Hydropower Generation utilizes the power of water to generate electricity through turbines which are turned by falling or flowing water. Hydroelectric power is a renewable and sustainable source of energy that provides clean electricity without air pollution. Hydropower systems have no fuel costs and little environmental impact if properly planned.

The global Hydropower Generation Market is estimated to be valued at US$ 251.99 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing Emphasis on Renewable Energy Sources: Governments around the world are placing a strong emphasis on developing renewable and clean sources of energy in order to reduce dependence on fossil fuels and mitigate climate change. Hydropower, being renewable and emission-free, is at the forefront of this transition towards greater use of renewable energy. Many countries have developed ambitious targets and policies to increase the share of hydropower in their energy mix. This growing policy support for hydropower is one of the key drivers accelerating its rapid market growth over the forecast period. Incentives for hydropower projects and integration of hydropower into national renewable energy plans will continue to boost the demand for hydropower generation systems in the coming years.
 

Segment Analysis
The global hydropower generation market is dominated by the large hydropower plants segment. Large hydropower plants refer to hydroelectric power plants with a capacity of more than 30 megawatts (MW). These large plants occupy about three-fourths of the total installed hydropower capacity worldwide as they are typically developed on large rivers with high flows and substantial hydraulic head for power generation. The large size allows economies of scale, making these plants a cost-effective source of renewable power generation.

Key Takeaways

The Global Hydropower Generation Market Share is expected to witness high growth over the forecast period of 2023-2030. Rapid urbanization and industrialization are driving the demand for clean and reliable energy sources globally.

Regional analysis: Asia Pacific region holds the major share in the global hydropower generation market currently and is expected to remain the dominant as well as fastest growing regional market during the forecast period. China, India, Japan, Indonesia, and Malaysia are among the key countries contributing to the largest hydropower capacity addition in the region. Developing economies in the region are also supporting the growth by extensively investing in hydropower projects to meet the rising energy demand.

Key players: Key players operating in the hydropower generation market are General Electric (GE) Co., Toshiba Corporation, Siemens AG, Arani power systems, Elliott Group, TURBOCAM, Doosan Å koda Power, Chola Turbo Machinery International Pvt. Ltd., and Mitsubishi Hitachi Power Systems Americas Inc. General Electric (GE) Co. is one of the top manufacturers and suppliers of hydroelectric power plants globally. The company offers complete hydro systems and solutions including turbines, generators, controls, and automated services for various industrial applications.

For more details on the report,  Read- https://www.marketwebjournal.com/increasing-demand-for-renewable-energy-sources