Hydropower Market: Analysis by Size, Share, Growth, Trends & Forecast 2027

 Hydropower Market: A Sustainable Powerhouse Fueling the Future

The global hydropower market is experiencing a surge, driven by rising investments in renewable energy sources. Valued at USD 118.7 billion in 2022, the market is projected to reach new heights with a compelling Compound Annual Growth Rate (CAGR) of 3.8% by 2030. This growth is propelled by several key trends and factors.

Hydropower: A Versatile and Cost-Effective Renewable Giant

Hydropower, a clean and mature renewable energy technology, utilizes the power of moving water to generate electricity. Its significance is undeniable, accounting for a substantial share of global renewable electricity production. In the United States alone, hydropower is a critical player, responsible for 28.7% of its renewable electricity and a noteworthy 6.2% of total electricity generation.

Hydropower's adaptability is a major strength. From large-scale marvels like the Hoover Dam to smaller installations in municipal water facilities, it caters to diverse needs. This flexibility makes hydropower a perfect partner for integrating other renewable sources like solar and wind, paving the way for significant capacity increases by 2035. Furthermore, hydropower boasts exceptional cost-effectiveness, translating to lower electricity bills due to minimal operational and maintenance expenses throughout a project's lifespan. Beyond electricity generation, hydropower offers a multitude of benefits, including flood control, irrigation support, and water supply, solidifying its position as a multifaceted and essential component of the global energy mix.

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Pumped Storage Hydropower: A Game Changer in Energy Storage

The reservoir segment dominates the hydropower market, with pumped storage hydropower (PSH) poised for impressive growth. PSH acts as a giant battery, storing and releasing energy as needed through a system of interconnected reservoirs at different elevations. This innovative technology offers a dynamic energy storage solution, ensuring grid stability by effectively managing fluctuating energy demands. As a clean and renewable source, PSH actively contributes to the fight against climate change. Its numerous advantages include flexibility, affordability, job creation, and its role in flood control, irrigation, and even recreation.

The APAC Region: A Hydropower Powerhouse

The Asia Pacific (APAC) region reigns supreme in the hydropower market, boasting the highest market share and expected to witness a substantial CAGR in the coming years. Countries like China, India, and Japan are at the forefront of hydropower development, heavily investing in both conventional and pumped storage technologies.

China, a global leader in hydropower, is spearheading significant growth, with ambitious plans to expand its hydropower capacity, particularly in pumped storage, by 2030. The Baihetan hydropower station, one of the world's largest projects of its kind, exemplifies this commitment.

As APAC nations continue to invest in modernizing existing plants and constructing new ones, there's a growing emphasis on sustainability, community engagement, and environmental stewardship. Their dedication to harnessing hydropower for clean energy production not only fuels global clean energy goals but also creates jobs, strengthens local economies, and bolsters overall energy resilience. With ongoing advancements in technology and a focus on innovation, APAC is poised to lead the charge in global hydropower development for a sustainable future.

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Market Trends and News

The hydropower market is a competitive landscape with a presence of numerous global and international players. Key players are actively pursuing growth strategies such as partnerships, collaborations, new product launches, geographical expansions, and mergers and acquisitions.

Here are some recent developments highlighting the dynamism of the hydropower market:

• November 2023: GE Vernova's Hydro Power business was selected by Tacoma Power to refurbish turbines and generator units at the Cushman II hydropower plant, showcasing continued investment in upgrading existing infrastructure.
• July 2022: GE successfully commissioned the 180 MW Bajoli hydro project in India, supplying clean hydropower to Delhi's Indira Gandhi International Airport, a pioneer in utilizing entirely renewable energy sources.

These developments illustrate the ongoing advancements and increasing adoption of hydropower technologies, solidifying its role as a sustainable and reliable source of power for the future.