Hydropower Market Report 2024: Size, Share, Trends, Forecast, Analysis to 2033

"The Business Research Company recently released a comprehensive report on the Global Hydropower Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The hydropower market size has grown strongly in recent years. It will grow from $230.39 billion in 2023 to $245.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to industrial revolution, government policies, environmental concerns, energy security.

The hydropower market size is expected to see strong growth in the next few years. It will grow to $303.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to energy transition, renewable energy policies, climate change adaptation, water resource management. Major trends in the forecast period include modernization of existing infrastructure, hybrid hydropower systems, small-scale and micro hydropower, digitalization and smart grid integration.

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Market Drivers and Trends:

The rising demand for electricity is expected to propel the growth of the hydropower market going forward. Electricity is a form of energy resulting from the movement of charged particles, typically electrons. The increasing digitization of several sectors, including communication, information technology, and smart technologies, leads to a higher need for electricity to power servers, data centers, and communication networks. Hydropower is a renewable energy source, relies on the continuous flow of water, which is replenished by natural processes such as rainfall and snowmelt. This makes hydropower a sustainable and environmentally friendly option for electricity generation. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the rising demand for electricity is driving the growth of the hydropower market.

Major companies operating in the hydropower market are concentrating on the development of innovative products, such as VETT-in-a-Box, to address the need for cost-effective, easily deployable, and environmentally friendly microhydropower solutions. This product is a microhydropower system designed for easy installation and can generate electricity from small rivers, wastewater outflows, lock gates, or canals with a two-meter head drop. For instance, in February 2022, VerdErg Renewable Energy Limited, a UK-based renewable energy company, launched VETT-in-a-Box, a new micro-hydropower system to produce clean, decentralized energy with high load factors, further contributing to its innovative and impactful nature. It is a complete mini-hydropower system in a transportable arrangement, offering quick installation and ease of use. VETT-in-a-Box can be installed directly into the water course or adjacent to it for flow rates of 500-2,000 liters per second (l/s). Additionally, this system is fish-safe, with proven zero fish mortality, and produces clean, decentralized, predictable energy with high load factors from water at no environmental cost.

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Major Key Players of the Market:

Électricité de France S.A., Siemens AG, General Electric Company, Iberdrola S.A., ABB Ltd., Georgia Power Company, Duke Energy Corporation, Vattenfall AB, ALSTOM Holdings, Statkraft AS, Hydro-Québec, Verbund AG, China Yangtze Power Co. Ltd., Andritz AG, China Three Gorges Corporation, Tata Power Company Limited, Ontario Power Generation Inc., Alfa Laval AB, BC Hydro and Power Authority, Brookfield Renewable Partners L.P., Voith GmbH & Co. KGaA, Bharat Heavy Electricals Limited (BHEL), Agder Energi AS, Gilbert Gilkes & Gordon Limited, HydroChina International Engineering Co. Ltd.

Hydropower Market 2024 Key Insights:

• The Hydropower Market is expected to grow to $303.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Demand For Electricity Fuels Growth Of The Hydropower Market
• Innovative Product Development Driving Accessibility And Adoption In The Hydropower Industry
• Asia-Pacific was the largest region in the hydropower market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydropower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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