The hydroelectricity market is poised for strong growth, projected to rise from $318.98 billion in 2023 to $336.28 billion in 2024, with a CAGR of 5.4%. This growth is driven by increased energy demands and infrastructure investments. By 2028, the market is expected to reach $400.49 billion, propelled by renewable energy targets and policy support.
Major Driver In The Hydro Electricity Market
Favorable laws in emerging countries are expected to propel the hydroelectricity market forward. Governments globally are implementing policies to support the growth of the hydroelectricity sector. An example is the Indian government's clearance of eight hydropower projects with a capacity of 144 MW in January 2021, as reported by the Business Standard newspaper. The introduction of such favorable laws is anticipated to stimulate demand for hydropower, consequently driving the growth of the hydroelectricity market in 2023, 2024, and 2028.
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Hydro Electricity Market Competitive Landscape
Midea Group, Hitachi Ltd., Panasonic Corporation, Haier Group, Specialty Refrigeration and Equipment, Daikin Global, Gree Electric Appliances Inc., Johnson Controls International plc, Carrier Corporation, Whirlpool Corporation, Illinois Tool Works Inc., Electrolux AB, Snow River Chillers, Fukushima Galilei Co. Ltd, Lotte Engineering & Machinery Mfg. Co., Dover Corporation, Ingersoll-Rand Plc, GEA Group AG, Hoshizaki Corporation, Blue Star Limited, Standex International Corporation, Arneg S.p.A, Paul Mueller Company, Bitzer, Innovative DisplayWorks, Baltimore Aircoil Company, Structural Concepts Corporation, Zhongshan Aochi Refrigeration Equipment Co. Ltd, Mokon Chillers, Blue Air, Frigoglass SAIC, Cold Shot Chillers, RTF Manufacturing
Key Hydro Electricity Market Trend
Major companies operating in the hydroelectricity market are focusing on the development of strategic initiatives to develop the 480 MW Phukot hydro project to help increase productivity and sustain their position in the market. For instance, in June 2023, NHPC Ltd., an India-based hydropower company, partnered with Vidhyut Utpadan Company Ltd. is a Nepal-based hydropower company to develop a 480 MW Phukot Karnali hydroelectric project. The Karnali River flow will be used to generate power for the project, and the generated power will be supplied into Nepal's integrated power system. The installed capacity of the project will be 480 MW, with an average annual generation of about 2,448 GWh. Vidhyut Utpadan Company Ltd. is a Nepal-based hydropower company.
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Hydro Electricity Market Segmentation
The hydro electricity market covered in this report is segmented –
1) By Product Type: Dike Type, Diversion Hydropower Station, Mixed Type, Tide, Pumped Storage
2) By Capacity: Large, Medium, Small
3) By Application: Residential, Commercial, Industrial
By Geography:The regions covered in the hydro electricity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the hydroelectricity market in 2023.
The Hydro Electricity Global Market Report 2024 furnishes information about the global hydro electricity market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
