Global Hydropower Generation Market Outlook
According to a new report by Expert Market Research titled “Global Hydropower Generation Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the global hydropower generation market is projected to grow at a CAGR of 6% between 2024 and 2032. Aided by the rising demand for renewable energy sources and technological advancements in hydropower systems, the market is expected to grow significantly by 2032.
Hydropower, derived from the energy of flowing or falling water, stands as one of the oldest and most widely used renewable energy sources. It plays a crucial role in the global energy mix, contributing significantly to electricity generation worldwide. Hydropower generation involves converting the kinetic energy of water into electricity, typically using turbines and generators in hydroelectric power plants.
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The increasing focus on sustainable and clean energy sources is a primary driver of the hydropower generation market growth. With the escalating concerns about climate change and the environmental impacts of fossil fuels, governments and organisations worldwide are shifting towards renewable energy sources, including hydropower. This transition is further supported by various policy initiatives and incentives to promote renewable energy.
Technological advancements in hydropower systems are also fuelling market growth. Innovations such as improved turbine efficiency, pumped-storage hydroelectricity, and small-scale hydroelectric power plants are expanding the applicability and efficiency of hydropower. These advancements enable more efficient energy generation and storage, making hydropower a more attractive option for electricity generation.
The hydropower generation market outlook is further being influenced by the shift towards the integration of hydropower with other renewable energy sources, such as wind and solar power. This hybrid approach allows for more consistent and reliable energy generation, addressing the intermittency issues associated with other renewable sources. The integration of hydropower with renewable energy systems is anticipated to be a key trend shaping the future of the hydropower generation market.
Another factor contributing to the hydropower generation market demand is the increasing investment in infrastructure development for hydropower generation, especially in emerging economies. Countries with vast hydrological resources are investing heavily in building new hydropower plants and upgrading existing ones to meet their growing energy demands and reduce dependence on fossil fuels.
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The environmental impact of large-scale hydropower projects, however, remains a concern. Issues such as habitat destruction, displacement of communities, and alteration of watercourses pose significant environmental and social challenges. This has led to a growing focus on the development of small-scale and run-of-river hydropower projects, which have a lower environmental footprint and are gaining popularity as sustainable alternatives to large dams.
Global Hydropower Generation Market Segmentation
The market can be divided based on capacity and region.
Market Breakup by Capacity
- Small Hydro Power Plant (Up to 1MW)
- Medium Hydro Power Plant (1MW – 10MW)
- Large Hydro Power Plant (Above 10MW)
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global hydropower generation market. Some of the major players explored in the report by Expert Market Research are as follows:
- Andritz Hydro USA Inc.
- GE Energy
- CPFL Energia S.A
- Sinohydro Corporation
- Tata Power Corporation
- Alstom Hydro
- Others
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