The global hydropower generation market size was estimated at US$ 222 billion in 2022 and it is expected to hit over US$ 380.99 billion by 2032 with a registered CAGR of 5.60% from 2023 to 2032.
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The Europe hydropower generation market size reached US$ 79.92 billion in 2022 and is predicted to be worth around US$ 139.78 billion by 2032 with a CAGR of 5.80% between 2023 to 2032.
Europe dominated the hydropower generation market in 2022. The UK dominated the hydropower generation market in Europe region. The stringent and favorable government regulations led down by the European Union and government is propelling the growth of the hydropower generation market in the region. The rapid urbanization and industrialization are resulting into the growing demand for hydropower generation in the Europe. Moreover, the surge in demand for renewable energy is also paving new way for the growth and development of the Europe hydropower generation market. The government is also taking active participation in approvals of power generation projects. Thus, this factor is boosting the growth of the hydropower generation market in Europe region over the forecast period.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. China dominates the hydropower generation market in Asia-Pacific region. The Chinese government is heavily investing in the development of energy and power sector. This factor is creating growth prospects for the growth of the hydropower generation market in the Asia-Pacific region. The government agencies are also collaborating local players for the installation of hydropower plants in the underdeveloped areas. In addition, the government is also heavily investing in hydropower and electricity generation projects in the region, which is also boosting the hydropower generation market growth. Thus, all of these aforementioned factors are driving the expansion of the hydropower generation market in Asia-Pacific region.
The hydropower is one of the renewable energies that is used in the generation of electricity. The surge in demand for renewable energy is resulting into the growing need for hydropower generation. One of the key factors propelling the growth of the global hydropower generation market is the increasing population all around the globe. The growing population requires lot of electricity which is possible due to hydro power generation. Thus, the growth of the global hydropower generation market is expected in the near future.
The hydropower generation process does not emit any type of toxic gases such as greenhouse gases. This factor is augmenting the growth of the global hydropower generation market over the forecast period. The hydro power generation is suitable option for the energy generation for long term as well as short term. Moreover, the hydro power is considered as cost effective and efficient in nature. The hydro power can be used in many ways such as for agricultural and recreational activities. In addition, the government is heavily investing in the energy projects, which is boosting the growth of the global hydropower generation market.
The COVID-19 pandemic had impacted every vertical and areas of industry globally. This is attributed to the supply chain disruption and halt of all manufacturing and production processes all around the world. In addition, due to coronavirus outbreak, the government approvals on certain energy and power projects were also delayed which directly impacted the growth and development of the global hydropower generation market during 2020.
The technological developments and adoption of innovative technologies is creating growth prospects for the hydropower generation market. The developed regions such as Europe and North America are constantly working and implementing favorable policies for the growth of the global hydropower generation market over the projected period. Another factor contributing towards the growth of the hydropower generation market is the growing need and demand for electricity. According to International Energy Agency (IEA), since a decade, the demand for electricity has increased significantly. As a result, this factor is contributing towards the hydropower generation market growth. In addition, the key market players are contributing towards the growth of the market by adopting numerous strategies such as joint venture, partnership, merger, and acquisition.
|Market Size by 2032||USD 380.99 Billion|
|Growth Rate from 2023 to 2032||
CAGR of 5.60%
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Capacity, Application, Geography|
|Companies Mentioned||Andritz Hydro USA Inc., GE Energy, CPFL Energia S.A., Sinohydro Corporation, IHI Corporation, Alstom Hydro, China Hydroelectric Corporation, China Three Gorges Corporation, ABB Ltd., Tata Power Corporation|
The large hydro power segment dominated the hydropower generation market in 2022. The large hydro power is regarded as a hydro power plant whose capacity is more than 10 MW. The power generated with the help of large hydro power plants can be used for the long period of time. This type of plant requires low cost for operation and maintenance. The growing number of hydro power generation projects is supporting the growth of the segment. In addition, the large amount of electricity is generated with the help of large hydro power, which can be used for industrial and commercial purposes. The developed and developing countries such as Brazil, China, and the U.S. are deploying large hydro power on a large scale. Thus, this factor is boosting the growth of the segment over the forecast period.
The small hydro power segment is fastest growing segment of the hydropower generation market in 2022. Energy has become one of the critical need and requirement in today’s era. The growing trend of clean and green energy is driving the demand for small hydro power. The growing concerns for the greenhouse gas emissions and carbon emissions are supporting the growth and development of the segment. The small hydro power is of low cost as compared to other types of hydro power plants. The small hydro power is applicable in diverse sectors mainly for electricity generation. Thus, the demand for small hydro power is growing due to all of these aforementioned factors.
Segments Covered in the Report
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