Published Date : 19 May 2023
The global hydropower market revenue is growing at USD 261.43 billion in 2023 and is expected to touch around USD 371.8 billion by 2030, growing at a CAGR of 5.16% between 2022 to 2030.
A significant growth driver for hydropower production projects is the growing need for energy efficiency, which is anticipated to have a significant impact on the demand for renewable energy sources throughout time.
Using the kinetic energy that flowing water generates, hydropower is created. In streams and rivers that originate in hills and mountains, this force is frequently present. This energy was employed hundreds of years ago to run sawmills, home elevators, and several other household appliances. A hydropower plant typically comprises an electricity-generating facility, a dam to regulate water flow, and a reservoir to store water. Almost a third of all installed renewable energy capacity worldwide comes from hydropower. With the aid of swift research and development initiatives carried out to boost the productivity of the hydropower projects, the market has been able to bring new technologies into the sector thanks to the rise of important market participants in the hydropower industry.
Small hydropower projects that can meet the demands of potential customers anywhere in the world are in greater demand because of the ongoing need for enhanced power supply. The number of customers choosing electricity from small hydropower systems has grown as a result of the government's proactive efforts to improve services for the populace, which is anticipated to drive the market's expansion throughout the projected period at a faster rate.
The hydropower market has been dominated by the Asia-Pacific region recently, and this trend is projected to continue over the projection period. sources and the quick decline in infrastructure's overall cost. With the aid of hydroelectric initiatives, the rising demand for energy has been met, making this area a dominant participant in the market compared to its rivals.
Another important market for hydropower in Europe. In 2022, the area had the second-largest market share worldwide. Due to the shift in the tendency toward the development of renewable technologies for the generation of power to address the growth in demand for energy around the globe, this trend is anticipated to continue during the projected period.
Government incentives to increase the use of renewable resources in primary energy consumption are what drive the industry in North America. Continuous investments in the construction of run-of-river hydropower to fulfill the rising demand for energy across the nation may be attributed to the growth of the hydropower market in the U.S.
Hydropower Market Report Scope:
|Market Revenue in 2023||USD 261.43 Billion|
|Projected Forecast Revenue in 2030||USD 371.8 Billion|
|Growth Rate from 2022 to 2030||CAGR of 5.16%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Here are some of the prominent market players in the Hydropower Market
Certain hydropower projects' financing and refinancing have been placed at risk due to pervasive uncertainty and a shortfall in funding. Due to supply chain issues during the shutdown brought on by the Covid-19 pandemic outbreak, major modernization, and Greenfield development, projects have also been put on hold. Also, government initiatives that were in the works or already in place to help the industry were put on hold. Modern facilities have a high degree of automation, which has made operations less impacted yet resulted in large declines in power use and prices.
Market Drivers: An increase in the need for dependable sources of electricity
Because so many new businesses and manufacturing facilities are entering the worldwide market and need a substantial amount of energy to continue operating, the demand for electricity as a whole is rising quickly. Due to the numerous electrical gadgets used in homes on a regular basis, power consumption has significantly increased in this sector. Again, it is anticipated that an increased need for dependable power sources would spur market expansion. For instance, hydropower has been produced and used as a renewable energy source around the globe for more than a century. Hydropower plants excel at fulfilling constantly shifting needs for energy because they can swiftly transition from zero power to maximum production.
Market Restraints: Number of resources and high installation cost
The high initial cost of hydroelectric infrastructure is a significant element that is projected to limit industrial development. One of the major barriers to the sector's growth is the number of resources that can be employed to produce hydropower. The availability of infrastructure in developing and rising countries is proving to be a key roadblock to the growth of the hydropower industry.
Market Opportunities: Technological advancement and government support
The government's desire to increase energy production through hydropower plants has given the market a number of chances, which has allowed it to generate a sizable amount of cash over time. Throughout the anticipated period, the government's funding for hydroelectric projects has increased quickly, creating an excellent potential for market growth.
Recent advancements in hydropower, such as hydropower flexibility, digitalization, storage, variable speed turbines, generators with current-controlled rotors, and novel small-scale and fish-friendly technologies, are anticipated to serve significant market growth opportunities over the forecast period.
Due to the growing demand for these sorts of hydropower projects, the micro hydropower market is currently proving to be the largest globally. Micro hydropower and tiny hydropower are the two segments of the hydropower market. The systems are easy to maintain and repair because of the packaged, readily available turbines and generators that are available for purchase. We believe that simpler replacement processes and fewer maintenance needs will increase the market potential for micro hydropower.
The segment of standalone systems up to one MW, which supplies energy to the smallest segments of society without access to bigger hydropower facilities, has emerged as the largest worldwide segment of standalone systems based on capacity. One to ten MW capacity generators, which are often utilized to supply the main grid, make up the next sector that has been mentioned under this category. Cost-cutting measures and unfavorable environmental circumstances are anticipated to assist this category to generate a sizable amount of income throughout the projection period.
In 2022, the civil construction sector held the market's top spot. During the course of all minor hydropower projects, civil construction accounted for a sizeable portion of project expenses (SHPPs). The worldwide market has been segmented into civil construction, power infrastructure, electromechanical equipment, and others based on component types. As the number of electrical resources rises, it is projected that the market would experience consistent expansion across all categories. Throughout the projection period, the electromechanical equipment segment is anticipated to grow.
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