The hydropower market is estimated to be valued at US$211.1 Bn in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Hydropower generation utilizes kinetic energy of flowing or falling water to produce electricity. Hydropower plants capture energy from falling water or dammed water and convert it into clean, sustainable electricity for homes and businesses. Hydropower is considered as one of most cost-effective renewable sources of energy and suitable for baseload power plants. Market Dynamics: Increasing demand for renewable energy sources around the globe is a major factor driving the growth of hydropower market. Renewable energy sources are gaining traction as substitute to fossil fuels owing to environmental concerns related to carbon emissions. Technological advancements in turbine designs and construction materials are helping improve hydropower plant efficiency. Additionally, increasing investment towards upgrading aging hydropower infrastructure will also support the Hydropower Market growth over the forecast period. However, high initial investment and long lead time associated with hydropower projects remains a challenge for widespread adoption. SWOT Analysis Strength: Hydropower plants are a renewable source of energy that do not produce greenhouse gas emissions. Hydropower is also a reliable source of baseload power generation. Large hydropower plants can provide large amounts of electricity generation capacity. Weakness: Hydropower plants require large initial investments and have long construction periods. They also have significant impacts on local wildlife and can disrupt river ecosystems. Dams and reservoirs associated with hydropower generation displace communities living in areas being flooded. Opportunity: Increasing focus on renewable energy sources globally presents an opportunity for growth of the hydropower market. Funding support for clean energy projects in developing regions also provides business prospects. Advancing technologies enabling pumped-storage facilities and small hydropower projects expand addressable opportunities. Threats: Climate change leading to unpredictable rainfall patterns poses risks to hydropower by affecting water availability. Growing environmental regulations around construction of new dams and reservoirs pose challenges. Emergence of cheaper alternatives like solar and wind power increase competition in the renewable energy sector. Key Takeaways The global hydropower market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing focus on clean energy sources. Asia Pacific dominates the global market currently, owing to high investments in hydropower projects by China, India, and Japan. The region is estimated to retain its dominance, growing at a CAGR of over 6% through 2030. Europe is another major regional market for hydropower driven by initiatives to meet renewable energy targets set by countries like Norway, Sweden, and Switzerland. Latin America is also emerging as a high potential market supported by hydropower projects in Brazil, Colombia, and Peru. Key players operating in the hydropower market are 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. Leading companies are focusing on new product introductions, contracts & projects, and partnerships & acquisitions for business expansion. Read More : https://www.marketwebjournal.com/hydropower-market-growth-analysis-trends-demand/
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