Market Overview
The global hydropower market is expected to grow at a CAGR of over 4.30% between the years 2024-2032. Rising adoption of renewable energy along with its varied range of applications such as flood control and irrigation is anticipated to propel the market. Also, the increasing price of fossil fuels will lead to the use of renewable energy in the future. There are various initiatives taken by several companies and governments to support the Hydropower Industry that will help boost the market. The hydropower market is currently observing a high demand due to its sustainability and versatility.
It is among the oldest energy sources usually used for turning paddle wheels to grind grains. Presently, the hydropower market is also the largest source that provides renewable energy. Hydropower uses moving power or kinetic energy to generate electricity. Major driving factors of Hydropower Market Trends are its low expenditure, high capacity, and easy use. It helps to supply around 20% of electricity supply around the world. Mainly, hydropower energy uses tidal projects and dams to convert the potential energy into electrical energy. This kind of energy is sustainable because it is cheap and helps to protect natural resources.
The increasing industrialization in several developing countries like India and China are also responsible for the hydropower market growth. Supportive steps and initiatives have been taken by the government of countries like Japan, the US, China, Germany, and India in order to lessen carbon emissions and use renewable resources. Also, countries are opting for environmentally safe and clean technologies that will also drive the market. However, the safety concerns and the increased cost for infrastructure are projected to hinder the Hydropower Market Trends. Also, the availability of other advanced technology and other products will hamper the market.
Segmentation
On the basis of capacity, the global hydropower market is divided into Mini Hydropower, large Hydropower, Pico and Micro Hydropower, and Small Hydropower. It is evaluated that the Large Hydropower segment will dominate the hydropower market share during the forecast period. The large hydropower plants are segmented into diversion plants, storage plants, impoundment plants, and pumped plants. Several projects have been initiated by the governments are encouraging the use of large hydropower. Countries like India and China are using small hydropower plants to provide electricity to rural areas. The pico and micro hydropower plants are generally installed in distant locations to provide electricity for those areas.
Regional Overview
Geographically, the Hydropower Market Size is segmented into North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa region. It is projected that the North American region will dominate the hydropower market share. Rising concerns to protect the environment and use reliable energy and availability of reserves are the main factors. The European region will also have substantial growth during the forecast period. Countries like Austria, France, and Switzerland have a huge capacity for hydropower. Also, necessary steps are taken by the government to reduce the carbon footprint will help to expand the Hydropower Market Size. The rising demand for electricity and availability of water resources will also help the market to grow in the Asia-Pacific region.
Industry News
The Hydropower market growth was massively impacted by the outbreak of COVID-19 disease. Due to uncertainty, the market observed huge financial losses. Several hydropower plant projects face disruptions due to the problems in the supply chain. However, the operations of these projects were not affected due to modern technologies. Several key players are trying to regulate the projects and fuel the market growth in the upcoming years. Inclination towards reducing the use of natural resources like coal for electricity generation will boost the hydropower industry in the future.
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