Rising Demand For Renewable Energy Fuels Growth In Hydropower Plant Market: Core Growth Enabler in the Hydropower Plant Market, 2025

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What Will the Hydropower Plant Industry Market Size Be by 2025?
The steady expansion of the hydropower plant market size in the past few years is noteworthy. The anticipated growth from $246.51 billion in 2024 to $258.28 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%, indicates a healthy growth trend. The proliferation of small hydropower plants, the escalating demand for renewable energy, increasing government backing for hydroelectric production projects, swift urban development and industrialization, and the surging demand for efficient and sustainable energy are considered key drivers for this substantial growth experienced during the historical period.

What's the Long-Term Growth Forecast for the Hydropower Plant Market Size Through 2029?
In the upcoming years, a consistent growth is anticipated in the hydropower plant market. It's projected to reach $296.09 billion by 2029, experiencing a compound annual growth rate (CAGR) of 3.5%. The surge in the forecasted period could be ascribed to the rising demand for power generator and turbine solutions, increasing requirement for micro hydropower plants, and escalating call for clean energy worldwide, expansion in abilities for setting up hydropower plants, along with growing comprehension about the benefits of hydropower compared to other energy sources. Significant trends for the estimated period incorporate embracing innovative turbine technologies, establishing small-scale hydropower projects, pumped storage hydropower expansion, developing climate-resistant hydropower infrastructure, and the application of fish-friendly turbine models.

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What Are the Key Growth Drivers Fueling the Hydropower Plant Market Expansion?
The surge in the need for renewable energy sources is estimated to stimulate expansion of the hydropower plant market. Renewable energy is the type of energy that comes from naturally regenerating resources within a human lifespan or less. Hydropower plants employ renewable energy from water sources to produce electricity, contributing substantially to the reduction of greenhouse gases without exhausting finite resources or ensuring long-term sustainability. For instance, data released by the World Economic Forum, a non-governmental organization based in Switzerland, show a steady increase in global energy investment in July 2022, with an average 12% annual growth and a forecasted rise of over 8% in 2022, totaling $2.4 trillion. Moreover, the Institute for Energy Economics & Financial Analysis, a US-based nonprofit, reported that solar power generation investments reached nearly $500 billion in 2022, an increase of $80 billion compared to the year before. Hence, the escalating demand for renewable energy sources is propelling the advancement of the hydropower plant market.

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What Are the Key Trends Driving Hydropower Plant Market Growth?
Leading firms in the hydropower plant sector are focusing on creating groundbreaking technology solutions like hydro pockets and digital service offerings. The intention is to enhance the administration and effectiveness of hydropower resources, cut down unexpected outages, and streamline processes. Their digital innovations aim to boost efficiency, transparency, and safety in plant operations. For instance, in June 2023, The Voith Group, a machinery industry company based in Germany, unveiled Hydro Pocket in collaboration with Ray Sono, a digital expert also from Germany. Primarily for station management within the small hydropower industry, this cloud-based solution provides up-to-the-minute data from small to medium-sized hydropower plants straight to mobile devices. This enables stakeholders and operators to amplify the performance of their assets through smart digitalization. Moreover, this system encompasses the observation, analysis, and management of the hydropower plants, presenting benefits such as heightened efficiency, adaptability, and security. Hydro Pocket was developed with customization, ease of installation, and simplicity of configuration in mind.

How Is the Hydropower Plant Market Segmented?
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

Subsegments:
1) By Impoundment Power Plants: Reservoir-Based Power Plants, Storage-Based Power Plants
2) By Diversion Power Plants (Run-Of-River): Low-Head Run-Of-River Plants, High-Head Run-Of-River Plants
3) By Pumped Storage Power Plants: Single Pumped Storage Plants, Multi-Stage Pumped Storage Plants

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Which Companies Are Leading the Charge in Hydropower Plant Market Innovation?
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

Which Regions Are Leading the Global Hydropower Plant Market in Revenue?
Asia-Pacific was the largest region in the hydropower plant market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydropower plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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