Hydropower Generation Market estimated to reach $377.06 billion by 2030, Says Coherent Market Insights (CMI)
Hydropower is a renewable and clean source of energy that relies on the natural water cycle, making it a sustainable alternative to fossil fuels.
/EIN News/ -- Burlingame, July 20, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global hydropower generation market is estimated to be valued at US$ 237.95 billion in 2022 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030).
Analysts’ Views on Global Hydropower Generation Market
Hydropower (hydroelectric power) is a renewable source of energy that generates power by using a dam or diversion structure to alter the natural flow of a river or other body of water; which uses the natural flow of moving water to generate electricity. The plant uses turbines and generators to convert kinetic energy into electricity, which is then fed into the electrical grid to power homes, businesses, and industries. Because hydropower can generate power to the grid immediately, they provide essential backup power during major power outages or disruptions. The plant also provide benefits beyond electricity generation by providing flood control, irrigation support, clean drinking water, and more. Hydropower is one of the largest renewable source of electricity.
Request Sample copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/5796
Key Trends and Analysis of the Global Hydropower Generation Market:
Increase in use of renewable sources is one of the key trends expected to augment the growth of the global hydropower generation market. For instance, with the rising demand for energy across the globe, the use of renewable sources, such as hydropower, is also increasing with a rapid pace. According to International Renewable Energy Agency, in 2022, the global hydropower installed capacity reached 1393 gigawatts (GW), a rise of around 2.19% compared to 2021. The hydropower capacity is expected to grow with the upcoming hydro projects and technological advancements, and this trend is expected to propel the market growth.
Global Hydropower Generation Market – Drivers
Rising demand for reliable electricity to drive market growth
Since large-scale hydropower facilities can be easily turned on and off, hydropower has become more reliable than most other energy sources to meet peak electricity demands throughout the day. Hydropower is affordable and provides low-cost electricity and durability over time compared to other sources of energy. It is a reliable, versatile, and low cost source of clean electricity generation and responsible water management. Therefore, hydropower installed capacity is increasing with a rapid pace worldwide. According to the International Hydropower Association, the United States has a total hydropower installed capacity of almost 102,000 megawatts (MW).
Government support for hydropower generation to boost market growth
In February 2023, India approved its largest ever hydropower project in the mountainous north-eastern region of the country to build renewable generation to meet increasing power demand. The Government approved the estimated investment of around 319 billion rupees (US$ 3.9 billion) for the 2,880-megawatt Dibang project in Arunachal Pradesh, state-run hydropower producer NHPC (National Hydroelectric Power Corporation). India has classified hydropower as renewable energy and sees it as key in its transition away from coal to help manage the fluctuations caused by both intermittent solar and wind supplies. The project is estimated to take nine years to build.
Hydropower Generation Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 237.95 Bn | |
| Historical Data for: | 2018 to 2021 | Forecast Period: | 237.95 | |
| Forecast Period 2023 to 2030 CAGR: | 5.9% | 2030 Value Projection: | US$ 377.06 Bn | |
| Geographies covered: |
|
|||
| Segments covered: |
|
|||
| Companies covered: | General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Škoda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Hitachi Power Systems Americas Inc. | |||
| Growth Drivers: |
|
|||
| Restraints & Challenges: |
|
|||
Global Hydropower Generation Market – Restrain
High capital and operational cost to hamper market growth
One of the key factors expected to hamper the growth of the global hydropower generation market is the high capital and operational cost. The initial cost of hydropower (hydroelectric power) plant is very high due to dam structure, and other essentials. Building a hydel plant can cost INR. 7 to 9 crore per MW, compared with INR. 4.5-5 crore/MW for thermal power and INR. 3.5-4 crore/MW for solar energy. Hydropower projects can also take years to be completed, twice as long as thermal projects; and solar plants. Since hydro-electric power plants have less moving equipment, have a rigid structure, the operating and maintenance costs are reduced.
Global Hydropower Generation Market – Opportunities
Increasing demand for across the world is expected to offer significant growth opportunities for players in the global hydropower generation market.
According to the International Energy Agency, by 2026, the global renewable electricity capacity is expected to rise more than 60% from 2020 levels to over 4 800 GW and renewables are set to account for almost 95% of the increase in the global power capacity through 2026. In August 2022, the Government of India announced the development of two hydropower projects in Nepal, namely the West Seti Hydropower Project and the Seti River Hydropower Project. Investment Board Nepal and National Hydro Power Corporation signed MoU to develop these projects on the Seti River. The projects will develop a total of 1,200 MW.
Buy Now this Premium Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/5796
Global Hydropower Generation Market - Key Developments
In May 2023, Satluj Jal Vidyut Nigam (SJVN) of India granted permission by Nepal to develop a second hydropower project in the country. This project is scheduled to be completed in 2024.
In May 2023, the National Development and Reform Commission (NDRC) of China approved the construction of a new hydropower plant in the Xizang Autonomous region which will have capital backing of around USD 8.43 billion.
In May 2022, Drax Group PLC invested around US$ 616 million in the Cruachan power station. The company planned to add 600 megawatt of underground pumped storage hydropower capacity to the Cruachan power station.
Key Market Takeaways:
Global hydropower generation market is expected to exhibit a CAGR of 5.9% during the forecast period. The global hydropower generation market is growing rapidly in response to the favorable government policies and increasing adoption of renewable energy.
On the basis of Capacity, Small Hydro Power Plant Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for energy and rapid industrialization across the globe.
On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period owing to increasing demand for reliable electricity and government support for hydropower generation in the region.
Competitive Landscape:
Key players operating in the global hydropower generation market include General Electric (GE) Co., Turbine Generator Maintenance Inc., Toshiba Corporation, Arani Power Systems, Elliott Group, TURBOCAM, Dusan Skoda Power, Chola Turbo Machinary International Pvt. Ltd., Siemens AG, and Mitsubishi Hitachi Power Systems America Inc., among others.
Request Customization of this Report @ https://www.coherentmarketinsights.com/insight/request-customization/5796
Detailed Segmentation:
Global Hydropower Generation Market, By Capacity
- Small Hydro Power Plant (Above 10MW)
- Medium Hydro Power Plant (1MW - 10MW)
- Large Hydro Power Plant (Above 10MW)
Global Hydropower Generation Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
Related Market Intelligence Reports:
Biomass Solid Fuel Market, By Source (Wood Pellets, Crop Residue, Energy Crops, Municipal Solid Waste (MSW), Others (Peat, Sawdust, etc.) , By Application (Space Heating/Cooling, Cooking, Heat Processing, Electricity Generation, Others), By End Use 9Industrial, Institutional, Domestic ), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Clean Hydrogen Market, By Technology (Alkaline Electrolyzer, Pem Electrolyzer, Soe Electrolyzer), By End User (Transport, Industrial, Power Generation, Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone:
US: +1-206-701-6702
UK: +44-020-8133-4027
Japan: +81-050-5539-1737
India: +91-848-285-0837
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com
Distribution channels: Banking, Finance & Investment Industry, Business & Economy, Science
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release