The global Hydropower Generation Market is estimated to be valued at USD 237.95 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Hydropower Generation Market involves the production of electricity from the flow of water using hydropower turbines. It is a sustainable and renewable source of energy that does not produce harmful emissions or waste. The market primarily consists of various equipment such as generators, turbines, and control systems. Hydropower generation offers several benefits, including cost-effectiveness, reliability, and reduced dependence on fossil fuels.
B) Market Dynamics:
The market dynamics for the Hydropower Generation Market are driven by two primary factors. Firstly, the increasing investments in renewable energy sources, including hydropower, are fueling market growth. Governments worldwide are focusing on reducing carbon emissions and promoting clean energy generation, leading to significant investments in hydropower projects. For example, the Indian government plans to achieve 40% of its energy needs from renewables by 2030, driving the demand for hydropower generation.
Secondly, there is a rising demand for clean and sustainable energy to meet the growing electricity needs. With increasing global population and industrialization, the demand for electricity is surging. Hydropower generation offers a reliable and renewable source of energy, making it a preferred choice for many countries. Additionally, hydropower plants provide grid stability and can act as backup power during times of high electricity demand.
C) Market Key Trends:
One key trend in the Hydropower Generation Market is the adoption of small-scale hydropower projects. Small-scale hydropower plants have lower installation costs and can be developed in remote areas, providing electricity to off-grid communities. These projects have the potential to transform rural areas and improve their socio-economic conditions. For example, in India, the government aims to install 10,000 small hydropower projects to achieve its electrification targets in remote areas.
D) SWOT Analysis:
Strengths:
Renewable and sustainable source of energy.
Provides grid stability and acts as backup power during peak demand.
Weaknesses:
High initial capital investment required.
Dependency on water resources and weather conditions.
Opportunities:
Rising investments in renewable energy.
Growing demand for clean energy solutions.
Threats:
Environmental concerns associated with dam construction.
Availability of alternative energy sources, such as solar and wind.
E) Key Takeaways:
In terms of market size, the global Hydropower Generation Market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period. This growth is driven by increasing investments in renewable energy sources and the rising demand for clean energy solutions.
Regionally, Asia Pacific is the fastest-growing and dominating region in the Hydropower Generation Market. The region has abundant water resources and a growing population, driving the demand for hydropower generation. Additionally, governments in countries like China and India are investing heavily in hydropower projects to meet their growing electricity needs.
Key players operating in the global Hydropower Generation Market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani Power Systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Hitachi Power Systems Americas Inc. These companies are focusing on research and development activities to improve the efficiency and reliability of hydropower generation technologies.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.