Hydropower Market to Reach US$ 201.4 Bn in 2021, with a CAGR of 5.9% during 2022-2030
Hydropower Market |
Market Overview:
The global Hydropower Market is estimated to be valued at US$ 201.4 Bn in 2021 and is projected to reach a market value of
US$ (incorporate given market value for 2022) Bn or Mn by 2022, with a Compound
Annual Growth Rate (CAGR) of (incorporate given CAGR) 5.9% during the forecast period. Hydropower is a renewable
energy source that utilizes the power of water to generate electricity, making
it an environmentally friendly choice. The market for hydropower is driven by
increasing global energy demand, growing concerns about climate change, and the
need for sustainable energy solutions. Hydropower offers advantages such as low
operating costs, reliability, and the ability to store energy for future use.
This has led to the adoption of hydropower in various industries, including
residential, commercial, and industrial sectors.
Market Key Trends:
One key trend in the Hydropower market is the increasing focus on the
development of small-scale hydropower projects. Small-scale hydropower refers
to projects with a capacity of less than 10 MW. These projects have gained
traction due to their ability to generate clean and renewable energy using
small water streams or rivers, making them suitable for remote areas where
large-scale projects may not be feasible. The advantages of small-scale
hydropower projects include low environmental impact, efficient use of water
resources, and the potential for local community engagement and employment
opportunities. Governments and organizations are increasingly supporting these
projects through favorable policies, financial incentives, and technical
assistance to promote sustainable and decentralized energy production. This
trend is expected to drive the growth of small-scale hydropower installations
in the coming
Segment
Analysis:
The Hydropower
Market can be segmented based on capacity, technology, and end-user. In
terms of capacity, the dominating segment is the small hydro capacity segment.
Small hydro capacity refers to hydroelectric power plants with a capacity of
less than 10 MW. This segment is dominating the market due to its advantages
such as lower investment costs, shorter construction time, and lower
environmental impact compared to larger hydro capacity plants. Small hydro
capacity plants are gaining popularity in rural and remote areas where grid
connection is not feasible, as they can be installed near the demand centers.
Key Takeaways:
The global hydropower market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period.
This growth can be attributed to increasing government initiatives to promote
renewable energy sources and reduce carbon emissions. For instance, governments
worldwide are implementing favorable policies and providing financial
incentives for the development of hydropower projects. The growing demand for
reliable and sustainable energy sources is also driving the market growth.
In terms of regional analysis, the Asia Pacific region is the fastest-growing
and dominating region in the hydropower market. This can be attributed to the
presence of countries like China, India, and Indonesia, which are investing
heavily in hydropower projects to meet their increasing energy demand. The
abundance of water resources and supportive government regulations further
contribute to the growth of the hydropower market in this region.
Key players operating in the hydropower market include 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. These
key players have a significant presence in the market and are involved in
strategies such as mergers and acquisitions, partnerships, and product
innovations to maintain their market position. For example, in August 2021, GE
Renewable Energy announced a partnership with Toshiba Energy Systems &
Solutions Corporation to develop hydropower projects in Japan.
Overall, the hydropower market is expected to witness significant growth due to
increasing government support, the demand for sustainable energy sources, and
the presence of key players driving innovation in the industry. The small hydro
capacity segment and the Asia Pacific region are likely to dominate the market
in the coming years.
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