Hydropower, also known as water power, is a method of sustainable energy production. It harnesses the energy stored in fast-running, falling water. It does so by converting it into kinetic or gravitational potential energy. Moreover, hydropower can help mitigate carbon emissions. As long as hydropower projects are located in locations with abundant water resources, it can contribute to the sustainability of the world's energy supply. Its ability to reduce emissions from fossil fuels is a critical component of sustainable communities that are based on diversified energy sources. As an added benefit, hydropower can be a part of a diversified energy mix, resulting in more reliable power.
Market Statistics:
The global hydropower market is estimated to account for US$ 201.4 Bn in terms of value by the end of 2021.
Global Hydropower Market: Drivers
Growing number of large-scale hydropower which is used to generate large amounts of hydroelectricity for lakes, cities, reservoirs, and dams is projected to augment the growth of hydropower market growth. Moreover, large-scale facilities can be easily turned on and off and is more reliable than other energy sources for meeting peak electricity demand throughout the day.
Global Hydropower Market: Opportunities
Growing number of R &D labs for hydropower is expected to bring lucrative growth opportunities for the market players in the near future. For instance, in April 2018, Union Minister of state for New and renewable energy (independent charge), R.K. Singh inaugurated a laboratory for testing hydraulic turbines at IIT-Roorkee. The Ministry of New and Renewal Energy (BNRE), which is the nodal agency for promoting small hydro power projects, has aimed to harness at least 50 percent of the potential in the next 10 years. The present installed capacity is about 4,500 MW.
Global Hydropower Market: Restraints
Growing safety concerns along with the development of contemporary technologies and advent of alternative projects are expected to create challenges for the market growth.
Global Hydropower Market - Impact of Coronavirus (Covid-19) Pandemic
The spread of COVID-19 has significantly impacted the global hydropower market owing to disruption in the global supply chain and a reduction in investment for the projects. Moreover, some projects are also expected to be delayed over the forecast period owing to COVID-19 related lockdown measures.
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https://www.coherentmarketinsights.com/market-insight/hydropower-market-5135
Key Takeaways:
The global hydropower market was valued at US$ 201.4 Bn in 2021 and is forecast to reach a value of US$ 337.7 Bn by 2030 at a CAGR of 5.9% between 2022 and 2030.
Large Hydropower ( >100 MW) size segment held dominant position in the global hydropower market in 2021, accounting for 60.38% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Hydropower Market: Trends
Apart from major hydropower countries, smaller countries especially from Southeast Asia are also adopting large hydropower plant. This is expected to be an emerging trend in the market. Increasing demand for energy in small countries is boosting growth of the market.
Growing concern over greenhouse gas emission and increasing cost of energy generation through non-renewable source are positively shaping the market growth. Moreover, growing population and increasing demand for efficient and clean energy is further anticipated to augment the market growth.
Global Hydropower Market: Competitive Landscape
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
Global Hydropower Market: Recent Developments
- In February 2021, RusHydro signs first non-regulated agreement for hydropower supply. According to the agreement, the electricity supplied from Russia’s largest hydropower plant will cover the needs of PJSC Polyus’ facilities in the Krasnoyarsk region.
- In May 2019, Iberdrola, through its Brazilian affiliate Neoenergia, officially commissioned the Baixo Iguaçu hydroelectric power plant, a 350 MW facility, with an investment of more than EUR 500 million
- In July 2018, Iberdrola SA started constructing three new large dams and hydropower plants, including a pump storage plant, which will be located on the Tâmega and the Torno rivers, in northern Portugal. With an investment of around EUR 1.5 billion, the new Iberdrola´s new infrastructure will have a total capacity of 1,158 MW and will start operating in 2023.
