Hydropower or hydroelectricity is the term referring to electricity generated from hydropower dams or run-of-the-river power stations. It is one of the most widely used forms of renewable energy and a low-carbon source of electricity. Hydropower plants utilize the power of flowing water to generate electricity through the rotation of turbines that are connected to generators. Major applications of hydropower include electricity generation, irrigation systems, and water supply networks. The global hydropower market offers significant opportunities for equipment manufacturers to supply turbines, pumps, valves, automation systems, and power generation and transmission components.

The global hydropower market is estimated to be valued at US$ 260.21 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the hydropower market is the growing demand for renewable energy sources across the globe. Solar and wind power are intermittent in nature while hydropower can generate electricity continuously without dependence on weather conditions and thus considered a reliable renewable energy source. According to the International Renewable Energy Agency, hydropower accounts for over 16% of the global electricity generation. Additionally, increasing investments by governments and private players in the development of new hydropower projects are also fueling the market growth. For instance, in 2021 the government of India announced plans to develop 60GW of hydropower capacity by 2030. Growing focus on minimizing carbon emissions from the electricity sector through adoption of green sources of energy works in favor of the hydropower market.

SWOT Analysis
Strength: The hydropower market has significant renewable energy potential due to the abundance of hydro resources globally. Hydropower generation causes zero direct emissions, making it an eco-friendly source of electricity. Hydropower projects also offer flexibility in power generation to balance the intermittency of other renewables like solar and wind energy.

Weakness: Hydropower projects require massive initial investments and have long construction periods. The environmental and social impacts of large hydropower dams such as displacement of local communities and disruption of aquatic ecosystems and river flows are difficult to mitigate fully.

Opportunity: Several countries are exploring pumped storage hydropower to enable flexible energy storage and firm the output of variable renewable projects. The declining costs of solar and wind power are making pumped storage hydropower economically attractive for grid balancing. The growing adoption of EVs also creates new opportunities for hydropower producers to capture demand from vehicle charging infrastructure.

Threats: Low hydro reservoir levels due to climate change-induced droughts and extreme weather events threaten the consistent output of hydropower plants. Slower than expected addition of large hydropower projects could deter investments in required transmission networks.

Key Takeaways
Global Hydropower Market Demand is expected to witness high growth over the forecast period from 2024 to 2030.

Regional analysis comprises Asia Pacific region currently dominates the global market and is expected to maintain its leading position. Countries such as China, India, and Japan are aggressively investing in large and small hydropower projects to meet their renewable energy targets.

Key players operating in the hydropower market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S. Majority of global hydropower capacity is concentrated in Asia Pacific and Latin America & Caribbean regions. Europe, North America, and Africa are also actively developing their untapped hydropower potential through refurbishment of old plants and new projects.

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