Hydropower Market to Register Unwavering Growth During 2024-2030

Hydropower Market Overview

Hydropower turbines can convert 90% of energy to electricity; hence, they are considered extremely energy-efficient. It is considered the most dominant renewable energy source. These are highly utilized in finding cooling systems, ventilation and heating for building automation and the aeronautical sector. Therefore, these sectors are acting as key drivers for the Hydropower Turbine Market

Major growth factors are accelerating the marker’s growth at the global level. The higher demand for hydroelectric power generation and excellent energy conversion offered by the hydropower turbines are chiefly driving the market’s growth. The fuel requirement is zero for running the turbines, which are acting as a prominent factor.

Moreover, the rise in demand for reliable and continuous electricity production from the industrial sector boosts the Hydropower Turbine Market. The high investments for replacing traditional power generating technologies with advanced sustainable solutions are another factor propelling the market’s demand. The target to reduce the emission of high carbon production is driving its users worldwide. The improved technological advancement for turbine design with the integration of IIOT devices for efficient workflow stimulates the market size.

The Hydropower Turbine Market Size is expected to reach a value of USD 3,33,447.1 Billion by 2030, and further will attain a significant value by 2030. The market is will also obtain a good CAGR of 5.5% by 2023 to 2030.

Market Segmentation

The Hydropower Turbine Market is segmented into type, capacity and application.

The type segment of the global market is segregated into reactive, impulse, gravity, and others. The reactive segment is considered the largest market due to its low head and medium head applications. All these turbine types have specific applications in different activities, and these segments are also growing significantly. 

The capacity segment of the market is divided into less than 1 MW, between 1 – 10 MW and above 10 MW. The above 10 MW segment is noticed as the largest and fastest-growing segment due to renewable energy generation without the use of fuel. 

The application segment is fragmented into power generation, power storage, marine and aeronautics. Power generation is the largest segment among the above.

Regional Analysis

According to the geographical report, the Hydropower Turbine Market covers prominent regions worldwide such as North America, Europe, Asia Pacific, the Middle East and Africa and the South American region. North American region is highly investing in hydropower generation due to its wide application in marine and aeronautics fields. Europe has advanced and developed hydroelectric generation sectors; as the region is prioritizing renewable energy, this factor is fueling up the regional market of the region.

The Asia Pacific region occupies the largest market and is considered the fastest-growing among others. The demand for hydropower energy is even high in this region. The Middle East and African market are showing significant growth due to rapid urbanization and industrialization, accelerating the energy demand. South America is noticed to have a limited hydropower potential than other regions.

Industry News

Iberdrola, a Spanish energy company, is moving forward with Portugal’s largest pumped hydro storage project across three water reservoirs in northern Portugal. This project will rely on 880 MW of pumped-hydro storage and will become fully operational by 2024.

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