reservoir to generate electricity when demand peaks. Many PSP projects are currently under development worldwide to provide crucial grid balancing services. For instance, the 1,200 MW Bath County Pumped Storage Station in the US is expected to be completed in 2025. The rising deployment of PSP technology will help maximize the utilization of existing hydropower infrastructure and drive the overall industry growth in the coming years.
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Top Companies Featured in This Report:
โ Siemens Energy
โ General Electric (GE)
โ Voith GmbH & Co. KGaA
โ TOSHIBA CORPORATION
โ FLOVEL Energy Private Limited
โ ANDRITZ
โ Natel Energy
โ Gilkes
โ Bharat Heavy Electricals Limited
โ SNC-Lavalin Group
โ Kolektor
โ Mavel
โ a.s.
โ Canyon Hydro
โ China Three Gorges
โ Alfa Laval
โ Hydro-Quebec
โ ABB
โ Engie
Market Segmentation:
By Product Type:
โ By Type: Large Hydropower, Small Hydropower, Other Sizes
By Applications:
โ By Application: Residential, Commercial, Industrial
Key Regions/Countries Classified as Follows:
ยป North America (U.S., Canada, Mexico)
ยป Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
ยป Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
ยป South America (Brazil, Argentina, Rest of SA)
ยป Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Hydropower Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Hydropower market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Hydropower market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Hydropower market.
Segment Analysis: Examining the market value and sales volume of Hydropower by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Hydropower market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Hydropower sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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