Hydropower Market Will Generate New Growth Opportunities By 2030

Market Research Future Insights

According to MRFR analysis, the global Hydropower market is expected to register a CAGR of ~35.40% from 2022 to 2030 and hold a value of over USD 245.14 Billion by 2022 to USD 301.49 billion by 2030.

Hydropower is a renewable source of energy that uses the force of moving water to generate electricity. It is one of the oldest and most widely used forms of renewable energy and has been used for centuries to power mills and other machinery. The global hydropower market was valued at USD 119.6 billion in 2020 and is expected to reach USD 165.5 billion by 2028, growing at a CAGR of 4.1% during the forecast period (2021-2028).

The COVID-19 pandemic had a mixed impact on the hydropower market. On one hand, the global economic slowdown caused a decrease in demand for electricity, which led to a reduction in hydropower production in some regions. On the other hand, the pandemic also led to an increased focus on renewable energy sources, including hydropower, as governments sought to accelerate their transition to low-carbon energy systems.

Keyplayers

Some of the top key market players are Voith GmbH, (Germany), Andrittz Hydro GmbH (Austria), Companies

General Electric (U.S.), Corporate China Three Gorges (China), Alfa Laval,  (Sweden), Metropolitan

Corporation (Sweden), Hydro-Canada (Canada), ABB Limited (Switzerland),  Engie (France), Corporation

Tata Power (India)

Regional Analysis

In terms of regional analysis, Asia-Pacific is the largest market for hydropower, accounting for more than 40% of the global installed capacity. China is the world's largest producer of hydropower, followed by Brazil, Canada, the United States, and Russia. Europe is also a significant market for hydropower, with Norway, Sweden, and Switzerland among the leading hydropower-producing countries. The African and Middle Eastern regions are also expected to experience significant growth in the hydropower market in the coming years, driven by government initiatives to increase access to electricity and reduce reliance on fossil fuels.

Market Segmentation

The Global Hydroelectric power market Size has been segmented into type and kind.

Based on Type: The Hydropower market is divided into four categories based on capacity: Mini Hydropower, Micro and Pico Hydropower, Small Hydropower, and Big Hydropower.

Based on kind:  Water pipes or channels for transportation, turbines, pumps, alternators, regulators, and wiring for electricity distribution are all essential components of micro hydropower systems.

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