Hydropower or hydroelectric power is one of the most widely used forms of renewable energy that generates electricity using the power of flowing water. Hydropower plants capture this kinetic energy from rivers and convert it into electricity. It is a reliable source of energy that produces no greenhouse gas emissions during operation. Small and large-scale hydropower projects have played a key role in providing electricity access in remote locations.

The global hydropower Market is estimated to be valued at US$ 225.87 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The hydropower market is expected to witness high growth owing to growing demand for renewable energy sources. Hydropower is one of the cheapest sources of renewable energy and plays a vital role in reducing carbon emissions from fossil fuel-based power plants. It also helps improve energy security by reducing dependency on imported fuels. According to the International Renewable Energy Agency (IRENA), hydropower alone accounted for around 16% of the total worldwide electricity production in 2018. This growing demand for clean electricity is expected to drive more investments in small, medium as well as large-scale hydropower projects globally over the forecast period. Furthermore, advancements in turbine technologies have improved hydropower plant efficiency. New pumped storage technologies also allow hydropower facilities to function as giant batteries, storing energy when demand is low and dispatching stored power during peak demand. These factors are estimated to fuel growth of the hydropower market.

SWOT Analysis
Strength: Hydropower is a renewable source of energy and it is environment friendly. It provides stable base load power to the grid. Hydropower projects have very long operational lifespan often exceeding 50-100 years.

Weakness: Hydropower projects require high upfront capital investments and have very long construction periods sometimes over 5-10 years. These projects are also susceptible to variations in river flows due to climate change impacts.

Opportunity: Increasing focus on developing renewable sources of energy provides opportunities to hydropower sector. Many countries still have untapped hydropower potential which can be harnessed. Technological developments in small hydro and pumped storage projects have also opened new opportunities.

Threats: Public opposition to large hydropower projects due to social and environmental impacts pose challenges. Changing climate and natural disasters like floods can damage hydropower infrastructure and impact power generation.

Key Takeaways

The Global Hydropower Market Size is expected to witness high growth. The Asian region currently dominates the global hydropower capacity led by China, India, Japan, and Southeast Asian countries. Countries like China, Brazil and Canada have massive untapped hydropower potential which is being tapped through large hydropower projects.

Regional analysis: The European region is also expected to witness notable growth in hydropower capacity led by countries such as Norway, Switzerland, Italy and France. Norway is a dominant hydropower producer in Europe with over 93% of its electricity coming from hydropower.

Key players: Key players operating in the Hydropower market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S. MHI Vestas and Siemens are globally leading turbine suppliers while GE has a significant presence across small, medium and large hydro segments.

For More Insights, Read: https://www.newsstatix.com/hydropower-market-trends-growth-and-regional-outlook-2023-2030/