The Global Hydropower Market Growth Accelerated By Expanding Renewable Energy Sector

 

Hydropower refers to electricity generation from hydropower plants, where the kinetic energy of moving water is converted into electrical energy. Hydropower is one of the most widely used and cost-effective renewable energy sources globally due to its low running costs. Hydropower plants play a vital role in ensuring grid stability and electricity reliability. Hydropower is increasingly being incorporated as an integral part of renewable energy strategies across various countries.

The global hydropower Market is estimated to be valued at US$ 225.87 Billion 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 key trends:

One of the key trends driving growth in the global hydropower market is the growing emphasis on developing renewable sources of energy coupled with supportive government policies and initiatives regarding the adoption of clean energy. Many countries have outlined ambitious targets towards increasing the share of renewable energy in the overall energy mix. This is significantly driving demand for hydropower projects globally. Major hydropower producing regions including Asia Pacific, Latin America, and Africa are witnessing substantial investments in fresh hydropower projects. Moreover, the demand for hydropower plants is also gaining traction as an integral part of energy storage solutions, which helps in optimizing the generation and distribution of electricity from other renewable sources such as solar and wind. This is further providing a boost to market growth.

Segment Analysis

The global hydropower market is segmented by design type into impoundment, diversion, pumped storage and others. The impoundment segment currently dominates the market due to widespread adoption of hydropower plants that use dams to store water. Multiple reservoirs behind dams help regulate water discharge and power generation over extended periods, ensuring stable supply as well as maximizing capacity utilization across seasons.

Key Takeaways

The Global Hydropower Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global hydropower Market is estimated to be valued at US$ 225.87 Billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.

Asia Pacific remains the largest and fastest growing regional market for hydropower generation globally. China, India, Japan, Indonesia and other countries in the region have abundant water resources and are witnessing rapid economic expansion, industrialization and urbanization which is propelling the growth of hydropower infrastructure development. 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.

The global hydropower market is expected to witness high growth over the forecast period of 2023 to 2030. Key players related content:

Key players operating in the hydropower market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S.

For More Insights, Read: https://www.newswirestats.com/hydropower-market-size-share-and-growth-forecast-2023-2030/