Hydro Electricity Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Midea Group, Hitachi Ltd., Panasonic Corporation, Haier Group, Specialty Refrigeration and Equipment

The Hydro Electricity Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydro Electricity Global Market Report 2024, The hydro electricity market size has grown strongly in recent years. It will grow from $318.98 billion in 2023 to $336.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to growth in early industrialization and power generation, large-scale dam construction, rural electrification programs, world wars and energy demands, deregulation and market reforms.

The hydro electricity market size is expected to see steady growth in the next few years. It will grow to $400.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to renewable energy targets, storage solutions integration, hydropower in climate resilience strategies, investment in infrastructure, policy support and incentives. Major trends in the forecast period include hydropower in climate mitigation strategies, community and stakeholder engagement, hydropower as baseload power, grid modernization and integration, hydropower expansion in developing countries.

Favorable laws in emerging countries are projected to drive the hydroelectricity market. Governments across the globe are introducing policies that aid the growth of the hydroelectricity market. For instance, in January 2021, according to the Business Standard newspaper, the Government of India cleared 8 hydropower projects of 144 MW. The introduction of favorable laws will boost the demand for hydropower and, in turn, drive the growth of the hydro electricity market.

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The hydro electricity market covered in this report is segmented –

1) By Product Type: Dike Type, Diversion Hydropower Station, Mixed Type, Tide, Pumped Storage
2) By Capacity: Large, Medium, Small
3) By Application: Residential, Commercial, Industrial

Major companies operating in the hydroelectricity market are focusing on the development of strategic initiatives to develop the 480 MW Phukot hydro project to help increase productivity and sustain their position in the market. For instance, in June 2023, NHPC Ltd., an India-based hydropower company, partnered with Vidhyut Utpadan Company Ltd. is a Nepal-based hydropower company to develop a 480 MW Phukot Karnali hydroelectric project. The Karnali River flow will be used to generate power for the project, and the generated power will be supplied into Nepal’s integrated power system. The installed capacity of the project will be 480 MW, with an average annual generation of about 2,448 GWh. Vidhyut Utpadan Company Ltd. is a Nepal-based hydropower company.

The hydro electricity market report table of contents includes: