The global Hydropower market size was estimated at USD 237.7 billion in 2022 and is projected to reach USD 296.5 billion in 2030 at a CAGR of 2.8% during the forecast period 2023-2030.
This renewable energy source is in high demand all over the world due to the increasing awareness of rapid climate change and global warming. As a result, the hydropower market has recorded significant revenue growth over time, thanks to the large number of potential consumers who are opting for renewable sources of energy instead of conventional fossil fuels. The use of renewable energy sources like hydropower helps to reduce the carbon footprint and mitigate the effects of climate change. The increasing demand for renewable energy sources is expected to drive the growth of the hydropower market further in the future.
Rapid industrialization and urbanization in developing countries like China and India have led to a surge in demand for electricity. This has further increased the demand for renewable energy sources like hydropower to meet the growing power demand. Governments of various countries, including the US, Germany, India, Japan, and China, have launched initiatives to reduce their carbon footprint. This has led to a surge in demand for renewable energy sources for power generation, including hydropower. As a result of the increasing demand for renewable energy sources, various hydropower generation projects have been established across the globe, especially in the Asia-Pacific region. This is to meet the growing renewable power demand and reduce the dependency on fossil fuels for power generation.
The outbreak of COVID-19 has had a significant impact on the global hydropower market. This is because the pandemic has caused disruptions in the international supply chain, which has affected the production and distribution of hydropower equipment and components. The pandemic has led to a reduction in investment for upcoming hydropower projects. This is because many investors are hesitant to invest in new projects due to the uncertainty caused by the pandemic and the economic downturn it has caused. Although the hydropower market is driven by annual additions, some projects are expected to be delayed during the forecast period due to COVID-19 related lockdown measures. This is because lockdowns have led to a slowdown in construction activities and have made it difficult for workers to travel to project sites.
Hydropower projects are being increasingly used to address the problem of shortage of electricity and energy in various sectors of the world. The concern regarding global warming and greenhouse gases has led to the participation of governments of several countries in the production of energy through hydropower projects. Hydropower is a renewable source of energy that does not produce harmful emissions, making it an attractive option for governments and consumers alike. The production of energy through hydropower projects can help to reduce the dependence on non-renewable sources of energy, which are finite and contribute to environmental degradation. The government is actively involved in saving energy and promoting the use of renewable sources of energy to address the issue of power shortage and meet the increasing demands of people worldwide. To achieve this goal, the government is investing in hydropower projects, which utilize the kinetic energy of flowing water to generate electricity. The hydropower industry has witnessed the emergence of key market players who are introducing new technologies into the sector through rapid research and development programs. These new technologies are aimed at increasing the productivity of hydropower projects, making them more efficient and cost-effective. The increasing demand for renewable sources of energy has led to a surge in the number of potential consumers worldwide who are opting for hydropower as a clean and sustainable energy source.
North America to Dominate the Market
