The global hydropower market is estimated to be valued at US$ 201.4 Bn in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydropower refers to the generation of electricity through the use of flowing water. It is a renewable and sustainable source of energy that offers numerous advantages over conventional energy sources. Hydropower is highly efficient, emits low greenhouse gas emissions, and can be used for both large-scale and small-scale power generation. The increasing demand for renewable energy and the need to reduce dependence on fossil fuels are driving the growth of the hydropower market. Moreover, government initiatives and investments in hydropower projects, especially in developing economies, are further fueling market growth.
Market Key Trends:
One key trend in the hydropower market is the increasing focus on small-scale hydropower plants. Small-scale hydropower projects, also known as mini and micro-hydropower projects, have gained popularity due to their lower environmental impact and cost-effectiveness. These projects can be implemented on rivers, streams, and other water bodies, and are particularly suitable for rural and remote areas. The decentralization of power generation and the ability to provide electricity to remote villages and communities are driving the demand for small-scale hydropower plants. Additionally, advancements in technology, such as the use of turbines with lower head requirements, are making small-scale hydropower projects more feasible and accessible.
PEST Analysis:
Political: The political landscape plays a crucial role in the hydropower market. Governments across the globe are increasingly focusing on the development of renewable energy sources to reduce carbon emissions. Supportive government policies and regulations, such as subsidies and tax incentives, are driving the growth of the hydropower market.
Economic: The economic factors influencing the hydropower market include investment costs, financing options, and electricity prices. Hydropower projects require significant investments for construction and maintenance, which may pose financial challenges for some market players. However, the long lifespan of hydropower plants and their ability to generate consistent electricity make them an economically viable option in the long run.
Social: Social factors, such as public perception and environmental impact, also affect the hydropower market. Hydropower is often considered a clean and renewable energy source, which aligns with the growing global awareness of climate change and the need for sustainable energy solutions. However, the construction of large dams for hydropower projects can lead to social and environmental disruptions, including displacement of local communities and harm to aquatic ecosystems.
Technological: Technological advancements in the hydropower sector are driving its growth and efficiency. Innovations in turbine design, such as the development of low-head turbines and fish-friendly turbines, contribute to improved performance and environmental sustainability. Furthermore, the integration of digital technologies and remote monitoring systems enable better control and optimization of hydropower plants.
Key Takeaways:
The global Hydropower Market Growth is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period of 2022-2030. The increasing demand for clean and renewable energy sources, coupled with supportive government policies, is driving market growth.
Regional analysis shows that Asia Pacific is the fastest-growing and dominating region in the hydropower market. Countries like China and India are investing heavily in hydropower projects to meet their energy demands and reduce carbon emissions. Additionally, the presence of major rivers and mountainous terrains in the region provides ample opportunities for hydropower development.
Key players operating in the hydropower market include General Electric Company, Siemens AG, Andritz AG, Voith GmbH & Co. KGaA, China Yangtze Power Co. Ltd, PJSC RusHydro, Électricité de France SA (EDF), and Iberdrola SA. These players possess significant expertise in hydropower technologies and have a strong market presence globally. Their strategic initiatives, such as partnerships, acquisitions, and new product developments, contribute to their market dominance in the hydropower industry.
Read More,
https://www.marketwebjournal.com/hydropower-market-growth-market-size-share-analysis/
