Friday, 21 June 2024
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Hydropower Generation Market is expected to reach US$ 368.7 billion by 2030

Published: Monday, 26 Feb 2024 by The Insight Partners Share on :
 
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Rise in Investment Towards Clean Power Generation from Developing Economies

According to our latest market study, "Hydropower Generation Market Size and Forecast to 2030, Global Analysis — by Plant Type and End User," the hydropower generation market was valued at US$ 274.6 billion in 2022 and is expected to reach US$ 368.7 billion by 2030; it is expected to record a CAGR of 3.8% from 2022 to 2030.

Governments of various countries are focused on utilizing clean, renewable energy sources owing to ever-increasing energy needs, increasing pollution, rise in global warming, fossil fuel scarcity, and increasing greenhouse gas (GHG) emissions. They have also signed protocols associated with predefined emission reduction targets. For instance, under the Paris Agreement, each country voluntarily sets its emissions reduction targets, submits them, and commits to achieving greenhouse gas reductions in line with those targets. Several countries in Europe such as Germany, France, Spain, Italy, and others that joined the Paris Agreement have announced their plans to reduce conventional electricity and promote the expansion of renewable energy to reduce emissions. The main renewable energy sources are hydropower, geothermal energy, wind, solar, and biopower.

Hydropower Generation Market Share — by Region, 2022

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00020652

Source: The Insight Partners Analysis

Hydropower, also known as hydropower or hydroelectricity, is a form of energy that uses the power of moving water—such as water flowing over a waterfall—to generate electricity. Most hydroelectric plants have a water reservoir, a gate or valve to control the quantity of water that flows out of the reservoir, and an outlet or place where the water is collected after it drains. Water gains potential energy just before it spills over a dam or flows down a hill. The potential energy is converted into kinetic energy as the water flows downhill. The collected water can be used to spin the blades of a turbine to produce electricity that is distributed to the power plant's customers.

Hydropower is the most used renewable source of electricity. China is the largest producer of hydropower. Other leading hydropower producers include the US, Brazil, Canada, India, and Russia. According to IEA, hydropower is responsible for generating approximately 71% of all renewable electricity on Earth due to its numerous social, economic, and environmental benefits. In the IEA article, a brief overview has been prepared to analyze the development of various hydroelectric power plants and compare their use to traditional fossil fuels. The rising demand for clean power generation across the globe is likely to have a significant impact on the hydropower generation market forecast in the next few years.

A major challenge of adopting hydropower generation is that large hydroelectric power plants require huge deforestation. This can result in the destruction of critical ecosystems, the migration of large populations downstream, and other catastrophic consequences such as flash floods and landslides. However, this setback can be mitigated using small or micro-hydroelectric power plants, which leads to minimal impact on the environment. It can produce affordable energy for rural areas in the economies such as India, Brazil, China, and others, which is expected to boost the hydropower generation market growth from 2022 to 2030.  

In addition, hydropower is generating more electricity compared to other renewable technologies. According to the Net Zero Emissions scenario, by 2050, the average annual growth rate of hydropower generation will be ~4% from 2023 to 2050, which can help provide approximately 5,500 TWh of electricity per year. Over the years from 2018 to 2022, the average growth rate has been less than a third of demand, which compels government authorities to launch initiatives focused on streamlining approval processes and ensuring project sustainability. A few initiatives should promote the set up of hydroelectric power plants, making hydropower a reliable part of the clean energy systems in the coming years.

The hydropower generation market report emphasizes the key factors driving the market and showcases the developments of prominent players. The US, Canada, India, Norway, Brazil, and China are the largest producers of hydropower-generating countries in the world. Asia Pacific is considered to be at the forefront of the global hydropower landscape. As a global leader, China has 400 GW to 700 GW of usable hydropower, largely due to its favorable geographical conditions, particularly in the southwest regions. If political stability permits, Myanmar has the potential to become a major exporter of hydropower, with an estimated usable hydropower of ~100 GW.

“The hydropower generation market analysis” is carried out by identifying and evaluating key players in the market across different regions. The Asia Pacific hydropower generation market is segmented into China, Japan, India, Vietnam, Australia, and the Rest of Asia Pacific. In terms of revenue, Asia Pacific dominated the hydropower generation market share and accounted for 38.5% of the total hydropower generation market in the world in 2022; it is expected to maintain its dominance in the hydropower generation market during the forecast period. Installed hydropower capacity is expected to continue to grow to meet the region's surging electricity demand, explore electricity export opportunities, and maximize the benefits of a cost-effective and flexible low-carbon energy source. However, climate change, owing to rising temperatures, extreme precipitation patterns, melting glaciers, and the increasing occurrence of extreme weather events, leads to a major challenge in the hydropower generation market in South and Southeast Asia.

In Southeast Asia, according to the International Hydropower Association, in 2022, Indonesia is estimated to account for a technical hydropower potential of approximately 80 GW, of which ~38 GW is considered economically viable. This potential is mainly available on the islands of Sumatra, Java, and Sulawesi. Malaysia and Laos also have significant hydropower resources, with ~20 GW each. Hence, the construction of hydropower plants in the region is increasing in order to take advantage of the hydropower potential, which is expected to boost the hydropower generation market growth from 2022 to 2030.

The hydropower generation market report includes company positioning and concentration to evaluate the performance of competitors/players in the market. RusHydro, Hydro-Quebec, BC Hydro, StatKraft, NHPC, EDF SA, China Yangtze Power, A Energi, Enel SpA, Centrais Eletricas Brasileiras SA Andritz Hydro USA Inc, GE Energy, CPFL Energia S.A., Sinohydro Corporation, IHI Corporation, Alstom Hydro, China Hydroelectric Corporation, China Three Gorges Corporation, ABB Ltd, and Tata Power Corporation are among the key hydropower generation market players in the world. In addition, several other important hydropower generation market players have been studied and analyzed during the study to get a holistic view of the hydropower generation market and its ecosystem. The report also includes growth prospects owing to the current hydropower generation market trends and their foreseeable impact during the forecast period.

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Industry: Power

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