Hydropower Plant Global Market Report 2024

The hydropower plant market size has grown steadily in recent years. It will grow from $235.06 billion in 2023 to $246.51 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth observed in the historical period can be attributed to several factors, including the expanding application of small hydropower plants, a growing demand for renewable energy sources, increased government support for hydropower generation projects, rapid urbanization and industrialization, and a rising demand for effective and sustainable energy solutions.

The hydropower plant market size is expected to see steady growth in the next few years. It will grow to $286.4 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing demand for turbine and power generator solutions, a rising interest in micro hydropower plants, a growing global demand for clean energy, expanded capacities for hydropower plant installations, and increasing awareness about the advantages of hydropower over alternative energy sources. Key trends expected in the forecast period encompass the adoption of advanced turbine technologies, the promotion of small-scale hydropower projects, the expansion of pumped storage hydropower, the development of climate-resilient hydropower infrastructure, and the implementation of fish-friendly turbine designs.

The escalating demand for renewable energy sources is poised to drive the growth of the hydropower plant market in the foreseeable future. Renewable energy sources, derived from natural resources replenished within a human timescale, play a crucial role in sustainable energy solutions. Hydropower plants harness the renewable energy from water resources to generate electricity, contributing significantly to reducing greenhouse gas emissions and ensuring long-term sustainability. As of July 2022, global energy investments have been steadily increasing, with a projected rise of over 8% in 2022, reaching $2.4 trillion, according to reports from the World Economic Forum. Investments in solar power generation also experienced substantial growth, totaling approximately $500 billion in 2022, a notable increase from the previous year, as reported by the Institute for Energy Economics & Financial Analysis. The surge in demand for renewable energy sources is a key driver propelling the hydropower plant market.

Leading companies in the hydropower plant market are strategically focusing on developing innovative technology products to optimize the management and performance of hydropower assets, reduce unplanned downtime, and simplify operations. Notably, in June 2023, The Voith Group, a Germany-based machine industry company, collaborated with Ray Sono, a Germany-based digital specialist, to launch Hydro Pocket. This cloud-based solution caters to station management in the small hydropower sector, providing real-time data from small and medium-sized hydropower plants directly on mobile devices. Hydro Pocket enables investors and operators to enhance asset performance through intelligent digitalization, covering monitoring, analysis, and management of hydropower plants. The system offers advantages such as increased efficiency, flexibility, and security, with adaptability to individual needs and user requirements, quick installation, and easy configuration.

In January 2021, Scatec, a Norway-based company specializing in renewable energy systems, made a significant acquisition by acquiring SN Power for $1.16 billion. This strategic move allows Scatec Solar to diversify its renewable energy portfolio and become a substantial player in the hydropower market. The acquisition leverages the complementary nature of hydropower and solar PV technologies to create new project opportunities, such as floating solar on hydro reservoirs. SN Power, a Norway-based hydropower company, provides hydropower products and develops hydropower projects.

Major companies operating in the hydropower plant market are Siemens Energy AG, ABB Ltd., Toshiba Corporation, China Three Gorges Corporation, Alstom Hydro, GE Renewable Energy, Hydro-Quebec, CPFL Energia S.A, SNC-Lavalin Group, Tata Power Company Limited, Alfa Laval AB, Voith GmbH & Co. KGaA, PJSC RusHydro, IHI Corporation, Bharat Heavy Electricals Limited, KOLEKTOR GROUP, Innergex Renewable Energy Inc., Flovel Energy Private Limited, Canadian Hydro Components, Natel Energy Inc., Andritz AG, Hitachi Mitsubishi Hydro Corporation, The British Columbia Hydro, Sinohydro Corporation, China Hydroelectric Corporation.

Asia-Pacific was the largest region in the hydropower plant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydropower plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydropower plant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A hydropower plant is a facility designed to generate electricity by capturing the kinetic energy of moving water, utilizing it to rotate turbines and generators. The energy generated is directly influenced by the volume of water flow and the elevation difference, referred to as the head, between two points. Hydroelectric plants harness the kinetic energy of flowing water in rivers, streams, or canals, and are commonly located on or near a water body to maximize their efficiency.

The primary types of hydropower plants include impoundment power plants, diversion power plants (run-of-river), and pumped storage power plants. Impoundment power plants, also referred to as impoundment hydropower plants, are a specific type of hydroelectric facility that utilizes a dam to store river water in a reservoir. These plants encompass various components, including solutions and services, catering to diverse end users such as city power supply, industrial power supply, military power supply, and others.

The hydropower plant market research report is one of a series of new reports that provides hydropower plant market statistics, including hydropower plant industry global market size, regional shares, competitors with a hydropower plant market share, detailed hydropower plant market segments, market trends and opportunities, and any further data you may need to thrive in the hydropower plant industry. This hydropower plant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hydropower plant market includes revenues earned by entities by constructing reservoir hydropower plant, tide and wave hydropower plant, micro hydropower plant. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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