The hydropower market is estimated to be valued at US$211.1 Bn in 2022 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:
Hydropower generation utilizes kinetic energy of flowing or falling water to produce electricity. Hydropower plants capture energy from falling water or dammed water and convert it into clean, sustainable electricity for homes and businesses. Hydropower is considered as one of most cost-effective renewable sources of energy and suitable for baseload power plants.
Market Dynamics:
Increasing demand for renewable energy sources around the globe is a major factor driving the growth of hydropower market. Renewable energy sources are gaining traction as substitute to fossil fuels owing to environmental concerns related to carbon emissions. Technological advancements in turbine designs and construction materials are helping improve hydropower plant efficiency. Additionally, increasing investment towards upgrading aging hydropower infrastructure will also support the Hydropower Market growth over the forecast period. However, high initial investment and long lead time associated with hydropower projects remains a challenge for widespread adoption.
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