Hydropower Global Market Report 2024

The hydropower market size has grown strongly in recent years. It will grow from $230.39 billion in 2023 to $245.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to industrial revolution, government policies, environmental concerns, energy security.

The hydropower market size is expected to see strong growth in the next few years. It will grow to $303.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to energy transition, renewable energy policies, climate change adaptation, water resource management. Major trends in the forecast period include modernization of existing infrastructure, hybrid hydropower systems, small-scale and micro hydropower, digitalization and smart grid integration.

The anticipated surge in electricity demand is poised to drive the growth of the hydropower market. As a form of energy resulting from the movement of charged particles, particularly electrons, electricity is increasingly vital due to the rising digitization of various sectors, including communication, information technology, and smart technologies. This digitization trend necessitates higher electricity consumption to power servers, data centers, and communication networks. Hydropower, relying on the continuous flow of water replenished by natural processes such as rainfall and snowmelt, emerges as a renewable and environmentally friendly option for electricity generation. In 2022, US electricity demand rose from 4,192.9 TWh in 2021 to 4,338.1 TWh by 2022, highlighting the escalating need for electricity and driving the growth of the hydropower market.

Key players in the hydropower market are channeling their efforts into developing innovative products to address the demand for cost-effective, easily deployable, and environmentally friendly microhydropower solutions. One such product is VETT-in-a-Box, a microhydropower system designed for straightforward installation, capable of generating electricity from small rivers, wastewater outflows, lock gates, or canals with a two-meter head drop. Launched by VerdErg Renewable Energy Limited, a UK-based renewable energy company, VETT-in-a-Box provides a complete mini-hydropower system in a transportable arrangement, ensuring quick installation and ease of use. Its versatility allows installation directly into the water course or adjacent to it for flow rates of 500-2,000 liters per second (l/s). Moreover, this fish-safe system has proven zero fish mortality, producing clean, decentralized, and predictable energy with high load factors from water at no environmental cost.

In March 2022, Aker Solutions, a Norway-based global energy company, successfully acquired Rainpower for an undisclosed amount. This strategic acquisition is aimed at expanding Aker Solutions' presence in the renewables market, specifically within hydropower. By leveraging complementary expertise and capitalizing on growing market trends, Aker Solutions aims to strengthen its position in the hydropower sector. Rainpower, a Norway-based technology provider to the hydropower industry, plays a crucial role in enhancing Aker Solutions' capabilities in the renewables space.

Major companies operating in the hydropower market are Électricité de France S.A., Siemens AG, General Electric Company, Iberdrola S.A., ABB Ltd, Georgia Power Company, Duke Energy Corporation, Vattenfall AB, ALSTOM Holdings, Statkraft AS, Hydro-Québec, Verbund AG, China Yangtze Power Co. Ltd, Andritz AG, China Three Gorges Corporation, Tata Power Company Limited, Ontario Power Generation Inc., Alfa Laval AB, BC Hydro and Power Authority, Brookfield Renewable Partners L.P., Voith GmbH & Co. KGaA, Bharat Heavy Electricals Limited (BHEL), Agder Energi AS, Gilbert Gilkes & Gordon Limited, HydroChina International Engineering Co. Ltd.

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

Hydropower, or hydroelectric power, is a renewable energy source that harnesses the energy of flowing or falling water to generate electricity. This process involves converting the kinetic energy of water into mechanical energy, which is then transformed into electrical energy using generators. Hydropower can be derived from various sources, including rivers, streams, dams, or the tidal movements in oceans.

The primary types of hydropower are categorized as large hydropower and small hydropower. Large hydropower involves the generation of electricity utilizing dams and reservoirs, leveraging the force of substantial bodies of water to turn turbines and produce electricity on a significant scale. This encompasses diverse components, including civil construction, electromechanical equipment, electricity, power infrastructure, and others, applied in various settings such as residential, commercial, and industrial applications.

The hydropower market research report is one of a series of new reports that provides hydropower market statistics, including hydropower industry global market size, regional shares, competitors with a hydropower market shares, detailed hydropower market segments, market trends and opportunities, and any further data you may need to thrive in the hydropower industry. This hydropower 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 market consists of revenues earned by entities by providing services, such as project development consulting, engineering and design services, operation and maintenance (O&M) services, asset management and optimization, and hydropower training and education. The market value includes the value of related goods sold by the service provider or included within the service offering. The hydropower market also includes sales of products such as turbines, generators, control systems, hydropower monitoring and measurement systems, and energy storage. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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