The global hydropower market size was valued at USD 280.20 billion in 2030 and is projected to grow at a CAGR of 1.4% from 2024 to 2030. Cost advantages of hydropower based electricity generation and the substitution of fossil fuel based power production in an attempt to reduce carbon emission is expected to drive market demand. According to the estimates of the International Energy Agency (IEA), the deployment of sustainable hydropower as proposed by this organization will help avoid approximately one billion tones of annual carbon dioxide emission by 2050. Rapid rise in demand for renewable energy especially in China, India and Brazil and the construction of key hydropower projects including the installation of 32 turbines and the completion of the third phase of the Three Gorges Dam in China in 2012, will fuel the future growth of this market. Supportive regulatory framework for sustainable energy in the U.S. and European Union is also expected to have a positive impact on market demand. Implementation of favorable government regulations such as the Hydropower Regulatory Efficiency Act and Small Conduit Hydropower Development and Rural Jobs in the U.S. and growing number of funding programs pertaining to the renewable energy sector in developed countries such as Italy and Canada are some of the factors which are expected to present future growth opportunities.
Hydropower Market Report Highlights
- Based on components, the civil construction segment dominated the hydropower market and accounted
for a revenue share of 33.0% in 2023
- The small capacity hydropower segment accounted for the largest revenue share in 2023.
- The micro & pico segment is anticipated to witness the fastest CAGR during the forecast period
- The North America hydropower market is expected to experience growth during the forecast period.
- Asia Pacific dominated the hydropower market and accounted for revenue share of 37.3% in 2023
List of Key Players in the Hydropower Market
-Siemens
-Stakraft Sweden
-ANDRITZ
-China Three Gorges Corporation
-Voith GmbH & Co. KGaA
-ALFA LAVAL
-ABB
-ENGIE
-Tata Power
-Norsk Hydro ASA
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