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". offers a comprehensive analysis of the industry, which comprises insights on the global hydropower market growth. The global 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.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/hydropower-market/requestsample
Factors Affecting the Growth of the Hydropower Industry:
- Rising Need for Renewable Energy Resources:
The growing demand for renewable energy resources is contributing to the growth of the market. Along with this, rising awareness among people about the harmful effects of carbon emissions on health is supporting the market growth. Moreover, the growing demand for clean energy resources is brightening the market outlook. Apart from this, hydropower has become the preferred option as it has minimal impact on the environment. Moreover, hydropower harnesses the energy of flowing water to generate electricity without emitting any harmful gases.
- Favorable Government Initiatives:
Government agencies across countries are encouraging the adoption of hydropower by implementing strict environmental regulations. They offer numerous subsidies and tax credits to promote hydropower projects, which is helping the market grow. In line with this, these measures aim to reduce dependency on non-renewable energy sources and achieve sustainability goals. Furthermore, these policies have helped to reduce financial risks and encourage companies to invest in hydropower. Apart from this, government authorities are investing in transmission grid infrastructure to efficiently integrate hydropower into national or regional power grids and ensure a stable and balanced energy supply.
- Increasing Focus on Energy Security:
Rising concerns over energy security are fueling the market growth. Moreover, hydropower provides a steady and reliable source of electricity, which is essential to ensure consistent energy supply, especially in regions prone to power shortages. In addition to this, predictable water flow allows for reliable energy generation, reducing vulnerability to energy crises. Moreover, increasing adoption of hydropower to enhance energy security and reduce dependency on imported energy sources while ensuring a stable power grid is also 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:
Hydropower has low operational and maintenance costs compared to other energy sources, which is driving the market growth. Along with this, advancements in hydropower technology, such as improved turbine designs and increased efficiency, are making hydropower more competitive and attractive for investors.
Additionally, minimal greenhouse gas (GHG) emissions associated with hydropower generation make it an attractive option for maintaining environmental sustainability. Moreover, growing concerns about environmental impact among people across the globe are also driving 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
Comments
0 comment