Hydropower Generation Market, By Capacity: Small Hydro Power Plant (Above 10MW), Medium Hydro Power Plant (1MW - 10MW), Large Hydro Power Plant (Above 10MW), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jun 2023

Code : CMI5796

Pages :155

Formats :

Excel and PDF

Industry : Energy

Hydropower Generation MarketSize and Trends

The global hydropower generation market size was valued at US$ 237.95 billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. The global hydropower generation market is expected to witness significant growth due to surge in demand for electricity across the globe. In addition, increasing concern regarding greenhouse gases has boosted the demand for renewable energy sources such as hydropower. The power generated from this source is clean and environment-friendly as it produces few emissions and has a long life span. Moreover, the rising investments in large hydropower plants and pumped storage projects has driven the growth of the market. However, high operational and capital expenditures are the key restraining factor expected to hamper the market growth.

Global Hydropower Generation Market Trends:

Emerging technological trends such as increasing automation and improved efficiency

Power plants with hydroelectric systems can extend the life of their equipment and operations by upgrading their automation systems. Modernizing the system also improves operational safety and security. For example, Automation feature can help automate power plant startup procedures, which reduces or eliminates human intervention. This results in more consistent operation, faster startups, and reduced downtime.

Growing demand for cost-effective solutions

As a renewable energy source, hydropower is very cost-effective over the course of a plant’s lifetime. While the initial building costs are high, they are quickly offset by lower operating and maintenance expenses. In addition, hydropower is not subject to the same market volatility as fossil fuels. Hydropower is an excellent option for reducing dependency on foreign suppliers of energy, which can help prevent political and economic issues in countries that struggle to access international energy resources. In addition, it can provide energy in a more secure manner and serve as an essential backup for other renewable energies like solar and wind.