Hydroelectric Power Generation Global Market Report 2024

The hydroelectric power generation market size has grown strongly in recent years. It will grow from $299.31 billion in 2023 to $316.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to various factors, including government policies and regulations, heightened environmental concerns, the global demand for energy, infrastructure development initiatives, and the availability of resources.

The hydroelectric power generation market size is expected to see steady growth in the next few years. It will grow to $381.6 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. Anticipated growth in the forecast period can be linked to efforts in climate change mitigation, the trend towards market liberalization, ongoing grid modernization initiatives, integration of energy storage solutions, and geopolitical considerations. Key trends expected in the forecast period encompass investment and financing patterns, continuous technological innovation, the rise of public-private partnerships, advancements in technology, and the increased adoption of digitalization and smart technologies.

The anticipated increase in clean energy consumption is set to drive the growth of the hydroelectric power generation market. Clean energy consumption involves the utilization of renewable energy sources and energy efficiency measures to reduce environmental impact and decrease reliance on fossil fuels. This upward trend in clean energy consumption is attributed to factors such as technological advancements, supportive policies, climate change concerns, energy security benefits, corporate sustainability initiatives, public support, and investor interest. Hydroelectric power generation emerges as a reliable, renewable, and low-carbon source of electricity, offering a range of economic, environmental, and social benefits to support clean energy consumption. As of Quarter 3 in 2023, reports from the UK-based Department for Energy Security and Net Zero indicated that renewable electricity generation reached 30.1 terawatt-hours (TWh), reflecting a 6.8% increase compared to the same period in 2022. The growing shift towards clean energy consumption is a key driver propelling the hydroelectric power generation market.

Leading companies in the hydroelectric power generation market are directing their focus towards technological advancements, such as mini hydropower systems designed for remote locations and compatible with solar plus storage. These advanced systems harness the energy of flowing water to generate electricity, typically producing up to 100 kilowatts. They are suitable for various applications, including residential homes, small businesses, farms, and ranches. In March 2022, Ricoh Company Ltd., a Japan-based imaging and electronics company, introduced a pico-hydro generation system that can be integrated with factory drainage systems and irrigation canals. Pico-hydro systems, with a capacity of less than 5 kW, serve as cost-effective and easily deployable power sources, particularly in remote and inaccessible areas.

In December 2023, Nexif Ratch Energy Investments Pte. Ltd., a Singapore-based power generation company, successfully acquired the Minh Luong hydroelectric plant from Nam Tien Group for an undisclosed amount. This strategic acquisition marks a significant expansion of Nexif Ratch Energy's operational portfolio in Vietnam, leveraging its proven track record in small hydro projects within the country. Nam Tien Group, a Vietnam-based enterprise, specializes in hydroelectric power generation.

Major companies operating in the hydroelectric power generation market are Enel S.p.A., Électricité de France Group, Engie Energy International, Iberdrola S.A., Duke Energy Corporation, Ørsted A/S, Statkraft AS, General Electric Renewable Energy, American Electric Power (AEP), Hydro-Québec Corp., Siemens Gamesa Renewable Energy SA, Korea Hydro & Nuclear Power (KHNP) Corp., Tennessee Valley Authority (TVA), Andritz AG, Sinopec Engineering Group, Eletrobras - Centrais Elétricas Brasileiras S.A., Brookfield Renewable Partners LP, British Columbia Hydro and Power Authority, PJSC RusHydro, Voith Hydro AG, Agder Energi, Innergex Renewable Energy Inc., National Hydroelectric Power Corporation (NHPC), China Three Gorges Corporation, Tokyo Electric Power Company Holdings (TEPCO) Inc.

Asia-Pacific was the largest region in the hydroelectric power generation market in 2023. The regions covered in the hydroelectric power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydroelectric power generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hydroelectric power generation involves harnessing the energy of flowing or falling water to rotate turbines, thereby converting kinetic energy into mechanical energy. This method is both renewable and eco-friendly, as it operates without emitting greenhouse gases and relies on the natural water cycle as its sustainable energy source.

Hydroelectric power generation encompasses various types, including dike type, diversion hydropower station, mixed type, tide, and pumped storage. In dike type hydroelectric power generation, a dike or embankment is employed to control or confine water. The reservoir functions as a substantial water storage system, facilitating the regulation of water flow to ensure a consistent supply for power generation, particularly during periods of peak demand. Capacities are categorized as small hydropower plants (up to 1 MW), medium hydropower plants (1 MW-10 MW), and large hydropower plants (above 10 MW), catering to applications in residential, commercial, and industrial sectors.

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

The hydroelectric power generation market consists of revenues earned by entities by providing engineering and design services, construction services, maintenance and operation services, consulting services, and regulatory compliance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The hydroelectric power generation market also includes sales of turbines, generators, control systems, transmission equipment, and environmental mitigation products. 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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