Hydropower Market is Estimated to Witness High Growth
SWOT Analysis
Strength: The hydropower market has significant renewable energy potential due to the abundance of hydro resources globally. Hydropower generation causes zero direct emissions, making it an eco-friendly source of electricity. Hydropower projects also offer flexibility in power generation to balance the intermittency of other renewables like solar and wind energy.
Weakness: Hydropower projects require massive initial investments and have long construction periods. The environmental and social impacts of large hydropower dams such as displacement of local communities and disruption of aquatic ecosystems and river flows are difficult to mitigate fully.
Opportunity: Several countries are exploring pumped storage hydropower to enable flexible energy storage and firm the output of variable renewable projects. The declining costs of solar and wind power are making pumped storage hydropower economically attractive for grid balancing. The growing adoption of EVs also creates new opportunities for hydropower producers to capture demand from vehicle charging infrastructure.
Threats: Low hydro reservoir levels due to climate change-induced droughts and extreme weather events threaten the consistent output of hydropower plants. Slower than expected addition of large hydropower projects could deter investments in required transmission networks.
Key Takeaways
Global Hydropower Market Demand is expected to witness high growth over the forecast period from 2024 to 2030.
Regional analysis comprises Asia Pacific region currently dominates the global market and is expected to maintain its leading position. Countries such as China, India, and Japan are aggressively investing in large and small hydropower projects to meet their renewable energy targets.
Key players operating in the hydropower market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S. Majority of global hydropower capacity is concentrated in Asia Pacific and Latin America & Caribbean regions. Europe, North America, and Africa are also actively developing their untapped hydropower potential through refurbishment of old plants and new projects.
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