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Hydropower Plant Construction Market Trends, Top Companies, Share, Growth And Forecast 2033
Hydropower Plant Construction Market Trends
According to The Business Research Company's, The hydropower plant construction market size has grown strongly in recent years. It will grow from $18.30 billion in 2023 to $19.60 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rural electrification, government policies, environmental concerns, environmental concerns, water management.The hydropower plant construction market size is expected to see strong growth in the next few years. It will grow to $24.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Market Drivers and Trends:
The rising interest in clean energy is expected to propel the growth of the hydropower plant construction market in the coming years. Clean energy is energy obtained from sources that do not emit greenhouse gases, such as nuclear power, hydroelectric power, solar, geothermal, wind, and tidal energy. The rising adoption of clean energy is due to several factors, including the growing awareness of climate change and environmental degradation, improvements in energy storage, and grid integration capabilities. The construction of hydropower plants makes it easier to generate sustainable energy by leveraging the power of water's movement to generate electricity while releasing zero greenhouse emissions. For instance, in June 2023, according to the Energy Information Administration, a US-based principal government statistical system institution in charge of obtaining, assessing, and distributing energy data, the usage of renewable energy in the United States increased modestly to an all-time high of 13.2 quads in 2022, up from 12.1 quads in 2021. Therefore, the rising interest in clean energy is driving the hydropower plant construction market.
The growing demand for cosmetics is expected to propel the growth of the lip and cheek tint market going forward. Cosmetics are substances or products applied to the body to enhance or alter the appearance without affecting the body's structure or functions. They are in demand because they improve personal appearance, boost confidence, and meet societal beauty standards. Lip and cheek tint is a useful cosmetic for providing a versatile, natural-looking color enhancement for both lips and cheeks, creating a cohesive and long-lasting glow with minimal effort. For instance, in April 2023, according to L'Oréal S.A., a France-based cosmetic company, in Q1 2023, the dermatological beauty division experienced a 34.6% sales growth, reaching €1,685.7 million ($1815.07 million) from the previous year's €1,252.7 million ($1348.84 million). Therefore, the growing demand for cosmetics is driving the lip and cheek tint market.
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Major Key Players of the Market:
PowerChina Group; Bouygues Construction SA; Sinohydro Corporation; Vinci Construction; Siemens Energy AG; ABB Group; Duke Energy Corporation; Toshiba Corporation; China Three Gorges Corporation; Strabag SE; Statkraft AS; Skanska Group; Hydro-Québec; Verbund AG; Enel Green Power; Webuild SpA; Dongfang Electric Corporation; Andritz AG; Suez Group; RusHydro; SNC-Lavalin Group Inc.; BC Hydro; Voith Group; GE Renewable Energy; Astaldi S.p.A.; Bharat Heavy Electricals Limited (BHEL); Alstom SA; Innergex Renewable Energy Inc.; Voimaosakeyhtiö SF
Hydropower Plant Construction Market 2024 Key Insights:
• The hydropower plant construction market size is expected to see strong growth in the next few years. It will grow to $24.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Rising Interest In Clean Energy Fuels Growth Of The Hydropower Plant Construction Market
• Hydropower Plant Construction Market Embraces Digitization And Automation
• Asia-Pacific was the largest region in the hydropower plant construction market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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