Hydropower Market: Growth Accelerated by Expanding Renewable Energy Generation
Hydropower Market |
Hydropower involves generating electricity from the kinetic energy of flowing or falling water. Hydropower plants vary in size from large grid-connected installations with several generators to small micro hydropower systems with as little as 100 kilowatts of capacity or as required to power a single home or small community. Hydropower offers clean and renewable energy and its reservoirs also provide water for domestic and agricultural use.
The global
hydropower market is estimated to be valued at US$ 260.21 Bn in 2024 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 key trends:
Expanding renewable energy generation is one of the key trends driving growth
in the global hydropower market. Many countries worldwide are increasing their
installation of renewable energy sources in order to meet rising energy demand
as well as reduce dependence on fossil fuels to meet environmental targets.
Hydropower, as a clean renewable source of electricity, stands to benefit from
this drive to replace conventional power sources with green alternatives.
Countries worldwide are exploring potential sites for new hydropower projects
as well as modernizing existing hydropower infrastructure to maximize renewable
energy capacity from this source. This growing prioritization of renewable
energy development, including hydropower, is expected to significantly
accelerate the market growth over the forecast period.
Segment
Analysis
The global hydropower market is segmented by plant type into mini hydropower
plant (up to 1 MW), micro hydropower plant (1-25 MW), small hydropower plant
(25-100 MW), and large hydropower plant (>100 MW). The large hydropower
plant segment dominates the global market with a share of over 70% in 2023.
Large hydropower plants offer economies of scale which helps in reducing the
cost of power generation. This makes large hydropower the most economical and
commonly used renewable source for power generation globally.
Key Takeaways
Global
Hydropower Market Demand is expected to witness high growth in the
forecast period due to rising investments in renewable sources of energy.
Get More Insights on this topic- https://www.marketwebjournal.com/hydropower-market-size-share-and-demand/
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