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Segment Evaluation and Major Growth Areas in the Hydroelectric Power Generation Market
Hydroelectric Power Generation Market
Hydroelectric Power Generation Market Size and Growth Outlook Through 2030
The hydroelectric power generation market is forecasted to grow steadily, reaching a value of $407.77 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 4.2% during the forecast period. Several factors contribute to this expansion, including advancements in pumped storage systems, increased emphasis on grid stability solutions, and ongoing rural electrification initiatives. Additionally, investments in hybrid renewable plants, along with progress in tidal and small hydro technologies, are propelling market growth. Noteworthy trends in this period involve the broader adoption of low-impact small hydro projects, the rise of tidal and pumped storage developments, and the modernization of aging hydropower infrastructure.
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Leading Corporations Powering the Hydroelectric Industry
The hydroelectric power generation market features a diverse mix of prominent companies driving innovation and capacity growth worldwide. Key players include Enel S.p.A., Électricité de France Group, Engie Energy International, Iberdrola S.A., Duke Energy Corporation, Ørsted A/S, Statkraft AS, General Electric Renewable Energy, American Electric Power (AEP), Hydro-Québec Corp., Siemens Gamesa Renewable Energy SA, Korea Hydro & Nuclear Power (KHNP) Corp., Tennessee Valley Authority (TVA), Andritz AG, Sinopec Engineering Group, Eletrobras - Centrais Elétricas Brasileiras S.A., Brookfield Renewable Partners LP, British Columbia Hydro and Power Authority, PJSC RusHydro, Voith Hydro AG, Agder Energi, Innergex Renewable Energy Inc., National Hydroelectric Power Corporation (NHPC), China Three Gorges Corporation, and Tokyo Electric Power Company Holdings (TEPCO) Inc.
Recent Strategic Expansion in Vietnam's Hydropower Sector
In December 2023, Singapore-based power firm Nexif Ratch Energy Investments Pte. Ltd. expanded its footprint by acquiring the Minh Luong hydroelectric facility from Vietnam's Nam Tien Group. This acquisition strengthens Nexif Ratch Energy's presence in Vietnam, complementing its established expertise in small hydro projects within the country. Nam Tien Group is recognized as a domestic enterprise specializing in hydroelectric power generation.
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Technological Progress and Hybrid Solutions Shaping Market Trends
Leading companies in the hydroelectric sector are increasingly investing in mini hydropower systems designed for remote areas, which can be integrated with solar energy and storage solutions. These compact systems typically provide up to 100 kilowatts of power and are ideal for residential users, small businesses, farms, and ranches. For example, in October 2023, Hydrobox, a Kenya-based developer of small run-of-river hydropower projects, unveiled the Gitwamba Hybrid Solar + Hydro Power Plant. This facility has a total capacity of 170 kW, combining a 50 kW hydro component with a 150 kWp solar array. It offers year-round base load power, adapts to seasonal water flow fluctuations, and features built-in readiness for energy storage.
Detailed Breakdown of Hydroelectric Power Generation Market Segments
The hydroelectric power generation market is categorized according to several key criteria:
1) By Type:
- Dike Type
- Diversion Hydropower Station
- Mixed Type
- Tide
- Pumped Storage
2) By Capacity:
- Small Hydro Power Plant (Up To 1MW)
- Medium Hydro Power Plant (1MW - 10MW)
- Large Hydro Power Plant (Above 10MW)
3) By Application:
- Residential
- Commercial
- Industrial
Further subsegments include:
- Dike Type: Reservoir-Based Dike, Run-Of-River Dike
- Diversion Hydropower Station: Small-Scale Diversion Systems, Large-Scale Diversion Systems
- Mixed Type: Combination Of Dike And Diversion Systems, Hybrid Systems
- Tide: Tidal Stream Systems, Tidal Barrage Systems
- Pumped Storage: Conventional Pumped Storage, Underground Pumped Storage, Off-Stream Pumped Storage
These segments provide a comprehensive view of the hydroelectric power industry's diverse technologies and applications, reflecting its growing role in global renewable energy strategies.
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