IMARC Group, a leading market research company, has recently releases report titled “Hydropower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hydropower market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is the Hydropower Market?
The global hydropower market size reached 1.5 TW in 2022. Looking forward, IMARC Group expects the market to reach 1.6 TW by 2028, exhibiting a growth rate (CAGR) of 1.5% during 2023-2028.
Industry Overview of Hydropower Market
Hydropower, commonly referred to as hydroelectric power, is a sustainable and renewable energy source employed to generate electricity through the harnessing of flowing or descending waters energy. This process typically involves the utilization of dams, rivers, or other water reservoirs to create a regulated flow of water, which in turn propels turbines. These turbines are mechanically linked to generators, facilitating the conversion of the waters mechanical energy into electrical power. Hydropower stands as a dependable and environmentally friendly energy solution, extensively employed for electricity production on a global scale. Its advantages encompass low greenhouse gas emissions, an extended operational lifespan, and the capacity to store water for multifaceted purposes such as irrigation and flood management.
Global Industry Trends and Drivers:
The hydropower market experiences the influence of several industry trends and driving factors. A notable trend is the global emphasis on clean and renewable energy sources. Hydropower, as a renewable energy form, is gaining prominence as countries work towards reducing their carbon footprint and transitioning to more sustainable energy systems. This trend is motivated by various factors, including the imperative to combat climate change, diversify energy sources, and enhance energy security. Another driver is the escalating demand for electricity and the necessity for dependable power generation. Hydropower stands as a stable and dispatchable electricity source, contributing to grid stability while satisfying the growing energy requirements of expanding populations and industries. As economies progress and electrification rates increase, the demand for hydropower as a cost-effective and trustworthy energy solution is anticipated to rise. Moreover, the aging infrastructure in many nations is fostering the need for hydropower development and modernization. The enhancement of existing hydropower plants, improvements in efficiency, and the integration of advanced technologies have the potential to augment power generation capacity and optimize operations. This driver holds particular relevance in regions where aging hydropower facilities require refurbishment and optimization to ensure their long-term reliability and performance.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Size:
- Large Hydropower (Greater Than 100 MW)
- Small Hydropower (Smaller Than 10 MW)
- Others
Breakup by Application:
- Industrial
- Residential
- Commercial
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
ABB Ltd., American Hydro Corporation (Wartsila Oyj Abp), Andritz AG, China Yangtze Power Co. Ltd. (China Three Gorges Corporation), Companhia Energetica de Minas Gerais, Electricite de France S.A., General Electric Company, Iberdrola S.A., RusHydro, Siemens Energy AG, Tata Power Company Limited and Voith GmbH & Co. KGaA.
