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IMARC Group's report titled “Hydropower Market Report by Size (Large Hydropower (Greater Than 100 MW), Small Hydropower (Smaller Than 10 MW), and Others), Application (Industrial, Residential, Commercial), and Region 2024-2032” . The global hydropower market size reached 1.47 TW in 2023. Looking forward, IMARC Group expects the market to reach 1.65 TW by 2032, exhibiting a growth rate (CAGR) of 1.3% during 2024-2032.
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Factors Affecting the Growth of the Hydropower Industry:
Rising Need for Renewable Energy Resources:
The increasing need for renewable energy resources is contributing to the growth of the market. In line with this, the rising awareness among individuals about the harmful impacts of carbon emissions on health is supporting the market growth. Furthermore, the growing need for clean energy resources is offering a positive market outlook. Apart from this, hydropower is a favored choice due to its minimal environmental impact. In addition, it utilizes the energy from flowing water to generate electricity without emitting harmful gases.
Favorable Government Initiatives:
Governing agencies of various countries are encouraging the adoption of hydropower by implementing stringent environmental regulations. They are offering numerous subsidies and tax rebates to promote hydropower projects, which is bolstering the growth of the market. In line with this, these measures aim to reduce reliance on non-renewable energy sources and achieve sustainability targets. Furthermore, these policies assist in mitigating financial risks and encourage companies to invest in hydropower. Apart from this, governing authorities are investing in grid infrastructure to efficiently integrate hydropower into the national or regional power grid, ensuring a stable and balanced energy supply.
Increasing Focus on Energy Security:
The rising focus on energy security is propelling the growth of the market. In addition, hydropower provides a stable and reliable source of electricity, which is essential for ensuring a consistent energy supply, especially in regions susceptible to power shortages. Besides this, the predictability of water flows allows for dependable energy generation, reducing the vulnerability to energy crises. Moreover, the increasing adoption of hydropower to strengthen energy security and ensure a stable power grid while reducing dependence on imported energy sources is supporting the market growth.
Leading Companies Operating in the Global Hydropower Industry:
ABB Ltd. American Hydro Corporation (Wärtsilä Oyj Abp) Andritz AG China Yangtze Power Co. Ltd. (China Three Gorges Corporation) Companhia Energética de Minas Gerais Électricité de France S.A. General Electric Company Iberdrola S.A. RusHydro Siemens Energy AG Tata Power Company Limited Voith GmbH & Co. KGaA.
Hydropower Market Report Segmentation:
By Size:
Large Hydropower (Greater Than 100 MW) Small Hydropower (Smaller Than 10 MW) Others
Large hydropower (greater than 100 MW) represents the largest segment as it provides a stable and reliable source of electricity.
By Application:
Industrial Residential Commercial
Industrial holds the biggest market share due to the rising need for energy for manufacturing, production, and processing.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Asia Pacific enjoys the leading position in the hydropower market on account of the presence of rivers and water bodies.
Global Hydropower Market Trends:
The increasing focus on hydropower, as it has low operating and maintenance costs as compared to other energy sources, is impelling the growth of the market. In line with this, advancements in hydropower technology, such as improved turbine designs and enhanced efficiency, are making hydropower more competitive and appealing to investors.
Besides this, the minimal greenhouse gas (GHG) emissions associated with hydropower make it an attractive option in maintaining environmental sustainability. Moreover, rising concerns about the environmental impact among individuals worldwide is propelling the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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