Hydropower Plant Construction Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Hydropower Plant Construction Market Size By 2025?
The market size for the construction of hydropower plants has seen substantial growth in the past few years. It is projected to increase further from $19.6 billion in 2024 to $20.8 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.2%. This growth momentum during the historic period has been influenced by factors such as rural electrification, government regulations, environmental consciousness, and water management.

How Big Is the Hydropower Plant Construction Market Size Expected to Grow by 2029?
The market for constructing hydropower plants is expected to observe considerable growth in the upcoming years, surging to $25.55 billion in 2029 with a 5.3% compound annual growth rate (CAGR). This anticipated growth in the forecast period can be credited to factors like renewable energy policies, mitigation of climate change, modernization of the grid, incorporation of energy storage, and better management of water resources. The future trends predicted for this period include installations along the river course, hybrid systems, repowering and upgrading, partnerships between public and private entities, and resilience to climate change.

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Which Key Market Drivers Powering Hydropower Plant Construction Market Expansion and Growth?
The growth of the hydropower plant construction market is projected to be fuelled by the escalating interest in clean energy in the forthcoming years. Clean energy is sourced from methods that do not release greenhouse gases, including nuclear power, hydroelectric power, solar energy, geothermal energy, wind energy, and tidal energy. This increased adoption of clean energy sources can be attributed to several aspects, such as an enhanced awareness of climate change and environmental degradation, advancements in energy storage, and improved grid composition capabilities. The process of building hydropower plants facilitates the generation of sustainable energy by utilizing the force of water movement to produce electricity, which in turn, emits zero greenhouse gases. For example, as noted by the Energy Information Administration, a primary statistical body of the US government tasked with the collection, assessment, and dissemination of energy data, there was a slight increase in the usage of renewable energy in the United States, reaching a record-high of 13.2 quads in 2022. Thus, the spiked interest in clean energy is the driving force behind the expansion of the hydropower plant construction market.

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What Trends Will Shape the Hydropower Plant Construction Market Through 2029 and Beyond?
Key players in the hydropower plant construction market are turning their attention to digitization and automation, in order to cement their market position. Digital solutions, encompassing a range of devices and software utilizing digital technology, provide data analysis, processing and operational services tailored to specific business needs. For example, Voith Group, a German firm specializing in hydropower plant construction, joined forces with Ray Sono AG, a German digital solution provider, in June 2022. They introduced Hydro Pocket, a cloud-based application for monitoring, analyzing, and enhancing the performance of hydropower stations. Designed particularly for small to medium-sized hydropower facilities, Hydro Pocket boosts operator efficiency, flexibility, and safety. The application manages data intelligently, streamlining maintenance and repair scheduling, and preventing unforeseen outages through comprehensive asset surveillance and advanced analytical capability. The result is easier plant management and reduced need for communication.

What Are the Emerging Segments in the Hydropower Plant Construction Market?
The hydropower plant construction market covered in this report is segmented -

1) By Type: Water Storage, Diverted, Pumped Storage
2) By Capacity: Large Hydropower Plants, Medium Hydropower Plants, Small Hydropower Plants, Other Capacities
3) By Application: City Power Supply, Industrial Power Supply, Military Power Supply, Other Applications

Subsegments:
1) By Water Storage: Reservoir-Based Hydropower Plants, Impoundment Hydropower Plants
2) By Diverted: Run-Of-River Hydropower Plants, Canal-Based Hydropower Plants
3) By Pumped Storage: Conventional Pumped Storage Hydropower Plants, Closed-Loop Pumped Storage Systems

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Who Are the Global Leaders in the Hydropower Plant Construction Market?
Major companies operating in the hydropower plant construction market are 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

Which are the Top Profitable Regional Markets for the Hydropower Plant Construction Industry?
Asia-Pacific was the largest region in the hydropower plant construction market in 2024. The regions covered in the hydropower plant construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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