Industry Overview of Hydropower Market
Hydropower represents the electrical energy generated by converting kinetic energy from water bodies, such as rivers, waterfalls, ocean, etc. Numerous turbine-based power stations are positioned on the riverbed, via which electricity is produced using a generator. Hydropower generally operates through dams with seasonal storage or pumped-storage reversible plants that can be used for both the generation and transmission of energy. Pumped storage, run-of-river storage, and offshore hydropower are some of the most utilized hydropower technologies. These technologies emit minimal greenhouse gas (GHG) and are environment-friendly during the generation of power.
How Big Is the Hydropower Market?
The global hydropower market size reached 1.5 TW in 2022. Looking forward, IMARC Group expects the market to reach 1.6 TW by 2028, exhibiting a growth rate (CAGR) of 1.5% during 2023-2028.
Global Industry Trends and Drivers:
The growing demand for sustainable sources of energy is primarily driving the hydropower market. Additionally, the widespread adoption of smart sensors that can provide continuous and high-rate stream data to enhance operational efficiency by monitoring the levels of energy generated by the plant is further bolstering the market growth. Besides this, the rising number of small hydropower (SHP) plants that are highly flexible and adaptable to dynamic geographical and infrastructural circumstances, especially in areas with poor grid connectivity, than traditional coal and petroleum-based power plants, is acting as another significant growth-inducing factor. Moreover, the launch of favorable policies by government bodies to promote the use of renewable sources of energy is positively influencing the global market. Apart from this, continuous technological advancements, such as the elevating integration with the Industrial Internet of Things (IIoT) systems, are also stimulating the market growth. Furthermore, extensive investments in R&D activities are anticipated to fuel the hydropower market over the forecasted period.
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What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Size:
- Large Hydropower (Greater Than 100 MW)
- Small Hydropower (Smaller Than 10 MW)
Breakup by Application:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
- ABB Ltd.
- American Hydro Corporation (Wärtsilä Oyj Abp)
- Andritz AG
- China Yangtze Power Co. Ltd. (China Three Gorges Corporation)
- Companhia Energética de Minas Gerais
- Électricité de France S.A.
- General Electric Company
- Iberdrola S.A.
- Siemens Energy AG
- Tata Power Company Limited
- Voith GmbH & Co. KGaA
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