What Is The Current and Historic Market Size Analysis Of The Hydropower Market?
The hydropower market has seen considerable growth due to a variety of factors.
• The value of the hydropower market has experienced substantial growth lately. It is projected to expand from $245.91 billion in 2024 to $261.7 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%.
The past expansion can be ascribed to factors like the industrial revolution, changes in government policies, ecological issues, and the need for energy security.
What Is The Forecast For The Hydropower Market Size?
The hydropower market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the hydropower market is anticipated to observe robust expansion in the coming years, escalating to $318.48 billion by 2029, with a compound annual growth rate (CAGR) of 5.0%.
The forecasted growth can be credited to factors like energy transition, renewable energy rules, adaptation to climate change, and water resource management. Key trends to note for the forecast period comprise the upgrade of current infrastructure, hybrid hydropower systems, small scale and micro hydropower, along with the integration of digitalization and smart grids.
What Are The Essential Drivers Behind The Growth Of The Hydropower Market?
The increase in electricity needs is believed to fuel the hydropower market's progression. As a form of energy brought about by the movement of electrically charged entities, primarily electrons, electricity is in higher demand due to the escalating pace of digitalization within sectors such as communication, information technology, and smart technologies. This demand arises as more electricity is needed to run servers, data hubs, and networking infrastructures. Utilizing the ceaseless flow of water replenished by rainfalls and melting snow, hydropower stands as a renewable energy source. It thereby positions itself as an eco-friendly and sustainable means of generating electricity. For example, reports from Our World in Data, an online scientific publication based in the UK, suggested that in 2022, the US demand for electricity skyrocketed to 4,338.1 TWh (terawatt-hour). Consequently, the escalating need for electricity is a key driver propelling the hydropower market's growth.
How Is The Global Hydropower Market Divided Into Key Segments?
The hydropower market covered in this report is segmented –
1) By Type: Large Hydropower, Small Hydropower
2) By Component: Civil Construction, Electromechanical Equipment, Electric, Power Infrastructure, Others Components
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Large Hydropower: Reservoir-Based Hydropower, Run-Of-River Hydropower (Large-Scale)
2) By Small Hydropower: Micro Hydropower (Up To 100 KW), Mini Hydropower (100 KW To 1 MW), Small Hydropower (1 MW To 10 MW)
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How Are New Trends Impacting The Size Of The Hydropower Market?
The focus is on innovating and creating new products for many major corporations in the hydropower market, such as VETT-in-a-Box. This eco-friendly, cost-efficient micropower system is easy to install, suitable for use in small rivers, wastewater outflows, lock gates, or canals with a two-meter head drop. An example is VerdErg Renewable Energy Limited, a renewable energy company from the UK which launched its VETT-in-a-Box in February 2022. This new creation, a micro-hydropower system, delivers clean and decentralized energy, demonstrating its innovative impact by high load factors. An efficient and easily transportable mini-hydroelectric system is what makes up VETT-in-a-Box. With flow rates between 500-2,000 liters per second (l/s), the system can be installed directly into the water or nearby, providing quick and simple use. Moreover, it's safe for aquatic life, with no fish fatality recorded, and it produces clean, reliable, and decentralized energy from water without causing any environmental harm.
Who Are the Key Players In The Hydropower Market?
Major companies operating in the hydropower market are:
• Électricité de France S.A.
• Siemens AG
• General Electric Company
• Iberdrola S.A.
• ABB Ltd.
• Georgia Power Company
• Duke Energy Corporation
• Vattenfall AB
• ALSTOM Holdings
• Statkraft AS
• Hydro-Québec
• Verbund AG
• China Yangtze Power Co. Ltd.
• Andritz AG
• China Three Gorges Corporation
• Tata Power Company Limited
• Ontario Power Generation Inc.
• Alfa Laval AB
• BC Hydro and Power Authority
• Brookfield Renewable Partners L.P.
• Voith GmbH & Co. KGaA
• Bharat Heavy Electricals Limited (BHEL)
• Agder Energi AS
• Gilbert Gilkes & Gordon Limited
• HydroChina International Engineering Co. Ltd.
What Are The Regional Insights Into The Hydropower Market?
Asia-Pacific was the largest region in the hydropower market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydropower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
