Hydropower Market Projected To Grow at a 3% CAGR by 2030 – Report by Market Research Future (MRFR)
Hydropower Market Growth Boost by Growing Need to Save Power and Global Demands
New York, US, Nov. 24, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Hydropower Market Information Report By Capacity and By Regions – Global Forecast to 2030”, the hydropower market will grow at a 3% CAGR by 2030.
Hydropower Market Analysis
A significant growth factor for hydropower generation projects is the growing demand for energy efficiency, which is anticipated to have a significant impact on the demand for renewable energy sources over time. In order to protect the environment from greenhouse gas emissions and rapid climate change, a sizable number of potential consumers around the world are choosing renewable energy sources.
Rising Demand for Electricity to offer Robust Opportunities
Due to the massive number of new industries and manufacturing facilities that are entering the global market and necessitating a large supply of energy to continue operating, the total demand for electricity is rapidly rising. Because of the numerous electrical appliances used daily, the household sector has witnessed a significant increase in electricity consumption. This will provide robust opportunities for this market in the assessment period.
Hydropower Market Key Players
Eminent industry players profiled in the global hydropower market report include,
- Voith GmbH (Germany)
- ANDRITZ HYDRO GmbH (Austria)
- General Electric Company (U.S)
- China Three Gorges Corporation (China)
- Alfa Laval (Sweden)
- Metso Corporation (Sweden)
- Hydro-Québec (Canada)
- ABB Ltd (Switzerland)
- Engie (France)
- Tata Power Corporation (India)
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High Initial Investment Cost to act as Market Restraint
The high initial investment price of hydroelectric infrastructure, safety concerns, and the creation of contemporary technologies may act as market restraints over the forecast period.
Availability of Alternative Products to act as Market Challenge
The availability of alternative products and insufficient hydropower generation resources may act as market challenges in the forecast period.
|CAGR during 2022-2030||3%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Global initiatives to use more renewable
Non-conventional energy sources
|Key Market Drivers||High capacity utilization
Low levelised cost
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The COVID-19 outbreak had a significant effect on the world hydropower market because it disrupted the global supply chain and caused investors to withdraw from upcoming projects. Despite the fact that annual additions match the driven market, some projects are anticipated to be delayed during the forecast period because of lockdown measures related to COVID-19. In the assessment period, this market is anticipated to be driven by elements like the rising number of new hydropower projects with government support and the rising demand for dependable electricity. However, during the anticipated period, hydropower projects’ detrimental environmental effects are likely to impede market expansion.
Hydropower Market Segmentation
The global hydropower market has been bifurcated based on capacity.
By capacity, the small hydropower segment will lead the market in the forecast period because smaller hydropower plants are being installed on rivers to supply electricity to rural areas. Additionally, small hydropower requires less infrastructure, resources, & capital investment, which is predicted to accelerate the segment’s growth.
Hydropower Market Regional Analysis
APAC to Domineer Hydropower Market
During the anticipated period of 2022–2029, the Asia Pacific will continue to rule the hydropower market globally. China established itself as the world’s top producer of hydropower and held the largest market share in 2021. In addition, China’s rapid capability addition makes it a favorable location for the production of hydropower. To meet its growing demand, China alone accounts for more than half of the total hydro capacity implemented in 2021. Different government initiatives like Feed-I-Tariffs & Sustainable portfolio standards also boost the hydropower market. The largest market share was held by the Asia Pacific region in 2021, which was aided by the low cost of producing renewable energy sources and the quick decline in the overall cost of infrastructure.
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With the aid of hydropower initiatives, the rising demand for electricity has been met, making this area a dominant player in the market compared to its rivals. The construction of micro and mini hydropower plants throughout the area has also proven to be a significant opportunity for the development of this area. The key market players’ growing investments in electricity production and supply for rural areas have enabled the market to accumulate a sizeable profit over time. Because so much electricity is produced by hydropower, the Asia-Pacific region has grown to be the largest market. The production of energy in the region of China, India, and Japan primarily benefits the market. The price of producing electricity from hydropower has decreased, which is emerging as a key driver of market growth in this region. The major market players’ significant investments in the hydropower sector have helped the market to accumulate a sizeable profit over time.
North America to Have Favorable Growth in Hydropower Market
Due to the implementation of advantageous rules, North America is expected to exhibit fascinating development prices throughout the forecast period. One of the highest concentrations of hydropower potential exists in India. On the other hand, the government is utilizing the anticipated potential in various uncharted zones. The hydroelectricity administrative planning act, along with the compact channel Hydropower growth and hinterland jobs act, were passed in the United States and are expected to increase the nation’s hydropower capacity. The market in North America is predicted to grow due to the region’s large amount of untapped reserves and the growing efforts to produce reliable, clean electricity. The U.S.-dominated region of North America is seen as a key market for hydropower.
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The U.S. grabs a market share of more than 50% of the hydropower market in North America in terms of value. The market in the region is being impacted by the widespread availability of untapped reserves combined with the quick ascent of clean and renewable energy towers.
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