Global Hydropower Generation Market Size is Projected to Reach USD 380.22 billion by 2030, Growing at a CAGR of 5.9%: Straits Research
The hydropower generation market is bolstered by the surge in demand for electricity across developing countries, Increased consumption of petroleum products ensured the continuation of global energy production to propelling the market growth.
New York, United States, March 12, 2024 (GLOBE NEWSWIRE) -- Hydropower is a renewable energy source that converts the kinetic energy of rushing water into electricity. The construction of dams is a typical element of large-scale hydropower projects. The energy of flowing water is captured to create renewable electricity through run-of-river and tidal projects. Water reservoir potential energy is converted to mechanical energy, referred to as kinetic energy. A turbine uses the kinetic energy of the water released from the dam and converts it into mechanical energy. The generator converts the mechanical energy generated by the turbine into electrical energy. The electric energy then undergoes multiple transmission processes before being delivered to the consumer.
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*Rising Need for Electricity in Emerging Markets and the Growing Popularity of Clean Energy Drive the Global Market*
According to Straits Research, “*The global hydropower generation market size was valued at USD 202.39 billion in 2021. It is expected to reach a USD 380.22 billion by 2030, growing at a CAGR of 5.9% during the forecast period (2022–2030).*” The rising demand for electricity in developing nations is the primary factor driving the expansion of the hydropower generation market. The expansion was made possible by a rise in demand for heating and cooling systems in specific regions, which served as the expansion's primary driver. Approximately one-fourth of the expansion in global energy production was attributable to renewable energy sources. The increasing proportion of global energy consumption of electric power has increased the electricity demand. It is expected that the electricity demand will continue to rise, increasing the demand for hydropower. Population growth is anticipated to result in a significant increase in electricity demand.
Several regulations are in place to actively promote energy generation from renewable sources. These regulations have a positive effect on the hydroelectric generation market. For instance, the 2015 India National Renewable Energy Act promotes the design of energy systems powered by renewable energy sources to eliminate dependence on fossil fuels. These regulations are being implemented to ensure the safety of the energy supply and reduce local and global pollution. Consequently, it is anticipated that the increase in demand for clean energy will propel market expansion during the forecast period.
*Demand for Renewable Energy and a Significant Increase in Hydropower Installations Worldwide Creates Tremendous Opportunities*
Rapid urbanization and industrialization in developing nations such as India and China are primarily responsible for increasing demand for electricity. Efforts to reduce the sector's reliance on fossil fuels have increased the demand for power generation from renewable energy sources. Governments in several nations, including the United States, Germany, India, Japan, and China, have undertaken these measures to reduce their overall carbon footprints. As a result, numerous hydropower generation projects have been established worldwide, particularly in Asia-Pacific, to meet the rising demand for renewable energy. In addition, stringent emission policy targets and rising demand for cleaner technologies for power generation are anticipated to fuel the market growth of hydropower generation.
*Regional Analysis*
Asia-Pacific hydropower generation market Share is estimated to grow at a CAGR of 6.2% during the forecast period. The Asia-Pacific Energy Research Center (APERC) forecasts that the demand for electricity in the Asia-Pacific region will rise shortly. It is anticipated that China and Southeast Asia will be the driving force behind this increased interest. These regions have expanding economies, rising per-capita pay, and expanding transport use, all of which will lead to higher power utilization. A maximum of more than 3,200 gigawatts (M.W.) of new power plant capacity is required to keep up with the expansion. As a result, hydropower generation will play an essential part in electricity production. In addition, there is an anticipated rise in the number of new power plants being built, which is also expected to drive demand for hydropower generation.
*Key Highlights*
· Based on capacity, the global hydropower generation market is fragmented into Small Hydro Power Plant (Up to 10MW), Medium Hydro Power Plant (1MW - 10MW), and Large Hydro Power Plant (Above 10MW). The large hydropower plant segment is the highest contributor to the market, growing at a CAGR of 5.9% during the forecast period.
· Asia-Pacific is the highest revenue contributor to the global hydropower generation market and is estimated to reach USD 191.55 billion by 2030, growing at a CAGR of 6.2% during the forecast period.
*Competitive Analysis*
The Top 10 players in the global hydropower generation market are *Andritz Hydro USA Inc., G.E. Energy, China Hydroelectric Corporation, Sinohydro Corporation, IHI Corporation, Alstom Hydro, CPFL Energia S.A., ABB Ltd, China Three Gorges Corporation, and Gerdau S.A.*
*Market Players*
· *May 2022- *G.E. Renewable Energy signed the contract for the most extensive technological upgrade of the Itaipu hydropower plant in Brazil and Paraguay. The Hydro and Grid Solutions businesses of G.E. Renewable Energy had signed a contract to modernize the second-largest hydropower plant in the world, located in Brazil and Paraguay.
· *March 2022-* ANDRITZ and EGAT will cooperate on the joint development and modernization of the hydropower business. Austrian energy giant Andritz has signed a Memorandum of Understanding with Thailand's Electricity Generation Authority (EGAT) to explore and expand business opportunities in the hydropower sector.
· *February 2022- *ANDRITZ modernized the second generating unit at the Jebba hydropower plant in Nigeria. Andritz, an international technology company, was hired by Mainstream Energy Solutions Limited to upgrade a second generating unit at the Jebba hydroelectric power plant on the Niger River.
*Global Hydropower Generation Market: Segmentation*
*By Capacity*
· Small Hydro Power Plant (Above 10MW)
· Medium Hydro Power Plant (1MW - 10MW)
· Large Hydro Power Plant (Above 10MW)
*By Regions*
· North America
· Europe
· Asia-Pacific
· LAMEA
*Get Detailed Market Segmentation @ **https://straitsresearch.com/report/hydropower-generation-market/segmentation*
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