Global Hydropower Market Is Estimated To Witness High Growth Owing To Increasing Renewable Energy Demand
The Hydropower Market is estimated to be valued at US$ 201.4 Billion in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The hydropower market refers to the generation of electricity from the force of moving water. It is a renewable source of energy that utilizes the gravitational force of flowing water to generate electricity. Hydropower plants are built near rivers, dams, and reservoirs, where water flow is controlled and harnessed to drive turbines, which in turn produce electricity. This clean and sustainable energy source is widely used to meet the growing energy needs of various industries and households worldwide. The market offers various products and solutions, including run-of-river, reservoir, and pumped storage hydropower systems.
Market Dynamics:
The hydropower market is driven by two main factors—increasing demand for renewable energy and supportive government initiatives. With the rising concern for climate change and depleting fossil fuel reserves, the demand for clean and sustainable energy sources, such as hydropower, is increasing. Additionally, governments across the globe are implementing various policies and regulations to promote renewable energy, including hydropower. These initiatives include financial incentives, tax benefits, and favorable regulatory frameworks, which are expected to drive the Hydropower Market growth. Furthermore, the ability of hydropower plants to provide a consistent and reliable source of electricity makes them a preferred choice for meeting energy needs, further boosting market growth.
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