According to the latest report by IMARC Group, titled “Hydropower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global hydropower market reached a volume of 1.5 TW in 2022. Hydropower refers to a renewable energy source that uses dams or diversion structures to generate power from the kinetic energy of flowing water. It operates through dams with seasonal storage or through pumped-storage reversible plants that can be used for both the generation and transmission of energy. Impoundment, diversion, pumped storage, run-of-river, and offshore are some commonly used hydropower facilities. They are widely used to generate, supply, and store clean energy and provide irrigation support to fields and agro-processing activities. Hydropower is a low-cost, reliable, versatile, and clean source of electricity generation. It also assists in responsible water management and provides flood control, clean drinking water, and essential backup power during electricity outages.
Global Hydropower Market Trends:
The increasing demand for sustainable energy sources, coupled with rising environmental concerns associated with fossil fuel consumption, are among the key factors driving the market growth. Hydropower is widely used as an alternative source of energy generation in place of natural gas, oil, and coal-based thermal power plants due to its minimal environmental footprint and greenhouse gas (GHG) emission. Furthermore, the widespread adoption of small hydropower (SHP) plants that are highly flexible and provide reliable, cost-effective, and enormous amounts of energy, irrespective of the weather, climate, season, and time of day, is providing a considerable boost to the market growth. Additionally, the recent development of closed-loop pumped storage hydropower (PSH) that reduces cost, shortens the development timeline, and minimizes the environmental effect on aquatic and terrestrial habitats is creating a positive outlook for the market. Other factors, including the implementation of favorable policies by several governments to promote the use of renewable energy sources and the adoption of advanced technologies, such as smart sensors and the industrial internet of things (IIoT), are anticipated to drive the market growth. On account of the aforementioned factors, the market is expected to reach a volume of 1.6 TW by 2028, exhibiting a CAGR of 1.5% during 2023-2028.
- On the basis of the size, the market has been divided into large hydropower (greater than 100MW), small hydropower (small than 10MW), and others.
- Based on the application, the market has been classified into industrial, residential, and commercial.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being ABB Ltd., American Hydro Corporation (Wärtsilä Oyj Abp), Andritz AG, China Yangtze Power Co. Ltd. (China Three Gorges Corporation), Companhia Energética de Minas Gerais, Électricité de France S.A., General Electric Company, Iberdrola S.A., RusHydro, Siemens Energy AG, Tata Power Company Limited and Voith GmbH & Co. KGaA.
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