According to the UnivDatos, the increasing investment in renewable energy will drive the global scenario of the Hydropower market and as per their “Hydropower Market” report, the global market was valued at USD 118.7 Billion in 2022, growing at a CAGR of 3.8% during the forecast period from 2023 - 2030 to reach USD 160.6 Billion by 2030.
Introduction:
Hydropower, also known as hydroelectric power, stands as one of the oldest and most significant sources of renewable energy globally. Harnessing the natural flow of moving water to generate electricity, hydropower plays a crucial role in the energy landscape. Currently, hydropower accounts for a substantial portion of renewable electricity generation worldwide, with the United States alone relying on it for about 28.7% of its renewable electricity and 6.2% of total electricity generation.
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Global Hydrogen Power Overview
Overview - Hydropower is the backbone of low-carbon electricity generation, providing almost half of it worldwide today.
According to IEA, Hydropower’s contribution is 55% higher than nuclear’s and larger than that of all other renewables combined, including wind, solar PV, bioenergy and geothermal. In 2020, hydropower supplied 17% of global electricity generation, the third‑largest source after coal and natural gas. Over the last 20 years, hydropower’s total capacity rose 70% globally, but its share of total generation stayed stable due to the growth of wind, solar PV, coal and natural gas.
History and Current Status - Emerging and developing economies have led global hydropower growth since the 1970s, mainly through public sector investments in large plants. Today, hydropower meets the majority of electricity demand in 28 emerging and developing economies, which have a total population of 800 million. In those countries, it has provided a cost-effective way to expand electricity access. In advanced economies, however, the share of hydropower in electricity generation has been declining and plants are ageing. In North America, the average hydropower plant is nearly 50 years old; in Europe, the average is 45 years old. These ageing fleets – which have provided affordable and reliable renewable electricity on demand for decades – are in need of modernisation to ensure they can contribute to electricity security in a sustainable manner for decades to come.
Future Growth - Globally, around half of hydropower’s economically viable potential is untapped. The potential is particularly high in emerging economies and developing economies, reaching almost 60%. Over the life cycle of a power plant, hydropower offers some of the lowest greenhouse gas emissions per unit of energy generated – as well as multiple environmental benefits.
Better Transparency on revenues is key to attracting Investment
Policy measures that provide more certainty on future revenues can reduce investment risks and ensure the economic viability of hydropower projects. Since the 1950s, more than 90% of hydropower plants have been developed under conditions providing revenue certainty through power purchase guarantees or long-term contracts. This has happened in both vertically integrated and liberalized electricity markets. Today, challenges concerning complex permitting procedures, environmental and social acceptance, and long construction periods can lead to higher investment risks. In advanced economies, the business case for hydropower plants has deteriorated due to declining electricity prices and lack of long-term revenue certainty. Long-term visibility on revenues, especially for large-scale hydropower projects with long lead times, reduces financing costs significantly and increases project viability, thereby facilitating investment. This is particularly important when the private sector is involved.
Between 2021 and 2030, new hydropower turbine installations, also referred to as gross capacity additions, are expected to reach more than 380 GW. Slightly over half of these additions will be from greenfield projects, constructed on completely undeveloped land with no pre-existing infrastructure or civil works. Most of this development will be in China, the Asia Pacific region, sub-Saharan Africa, and Latin America, where there are still areas with suitable topography for economically viable sites. As these regions have relatively young hydropower fleets, new project development makes up almost all the turbines commissioned there.
Furthermore, brownfield projects are expected to make up a substantial part of new capacity additions over the forecast period, accounting for 45% of new turbine installations globally. However, their importance is much greater in mature hydropower markets where greenfield project potential is limited. In North America, Eurasia, and Europe, brownfield projects constitute 85% of their combined growth due to the need to modernize aging fleets and the limitation on locations for economically attractive and permittable new greenfield projects.
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Conclusion
In conclusion, the Hydropower market is experiencing significant growth and is projected to continue expanding. Factors driving this growth include favorable government policies and rising investment in renewable energy. Asia-Pacific region dominates the market due to urbanization and industrial progress, particularly in countries like China, Japan, Vietnam, and India.
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