Hydropower Market Analysis to Grow with a CAGR of ~6% during 2022-2030

Research Nester published a report titled “Hydropower Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global hydropower market in terms of market segmentation by capacity, components, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global hydropower market is estimated to grow at a ~6% CAGR over the forecast period, i.e., 2022–2030. The market is segmented on the basis of capacity into large hydropower, small hydropower, and others, out of which, the small hydropower segment is estimated to hold the largest market share during the forecast period owing to the increasing installation of hydropower plants in rural areas, where the energy demand and resources are less, favoring small hydropower plants.

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The global hydropower market is estimated to grow on account of increasing adoption of renewable sources of energy, backed by rising environment awareness amongst people as well as government along with the tremendous untapped potential of hydroelectricity. According to the report by the IEA, hydropower supplied 17% of global electricity, which is thirdlargest after coal and natural gas. Over the last 20 years, hydropower’s total capacity increased 70% globally. Moreover, increasing government investment for the establishment of hydropower plants, is anticipated to boost the market growth.

Regionally, the global hydropower market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to hold the largest share over the forecast period owing to the presence of favorable climatic conditions, such as large water bodies, perennial rivers, and rural settings for building hydropower plants. Moreover, increasing demand for electricity for the development of rural areas along with growing economic development and environmental awareness amongst the informed population are also expected to boost the market growth. According to the International Hydropower Association, China generated around 1,302.00 TWh hydroelectricity in 2019.

Huge Untapped Potential of Hydropower Plants likely to boost the Market Growth

According to other statistics by the IEA global hydropower capacity is estimated to increase by 17%, or 230 GW, between 2021 to 2030. 

Hydropower has a massive potential to replace fossil fuels to primarily generate the electricity for global consumption. In fact, hydropower generates more energy than wind, solar PV, and geothermal combined. Increasing investment by major market players to utilize this potential is estimated to significantly boost the market growth.

However, the very high investment required to set up hydropower plants is expected to operate as key restraint to the growth of global hydropower market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global hydropower market which includes company profiling of GE group, Siemens AG, Bharat Heavy Electricals Limited, Voith GmbH & Co. KGaA, ANDRITZ AG, ALSTOM Holdings, The Vattenfall Group, Gilbert Gilkes & Gordon Ltd., HYDROCHINA International Engineering Co., Ltd., and JSC RusHydro. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydropower market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Get download sample for more info @ https://www.researchnester.com/sample-request-3284     

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