Visiongain has published a new report entitled Hydropower Market Report 2024-2034: Forecasts by Type (Impoundment Hydropower Plant, Storage Hydropower Plant, Run-of-River Hydropower Plant), by Capacity (Micro & Pico (Below 100 KW), Small (100KW-30 MW), Large (30 MW-100 MW), Gigantic (Above 100 MW)), by End-user (Industrial, Commercial, Residential, Government and Institutes, Other), by CAPEX (Civil Construction, Electromechanical Equipment, Electric Power Infrastructure, Grid Connection Infrastructure, Maintenance and Repairs, Miscellaneous Expenses) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global hydropower market was valued at US$254.8 billion in 2023 and is projected to grow at a CAGR of 4.7% during the forecast period 2024-2034.
Water Management and Multi-Purpose Reservoirs: Enhancing Socio-Economic Sustainability through Integrated Hydropower Projects
In the intricate realm of hydropower development, the strategic integration of water management and the creation of multi-purpose reservoirs emerge as pivotal components, fostering a synergy that extends far beyond electricity generation. Hydropower initiatives, by their very nature, often necessitate the establishment of reservoirs, not solely for energy production but as integral components addressing multifaceted challenges such as water management, flood control, and irrigation.
These reservoirs, designed with a multi-purpose ethos, function as invaluable assets, particularly in regions grappling with water scarcity challenges. A compelling illustration of this holistic approach is exemplified by the Aswan High Dam in Egypt. This monumental hydropower project not only stands as a powerhouse for electricity generation but concurrently serves as a masterful regulator of the Nile River's flow. Beyond its energy-centric role, the dam plays a crucial part in supplying water for irrigation purposes, thus supporting agricultural activities, and acts as a formidable bulwark against the specter of flooding.
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How has COVID-19 had a significant negative impact on the Hydropower Market?
The COVID-19 pandemic has had significant impacts on the hydropower market, influencing various aspects of the industry from construction and investment to operations and maintenance. One immediate effect was the disruption of supply chains and labor availability, leading to delays in the construction and commissioning of hydropower projects globally. Lockdowns, travel restrictions, and social distancing measures impeded the movement of workers and materials, causing project timelines to extend.
Financial uncertainties resulting from the pandemic also affected investment decisions in the hydropower sector. The economic downturn and uncertainty about future energy demand led to a cautious approach among investors, causing delays or reconsideration of new hydropower projects. Financing challenges further hindered the development of both large-scale and small-scale hydropower installations.
Operational challenges were evident as existing hydropower plants faced fluctuations in electricity demand and market prices during the pandemic. The decline in overall energy consumption, particularly in sectors like manufacturing and transportation, impacted the revenue streams of hydropower operators. Additionally, the ability to conduct regular maintenance and repairs was affected, potentially leading to increased operational risks and costs in the long term.
How will this Report Benefit you?
Visiongain’s 420-page report provides 152 tables and 201 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global hydropower market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Hydropower. Get financial analysis of the overall market and different segments including market volume (GW), type, end-user, capacity, and CAPEX and capture higher market share. We believe that there are strong opportunities in this fast-growing hydropower market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Demand for Electricity: Hydropower's Crucial Role in Addressing Global Energy Needs
The intricate interplay of a burgeoning global population, rapid urbanization, and expanding industrialization has precipitated an unprecedented surge in the demand for electricity. In this landscape, hydropower emerges as a linchpin in meeting this escalating demand due to its reliability and scalability. Acting as a dependable and scalable energy source, hydropower assumes a crucial role in satiating the ever-growing thirst for electricity worldwide. This imperative becomes even more pronounced in developing regions, particularly in Asia and Africa, where challenges in electricity access persist. In response, governments in these regions are strategically investing in hydropower projects as a proactive measure to bridge the energy gap, fostering economic development and improving the quality of life for their burgeoning populations.
Hybrid Energy Systems Integration: Fortifying Energy Reliability through Hydropower Integration
The paradigm shift towards sustainable energy solutions has led to the innovative integration of hydropower into hybrid energy systems, coalescing with other renewable sources such as solar and wind. This visionary approach not only enhances energy reliability but also fortifies grid stability in the face of fluctuating energy inputs. Hydropower's unique capability to deliver continuous baseload power seamlessly complements the intermittent nature of solar and wind energy, creating a harmonious and resilient power supply.
Countries at the forefront of this transformative energy landscape, exemplified by China, have enthusiastically embraced the concept of hybrid renewable energy systems. Here, hydropower is strategically amalgamated with other renewable sources, forming a diversified energy portfolio. This strategic integration not only ensures a consistent power supply but also contributes significantly to the overall sustainability and resilience of the energy grid. In essence, the incorporation of hydropower into hybrid energy systems represents a forward-thinking approach that aligns with the imperative for a reliable, sustainable, and diversified energy future.
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Where are the Market Opportunities?
Integration of IoT with Hydropower Is Expected to Create New Opportunities
The integration of the Internet of Things (IoT) with hydropower presents a myriad of opportunities for the industry. Firstly, IoT technologies enable real-time monitoring and data collection from hydropower plants, allowing for more precise and efficient management of resources. This can lead to improved operational performance, reduced downtime, and enhanced predictive maintenance, ultimately increasing the overall reliability of hydropower systems. Secondly, IoT facilitates remote monitoring and control, enabling operators to manage hydropower plants from a centralized location. This not only enhances the safety of operations but also provides the flexibility to respond promptly to any issues or changes in the system. The ability to remotely control and monitor hydropower infrastructure is particularly valuable in challenging or inaccessible terrains.
Faster Hydropower Expansion is Anticipated in Asia-Pacific, Africa, and the Middle East
The anticipated faster expansion of hydropower in Asia-Pacific, Africa, and the Middle East presents significant opportunities for these regions. One notable opportunity lies in the potential for increased access to cost-effective and sustainable electricity. Hydropower projects have the capacity to provide reliable and continuous power, addressing the growing energy demands in these regions. Additionally, the development of hydropower infrastructure can contribute to economic growth by creating job opportunities, supporting local industries, and fostering technological advancements. Furthermore, the focus on hydropower expansion offers an opportunity for these regions to enhance their energy security. Hydropower's ability to provide baseload power and its flexibility to adjust to shifts in demand contribute to a stable and secure electricity supply. This is particularly crucial as these regions experience rapid economic development and an increasing need for energy to support various sectors.
Competitive Landscape
The major players operating in the hydropower market are Å Energi, Alstom, American Electric Power Company, Inc., Andritz AG, British Columbia Hydro and Power Authority, China Three Gorges Corporation, Duke Energy Corporation, Électricité de France (EDF), Eletrobras, Enel S.p.A, GE Renewable Energy, Ontario Power Generation Inc., SSE plc, State Power Investment Corporation, Voith Group, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 25 Aug 2023, CTG will invest RMB 100 billion in the development of new hydropower projects in the next five years.
- 22 July 2023, State Power Investment Corporation (SPIC) acquired 51% stake in Hydro Tasmania, Australia's largest hydropower operator, from the Tasmanian government for A$5.7 billion (US$4.1 billion).
- 02 March 2023, EDF acquired a 51% stake in Hydro-Québec, Canada's largest hydropower operator, from the Quebec government for C$20 billion (US$15 billion).
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