PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490208
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490208
Global hydropower market is estimated to be valued at USD 251.58 Bn in 2024 and is expected to reach USD 356.36 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2023 | Market Size in 2024: | US$ 251.58 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 5.10% | 2031 Value Projection: | US$ 356.36 Bn |
Global hydropower market has experienced steady growth over the past few decades due to rise in consumption of renewable sources of energy worldwide. Hydropower is one of the most economical and clean sources of electricity as it uses the power of flowing water to generate emission-free electricity. According to estimates, around 16% of the global electricity was generated by hydropower in 2020. However, most of the existing hydropower potential has already been harnessed in developed nations, indicating the need to explore untapped opportunities in emerging economies. Investments in new large and small hydropower projects, especially in Asia Pacific and Latin America, are expected to drive the global hydropower market growth in the near future.
Market Dynamics:
Global hydropower market growth is driven by rising focus on sustainable energy sources to reduce carbon emissions. Favorable government policies and incentives promoting small hydropower projects in rural areas are driving the market growth. However, high initial investment costs associated with establishing new hydropower plants can hamper the market growth. Meanwhile, advancements in turbine technologies have improved efficiency and reduced environmental impacts of hydropower generation, thus, creating new opportunities for the market growth. The development of pumped storage plants that store excess energy from renewable sources can provide new opportunities for the market players.
Key Features of the Study:
Detailed Segmentation-