Hydropower market size will become USD 371.8 billion by 2030
The global hydropower market size is expected to become around USD 371.8 billion by the end of 2030 and growing at a CAGR of 5.16% from 2022 to 2030, as per new report study by Precedence Research.
The global hydropower market estimated at USD 248.6 billion in 2022. Among the sources of energy, the one that has likely attracted the most attention is hydropower. By effectively utilising the vast utilisable supplies of hydropower that are available globally, it is possible to produce enough clean energy to satisfy a sizable portion of the world's rapidly increasing energy demand. Several other nations are expanding their efforts to keep up with developments in the area, but it continues to be the most important source of renewable electricity in the United States. Today, hydropower is used in more than 100 nations, making up 15percent of total of the world's primary source of energy.
Using flowing water to power massive water turbines, large-scale hydropower is renewable energy production. Lakes, reservoirs, and dams are required to store and control water for later release for energy production, irrigation, and residential or commercial use to generate significant amounts of hydroelectric power for cities. Since it is simple to turn on and off large-scale hydropower facilities, hydropower has emerged as a more dependable energy source than most others for meeting peak electricity demands throughout the day.
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The COVID-19 outbreak significantly affected the global hydropower market by causing investors to pull out of upcoming projects and upsetting the global supply chain. Even though annual additions align with the driven market, lockdown measures related to COVID-19 are expected to cause some projects to be delayed during the forecast period. This market is expected to be driven during the assessment period by factors such as the increasing number of new hydropower projects with support from the government and the rising demand for reliable electricity. However, the adverse environmental effects of hydropower projects are likely to prevent sales growth during the anticipated period.
The Asia Pacific region will maintain its dominance of the hydropower market globally from 2022 to 2030, according to the forecast. China, which produces the most hydroelectric power globally, held the highest market share in 2022. Furthermore, China is a favourable location for the production of hydropower due to its rapid capability addition. China alone is responsible for more than half of the hydro capacity that will be in use in 2022, in order to supply its expanding demand. The hydropower market is also boosted by government programmes like Feed-I-Tariffs and Sustainable portfolio standards.
North America is anticipated to display incredibly interesting development prices throughout the forecast period as a result of the implementation of good rules. India has one of the largest concentrations of hydropower potential. The government, on the other hand, is making use of the anticipated potential in various unknown areas. The compact channel Hydropower growth and hinterland jobs act and the hydroelectricity administrative planning act were passed in the US and are both expected to boost the country's hydropower output. The show aims to unlock the market's untapped potential by increasing existing or brand-new hydropower capacity. Thanks to significant investments made in various areas, particularly in South America, Africa, and Asia, modern hydropower is growing. The largest hydropower plants have been operating for longer than three years and are expected to continue producing a significant portion of all the hydropower in the world.
The global hydropower industry is driven by the increasing demand for sustainable energy on a global scale. Power demand has risen as a result of rapid urbanization and industrialization, particularly in developing countries like China and India. Government initiatives to lower carbon footprints in many nations, including Germany, India, the United States, Japan, and China, have expanded the need for renewable energy resources. These initiatives seek to reduce the amount of energy produced using fossil fuels. Numerous hydropower-producing projects have been developed worldwide, particularly in the Asia-Pacific, to fulfil the increasing demand for renewable energy.
Additionally, strict emission regulations and rising demand for cleaner power production technologies are probably the main factors influencing market expansion. Additionally, hydropower will generate 60.7% of all sustainable energy power generated globally in 2023, making it the world's most significant source of renewable energy generation, according to the International Energy Agency. Hydropower and demand are anticipated to increase during the forecast period as a result of the assessment of new hydropower plants and the rising demand for renewable energy. However, the global hydropower sector faces growth constraints due to the requirement for high investment and operating costs as well as lengthy gestation periods. Additionally, it is anticipated that during the forecast period, growing hydropower installation capacity and rising demand for sustainable energy in developing countries like China and India will create new opportunities for the market.
Market restraint brought about by high initial investment costs
Hydropower's harmful environmental effects are anticipated to limit market expansion. A dam and a reservoir are features of most hydroelectric power plants, and these constructions might impede fish migration and impact their population. The temperature of the water and the flow of the river may both change when a hydroelectric power plant is in operation. Native plants and animals in the river and land will likely suffer from these changes. Flooding land to create a hydroelectric reservoir also severely impacts the environment because it destroys agricultural land, forest, and scenic lands.
Another significant factor that is anticipated to restrain market growth is the high initial cost of hydroelectric infrastructure.
Over the forecast period, significant market growth opportunities are anticipated to be served by recent innovations in hydropower, including storage, digitalization, variable speed turbines, generators with current-controlled rotors, hydropower flexibility, and novel small-scale and fish-friendly technologies.
Once more, it is anticipated that increasing demand for renewable energy sources will significantly influence the market's overall growth. Globally, the Center for Climate and Energy Solutions estimates that renewable energy sources, primarily hydropower, generated 29% of all electricity in 2023. (16.8 per cent).
A market challenge will be the availability of substitute products. In the forecast period, market challenges could come from the availability of substitute products and a lack of hydropower generation resources.
- One of the renewable energy sources that has likely received the most interest and use is hydropower.
- Due to investor withdrawal from upcoming projects and disruption of the global supply chain, the COVID-19 outbreak had a significant impact on the hydropower market globally.
- Due to the adoption of beneficial rules, North America is anticipated to display fascinating development prices over the course of the forecast period.
- The two main factors that will likely drive market expansion are the rising demand for cleaner power production technologies and stricter emission regulations.
- The high initial cost of hydroelectric infrastructure is an important factor that is anticipated to limit market growth.
- March 2021- Around USD 370 million was invested by Artistic Milliners in two river-based hydropower projects in Pakistan. The two hydropower plants owned by the company, Hydro I and Artistic Hydro II, will produce 521 GWh annually.
- February 2021- The 500 MW Lower Kaleköy Hydropower Plant in Turkey has been finished by GE Renewable Energy. For the Lower Kaleköy project, the project consists of 3 x 155 MW Francis turbines and related hardware.
- February 2021- For the brand-new Kühtai 2 pumped storage power plant in Austria, ANDRITZ announced that they had received an order from TIWAG-Tiroler Wasserkraft AG to supply two motor-generators.
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