Hydropower Plants Market to be Worth $318.3 Billion by 2030

Posted on 10 February, 2024 by shital thakare

The Hydropower Plants Market is projected to reach $318.3 billion by 2030, at a CAGR of 3% from 2023 to 2030. The growth of this market is driven by the increasing demand for renewable energy sources, rising government support for hydropower generation projects, and growing demand for micro hydropower plants due to the low maintenance and easy replacement. However, the high initial cost of construction may restrain the market’s growth.

A hydropower plant comprises a set of facilities and electromechanical equipment used to transform water's potential energy into electrical energy. Hydropower plants are gaining popularity due to their notable benefits such as stability and reliability of electricity systems, clean and cheap energy, and an eco-friendly source of energy. Furthermore, hydropower plants provide flood control, irrigation support, and clean drinking water.

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These plants are a resource for power generation, stabilize the power grid by preventing intermittency, reduce the risk of flooding, enhance tourist areas and water sports, and protect biodiversity. They have near-zero emissions of greenhouse gasses while providing a reliable electricity supply at a competitive price.

The growth of this market is driven by the increasing demand for renewable energy sources, rising government support for hydropower generation projects, and growing demand for micro hydropower plants due to the low maintenance and easy replacement. However, the high initial cost of construction may restrain the market’s growth. The increasing utilization of kinetic energy of the flowing water for electricity generation and the rising presence of small hydropower projects are expected to offer significant growth opportunities for the stakeholders in the hydropower market. Furthermore, the international conflicts over water management and uncertainty regarding climate change impact on local hydrological conditions are expected to pose challenges to the growth of the hydropower market.

The global hydropower plants market is segmented by component (solutions [electromechanical and hydraulic equipment {turbines {reaction turbines, impulse turbines}, generators, control and protection systems, inlet valves and regulators, transformers, testing systems, suction nozzles, condensers and switchgears, hydraulic cylinders, hydraulic, actuators, valves, and pumps, hydraulic and electromechanical drives, and other electromechanical equipment (circuit breakers, electrohydraulic governors, propeller pitch systems), electric infrastructure, civil infrastructure (reservoirs, artificial dams, pressure tunnels, surge tanks, valve houses, penstocks, powerhouses, and other civil infrastructures {draft tubes and bays})], services[plant assessment, design, and development services, extensions, upgrades, and retrofits services, and operation and maintenance services]), capacity (small hydropower plants [up to 1MW], medium hydropower plants [1MW-10MW], large hydropower plants [above 10MW]), type (impoundment powerplants, diversion powerplants [run-of-river], and pumped storage powerplants). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on component, the global hydropower plants market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global hydropower plants market. The large market share of this segment is attributed to the surge in demand for turbine and power generator solutions for efficient power generation, increasing demand for hydropower generators to ensure enhanced performance for site conditions and customer needs, increasing implementations of predictive maintenance solutions for hydropower plants, and increasing deployments of plant control and protection systems. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on type, the global hydropower plants market is segmented into impoundment powerplants, diversion powerplants (run-of-river), and pumped storage powerplants. In 2023, the impoundment powerplants segment is expected to account for the largest share of the global hydropower plants market. The large market share of this segment is attributed to the growing demand for large hydropower systems and the need to meet changing electricity needs or other needs, such as flood control, recreation, fish passage, and other environmental and water quality needs. The impoundment plants create areas for recreational activities with a reservoir in place, and people can use these for swimming, boating, water sports, and fishing, improving the demand for impoundment plants.

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Based on geography, the global hydropower plants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global hydropower plants market. The large share of this market is attributed to the increasing investments made by the key market players for generating electricity and supplying the rural areas, the growing demand for reliable electricity, and a number of small hydropower projects in emerging economies.  Furthermore, strong growth in the leading hydropower nations such as China, Japan, India and Australia and low cost of producing renewable energy sources and the quick decline in the overall cost of infrastructure are further supporting the growth of this market. The cost of electricity production from hydropower plants has been reduced, which emerges as a major growth factor for the market in this region. Additionally, this region is projected to register the highest CAGR during the forecast period.

The key players operating in the global hydropower plants market are Bharat Heavy Electricals Limited (India), Flovel Energy Private Limited (India), General Electric Company (U.S.), Natel Energy, Inc. (U.S.), Siemens Energy AG (a subsidiary of Siemens AG) (Germany), SNC-Lavalin Group Inc. (Canada), Toshiba Corporation(Japan), Voith GmbH & Co. KGaA (Germany), KOLEKTOR GROUP d.o.o. (Slovenia), Canadian Hydro Components Ltd. (Canada), Hitachi Mitsubishi Hydro Corporation (a subsidiary of Hitachi, Ltd.) (Japan), ABB Ltd. (Switzerland), China Three Gorges Corporation (China), Tata Power Company Limited (India), and IHI Corporation (Japan).

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