Press release
Hydropower Global Market Exhibit a Remarkable CAGR of 5.4% and is Expected to Reach $303.85 Billion By 2028 | Siemens AG, ABB Ltd., Vattenfall AB, ALSTOM Holdings, Statkraft AS
Hydropower Market
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Hydropower Market Report Structure
3. Hydropower Market Trends And Strategies
4. Hydropower Market - Macro Economic Scenario
5. Hydropower Market Size And Growth
…..
27. Hydropower Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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