Hydropower Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Large-scale hydropower is a form of renewable energy generation derived from flowing water, which is used to drive large water turbines. In order to generate large amounts of hydroelectricity for cities, lakes, reservoirs, and dams are needed to store and regulate water for later release for power generation, irrigation, and domestic or industrial use. Since large-scale hydropower facilities can easily be turned on and off, hydropower has become more reliable than most other energy sources for meeting peak electricity demands throughout the day.

Conventional hydroelectric dams, pumped storage, and run-of-the-river are the different types of large-scale hydropower plants worldwide.

As per International Renewable Energy Agency, around USD 7.55 billion was invested in hydropower globally in 2022, whereas around USD 7.83 billion was invested in 2021. The constant investment in new hydropower capacity globally drives growth in large hydropower segments. Also, the average cost of large hydropower installation is comparatively low.

China, Brazil, the United States, Canada, India, and Japan are the major countries in the deployment of large-scale hydropower projects across the world. Factors such as a shift towards cleaner energy sources and plans to increase the share of renewable energy in the total power generation mix across all the major developed and emerging economies across the world are expected to drive the large hydropower segment during the forecast period.

The Hydropower Market size is expected to grow from 1.39 terawatt in 2023 to 1.46 Terawatt by 2028, at a CAGR of 1.02% during the forecast period (2023-2028).

The outbreak of COVID-19 significantly impacted the global hydropower market due to disruption in the international supply chain and a reduction in investment for the upcoming projects. Although annual additions correspond to the driven market, some projects are expected to be delayed during the forecast period due to COVID-19 related lockdown measures. Factors such as the increasing number of new hydropower projects backed by government support and the rising demand for reliable electricity are expected to drive the market during the forecast period. However, negative environmental consequences of hydropower projects are likely to hinder the market growth during the forecast period.

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