Year | Value |
---|---|
2024 | USD 2.54 Billion |
2032 | USD 3.1 Billion |
CAGR (2024-2032) | 2.5 % |
Note – Market size depicts the revenue generated over the financial year
In 2024, the hydropower machine market is expected to reach $ 2.5 billion, and by 2032, it will be $ 3.1 billion. This is a compound annual growth rate of 2.5%. The main reason for the increase is the increasing investment in the construction of new energy facilities, driven by the reduction of carbon emissions and the fight against climate change. This will require the expansion of the hydropower market, which is an important part of the renewable energy mix. Also important for market growth are the technological advances in the design and efficiency of the hydropower machines. Variable-speed machines and improved materials improve the performance and lifespan of hydropower plants, making them more attractive to investors and operators. The leading companies in the industry, including GE, Andritz and Voith, are actively developing new hydropower machines through strategic alliances and R & D investments. These efforts not only strengthen their position in the market, but also fit in with the general trend towards sustainable energy solutions, which also contribute to the growth of the hydropower machine market.
Regional Market Size
The hydropower industry has experienced a considerable growth in recent years, as a result of the growing energy demand and the shift towards the use of renewable energy. Each region has its own characteristics, influenced by local regulations, economic conditions and the cultural attitude towards sustainable development. The hydropower industry is in many places an important part of the energy mix.
“Hydropower accounts for approximately 16% of the world's electricity generation, making it the largest source of renewable energy globally.” — International Hydropower Association
The hydropower industry is a key sector in the renewable energy industry, and is currently experiencing steady growth. The main driving forces are the urgent need for clean energy solutions to combat climate change, and the policy support for the development of renewable energy. Moreover, the continuous development of hydropower equipment technology has improved efficiency and reduced costs, which has also boosted demand. In North America and Europe, GE and Voith are the dominant suppliers of hydropower equipment. Large-scale hydropower stations and small hydropower stations for rural electrification are the main application fields. There are also some companies that provide equipment for large hydropower stations. In the future, government initiatives to reduce carbon emissions and the growing demand for sustainable development will continue to drive the industry. In terms of technology, digital twin simulation and advanced materials will be the main force driving the industry's development, ensuring higher efficiency and reliability of hydropower equipment.
During the period 2024 to 2032, the hydro-turbine market is expected to increase from $2.54 billion to $3 billion, with a compound annual growth rate (CAGR) of 2.5%. The market is driven by the global shift towards renewable energy sources, mainly due to rising energy demands and the implementation of stringent climate policies aimed at reducing carbon dioxide emissions. Consequently, hydropower is expected to play a key role in the energy mix, especially in countries with abundant water resources. In 2032, it is expected that hydropower will represent 16% of the world's electricity generation, up from 15% in 2024. The development of new and more efficient designs of hydro-turbines, as well as the integration of digital tools for monitoring and maintenance, are expected to improve the operational efficiency of hydropower plants. Furthermore, the growing demand for hydropower will be further accelerated by government incentives and funding for renewable energy projects. In addition, the emergence of new trends such as the increased use of small hydropower systems and the development of hybrid energy solutions combining hydropower with other renewable sources, will also support the market. As the industry evolves, the need to be flexible to seize these opportunities while addressing the challenges of environmental concerns and regulatory barriers will be paramount.
Covered Aspects:Report Attribute/Metric | Details |
---|---|
Market Size Value In 2022 | USD 2.4 Billion |
Market Size Value In 2023 | USD 2.47 Billion |
Growth Rate | 3.01% (2023-2032) |
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