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Hydropower Plants Market by Component (Solutions [Electromechanical and Hydraulic Equipment, Electric Infrastructure, Civil Infrastructure], Services), Capacity, Type, and Geography - Global Forecast to 2030
Report ID: MRSE - 104820 Pages: 250 Jun-2024 Formats*: PDF Category: Semiconductor and Electronics Delivery: 24 to 72 Hours Download Free Sample ReportThe Hydropower Plants Market is projected to reach $318.3 billion by 2030, at a CAGR of 3% from 2024 to 2030. The growth of this market is driven by the increasing demand for renewable energy sources, rising government support for hydropower generation projects, and growing demand for micro hydropower plants due to the low maintenance and easy replacement. However, the high initial cost of construction may restrain the market’s growth.
The increasing utilization of the kinetic energy of the flowing water for electricity generation and small hydropower projects are expected to offer significant growth opportunities for the stakeholders in the hydropower plant market. Furthermore, international conflicts over water management and uncertainty regarding climate change's impact on local hydrological conditions are expected to challenge the growth of the hydropower plant market.
Governments across various economies are putting in efforts to implement hydropower generation projects owing to the increasing demand for renewable energy generation, shift towards cleaner energy sources, and increase the share of renewable energy in the total power generation across emerging economies. According to the Department of Energy (U.S.), hydropower and pumped storage continue to play a crucial role in the fight against climate change by providing essential power, storage, and flexibility services. Hydropower provides benefits beyond electricity generation by providing flood control, irrigation support, and clean drinking water. It is affordable and also provides low-cost electricity and durability over time compared to other sources of energy. Considering all these benefits, governments across emerging economies are focusing on developing small and large hydropower generation plants by providing funding or investments for the installations. China, Brazil, the U.S., Canada, India, and Japan are the major economies in the construction of hydropower projects across the world. Government bodies are actively providing funding for installing hydropower plants, which in turn supports the growth of this market.
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Some of the recent developments in this market space are as follows:
Such developments are expected to support the growth of the hydropower plant market.
Based on Component, the Solutions Segment is Projected to Register the Highest CAGR During the Forecast Period
The growth of this segment is driven by the surge in demand for turbine and power generator solutions for efficient power generation, increasing demand for hydropower generators to ensure enhanced performance for site conditions and customer needs, implementations of predictive maintenance solutions for hydropower plants, and deployments of plant control and protection systems.
Based on Capacity, the Small Hydropower Plants Segment is Projected to Register the Highest CAGR During the Forecast Period
The growth of this segment is driven by the growing application of small hydropower plants for rural electrification, government investments in small hydropower projects, increasing implementations of small hydropower plants in developing economies, reduction in renewable energy costs, and the decrease in infrastructure costs promote the rapid production of small hydropower plants.
Based on Type, the Pumped Storage Powerplants Segment is Projected to Register the Highest CAGR During the Forecast Period
The growth of this segment is driven by the increasing availability of pumped storage technology, which is the most developed large-scale energy storage technology, a surge in demand for multi-functional power plants, and the need for a technically proven and cost-effective form of storing energy on a large scale.
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR during the forecast period. The rapid growth of this market is driven by investments by the key market players for generating electricity and supplying rural areas, the growing demand for reliable electricity, and a large number of small hydropower projects in emerging economies. The growing demand for reliable electricity, increasing investments in renewable and small hydropower projects in response to climate change, and the large number of small hydropower projects in China, Japan, and India are some of the other major factors supporting the growth of the hydropower plant market in Asia-Pacific. Furthermore, the cost of production of electricity from hydropower plants has been reduced, which emerges as a major growth factor for the hydropower plant market in this region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the strategic developments by leading market participants in the last 3–4 years. The key players operating in the global hydropower plants market are Bharat Heavy Electricals Limited (India), Flovel Energy Private Limited (India), General Electric Company (U.S.), Natel Energy, Inc. (U.S.), Siemens Energy AG (a subsidiary of Siemens AG) (Germany), SNC-Lavalin Group Inc. (Canada), Toshiba Corporation (Japan), Voith GmbH & Co. KGaA (Germany), KOLEKTOR GROUP d.o.o. (Slovenia), Canadian Hydro Components Ltd. (Canada), Hitachi Mitsubishi Hydro Corporation (a subsidiary of Hitachi, Ltd.) (Japan), ABB Ltd. (Switzerland), China Three Gorges Corporation (China), Tata Power Company Limited (India), and IHI Corporation (Japan).
Scope of the Report:
Hydropower Plants Market, by Component
Hydropower Plants Market, by Capacity
Hydropower Plants Market, by Type
Hydropower Plants Market, by Geography
Key questions answered in the report:
The global hydropower plants market is projected to reach $318.3 billion by 2030, at a CAGR of 3% during the forecast period.
Based on type, in 2024, the pumped storage powerplants segment is expected to account for the largest share of the global hydropower plants market. The large market share of this segment is mainly attributed to the growing demand for pumped storage hydropower plants to fulfill large-scale energy needs. Pumped storage hydropower plants can provide energy-balancing, stability, storage capacity, and ancillary grid services such as network frequency control and reserves. This is due to the ability of pumped storage plants, like other hydroelectric plants, to respond to potentially large electrical load changes within seconds.
Which component segment is projected to create more traction in the global hydropower plants market?
The solutions segment is projected to register the highest CAGR during the forecast period due to the surge in demand for turbine and power generator solutions for efficient power generation, increasing demand for hydropower generators to ensure enhanced performance for site conditions and customer needs, increasing implementations of predictive maintenance solutions for hydropower plants, and increasing deployments of plant control and protection systems.
The growth of this market is driven by the increasing demand for renewable energy sources, rising government support for hydropower generation projects, and the demand for micro hydropower plants due to the low maintenance and easy replacement. Furthermore, the increasing utilization of the kinetic energy of the flowing water for electricity generation and a large number of small hydropower projects are expected to offer significant growth opportunities for the stakeholders in the hydropower plant market.
The key players operating in the global hydropower plants market are Bharat Heavy Electricals Limited (India), Flovel Energy Private Limited (India), General Electric Company (U.S.), Natel Energy, Inc. (U.S.), Siemens Energy AG (a subsidiary of Siemens AG) (Germany), SNC-Lavalin Group Inc. (Canada), Toshiba Corporation(Japan), Voith GmbH & Co. KGaA (Germany), KOLEKTOR GROUP d.o.o. (Slovenia), Canadian Hydro Components Ltd. (Canada), Hitachi Mitsubishi Hydro Corporation (a subsidiary of Hitachi, Ltd.) (Japan), ABB Ltd. (Switzerland), China Three Gorges Corporation (China), Tata Power Company Limited (India), and IHI Corporation (Japan).
At present, Asia-Pacific dominates the global hydropower plants market. However, Germany, Japan, China, India, South Korea, the Netherlands, and the U.K. are expected to witness strong growth in demand for hydropower in the coming years.
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