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Tokyo, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global was valued at USD 236.4 billion in 2021. Hydropower is a viable source of energy which is cost effective as well as efficient. The utilization of hydropower can be done for a variety of purposes such as recreation and agriculture. The active participation of the government encouraged many consumers all over the world for utilizing hydropower as a source of energy.
The huge investments made by the government as well as many key market players for increasing the production of hydropower energy has emerged as a major growth factor for the market. The technical advancements which have taken place all over the world for the generation of hydropower has increased its rate rapidly.
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The region of Asia Pacific has emerged as the largest market as a result of the huge amount of electricity that is generated from hydropower. The market is mainly benefiting from the generation of energy in the region of China, India and Japan. The cost of production of electricity from hydropower has been reduced which emerges as a major growth factor for the market in this region. The huge investments which are made in the field of hydropower by the key market players has help the market to record a considerable revenue over the period of time.
The geographical region of Europe has emerged as the second largest market as a result of the huge amount of hydropower energy that is generated. Increasing concern regarding the greenhouse gases has boosted the demand for renewable sources of energy.
Report H ighlights
- On the basis of type , the segment of micro hydropower has emerged as the largest segment owing to the huge number of manufacturing plants that are set up all over the world.
- On the basis of capacity , the segment of up to one MW has emerged as the largest segment due to their extensive usage all around the world.
- On the basis of component , the segment of civil construction has emerged as the largest segment as a result of the extensive demand. Civil constructions include the building of dams which emerges as a major factor for the growth of this segment.
- On the basis of geography , the region of Asia Pacific has emerged as the largest market due to the extensive demand of hydropower as renewable source of energy.
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Scope of the Report
| Report Attributes || Details |
| Market Size in 2021 || USD 236.4 Billion |
| Revenue Forecast by 2030 || USD 371.8 Billion |
| Asia Pacific Market Share || 42% in 2021 |
| North America Market Share || 30% in 2021 |
| CAGR || 5.16% from 2022 to 2030 |
| Base Year || 2021 |
| Forecast Year || 2022 to 2030 |
| Key Players || Siemens Energy, General Electric (GE), Voith GmbH & Co. KGaA, TOSHIBA CORPORATION, FLOVEL Energy Private Limited, ANDRITZ, Natel Energy, Gilkes, Bharat Heavy Electricals Limited, SNC-Lavalin Group, Kolektor, Mavel, a.s., Canyon Hydro |
The rapidly increasing demand for electricity all over the world has emerged as a major driving force for the growth of the hydropower market. The requirement for electricity in the under developed as well as the developed nations has boosted the market considerably. The demand for electricity is expected to increase further in the future as well. The renewable sources of energy are put into use for generation of electricity on a large scale. Hydropower being a very efficient source of energy has emerged as a widely used natural resource for the generation of electricity. The developed nations have emerged as a major consumer of hydropower energy as a result of the huge demand of electricity which is experienced. The heavy usage of electric vehicles in the developed countries has emerged it's a major driving force for the growth of the hydropower market. The demand for electricity generated from hydropower is expected to rise further with the increasing demand for electric vehicles among the potential consumers all over the world.
The investment that is required for generation of hydropower is tremendous and hence emerges as a major obstacle for the growth of the market. The high capital investment which is expected for the generation of electricity from hydropower makes it difficult for the developing countries to opt for such facilities. The production of electricity from hydropower is expensive and hence the growth of the market is hindered. The availability of skilled professionals for the functioning of the hydropower plants emerges as a major challenge for the market due to the shortage. The labor cost for hydropower plants is very high which proves to be an obstacle for the growth of the market. The approval of the government is mandatory for setting up a hydropower plant which emerges as another obstacle for the market.
The governments are taking active participation in setting up a number of hydropower projects all over the world with a view to increase the production of energy from renewable sources of energy to fulfill the increasing demand of people all over the world. Various partnerships and collaborations are taking place all over the world for setting up hydropower projects that will help in production of electricity on a large scale. New opportunities have been offered to the key market players by the government for the production of electricity from hydropower. Huge number of investments made by the key market players for the generation of electricity from hydropower has proved to be a major opportunity for the growth of the market.
The resources that are required for the generation of electricity from hydropower is insufficient and hence emerges as a major obstacle for the growth of the market during the forecast period. The major challenges faced by the developing and underdeveloped countries who already have a shortage of economy as well as resources. These countries have to borrow help in order to develop themselves in terms of hydropower energy from other neighboring countries. The high cost associated with the production of hydropower energy emerges as a major challenge for the growth of the market during the forecast period. The maintenance cost of the machines which are involved in the production of electricity from hydropower emerges as another major challenge for the growth of the market.
- Research Report 2022 to 2030
- Research Report 2022 to 2030
- Research Report 2022 to 2030
Recent D evelopments
- An electricity provider from Columbia, Isagen SA, was awarded with a contract to buy a couple of 19.9 MW hydropower plants in February 2021 in Antioquia. The generation of renewable energy has been boosted by this industry with the help of this project that has costed it around USD 194.8 million.
- Mini Hydropower
- Micro Hydropower
- Above 100 MW
- Under 10 MW
- Civil Construction
- Electromechanical Equipment
- Power Infrastructure
- North America
- Latin America
- Middle East & Africa (MEA)
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