Hydropower Industry
The global hydropower market size was valued at USD 255.30 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 1.4% from 2024 to 2030. Depleting reserves of fossil fuels has prompted industry to shift to renewable sources. The growing energy demand on account of the growing global population coupled with the need to reduce reliance on conventional power generation has been prompting the industry to use renewable power sources. One of the most popular renewable power generation technologies includes hydropower which does not cause any greenhouse gas emissions and toxic waste.
Depleting fossil fuels used in power generation, such as petroleum and coal, has presented an alarming need for a growing emphasis on energy solutions derived from renewable sources. Rising urbanization, increasing automation, technological advancements, and increasing dependability of critical infrastructures on energy supply such as transport, water utility, healthcare, and others have developed a growing demand for uninterrupted power supply. These aspects are expected to drive growth for the hydropower market in the approaching years.
Gather more insights about the market drivers, restrains and growth of the Global Hydropower market
As concerns regarding the climate change and environmental footprint of multiple industries, including energy and power, the demand for energy solutions developed through renewable sources is growing rapidly. Increasing awareness regarding the lasting impacts caused by processes and operations related to other forms of power generation and scarcity of multiple resources has also contributed to the growing inclination towards renewable energy.
Governments are offering incentives, such as tax credits, grants, and feed-in tariffs, to encourage the development of new hydropower projects. For instance, in February 2024, the U.S. Department of Energy (DOE) selected 46 hydroelectric projects from 19 states in the country to receive Hydroelectric Efficiency Improvement Incentive up to USD 71.5 million. In 2023, the U.S. DOE announced similar incentive for 66 facilities throughout the country.
Moreover, technological advancements in hydropower industry, such as turbine design, materials, run-of-river systems, and construction techniques, have improved operational efficiency and reduced costs, making hydropower more competitive with other forms of energy.
Key Companies & Market Share Insights
Some key companies involved in the hydropower market include China Three Gorge Corporation, ABB Ltd., and Tata Power Corporation. With increasing focus on adoption of advanced technologies related to power generation via renewable sources, the key market participants in hydropower industry are adopting strategies such as enhanced research and development, innovation, and collaborations and partnerships with other organizations and governments to develop new projects in multiple locations.
ABB, a global leader in power and automation technologies, operating in more than 100 countries, offers integrated electrical and automation solutions in the hydropower sector, including advanced SCADA systems, medium and high-voltage switchgear, and generator circuit breakers.
Key Hydropower Companies:
The following are the leading companies in the hydropower market. These companies collectively hold the largest market share and dictate industry trends.
Siemens
Stakraft Sweden
ANDRITZ
China Three Gorges Corporation
Voith GmbH & Co. KGaA
ALFA LAVAL
ABB
ENGIE
Tata Power
Norsk Hydro ASA
Recent Developments
In August 2024, Tata Power and Druk Green Power Corporation (DGPC) partnered to establish the 600 MW Khorlochhu Hydropower facility. The DGPC would hold 60 %, and Tata Power would have 40% of the equity stake in this project. The development is expected to provide energy security to the region while fulfilling Tata Power’s commitment to offering a greener future.
Order a free sample PDF of the Hydropower Market Intelligence Study, published by Grand View Research.
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