hydropower plant construction market
Overview and Scope
Hydropower plant construction refers to the process of building facilities that use the energy of flowing or falling water to produce electricity. These facilities, also known as hydropower plants or hydroelectric power plants, are built near rivers, streams, or other bodies of water with a high-water flow.
Sizing and Forecast
The hydropower plant construction market size has grown strongly in recent years. It will grow from $18.30 billion in 2023 to $19.60 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rural electrification, government policies, environmental concerns, environmental concerns, water management.
The hydropower plant construction market size is expected to see strong growth in the next few years. It will grow to $24.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to renewable energy policies, climate change mitigation, grid modernization, energy storage integration, water resource management. Major trends in the forecast period include run-of-river installations, hybrid systems, repowering and upgrading, public-private partnerships, climate resilience.
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Segmentation & Regional Insights
The hydropower plant construction market covered in this report is segmented –
1) By Type: Water Storage, Diverted, Pumped Storage
2) By Capacity: Large hydropower plants, Medium hydropower plants, Small hydropower plants, Other Capacities
3) By Application: City Power Supply, Industrial Power Supply, Military Power Supply, Other Applications
Asia-Pacific was the largest region in the hydropower plant construction market in 2023. The regions covered in the hydropower plant construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising interest in clean energy is expected to propel the growth of the hydropower plant construction market in the coming years. Clean energy is energy obtained from sources that do not emit greenhouse gases, such as nuclear power, hydroelectric power, solar, geothermal, wind, and tidal energy. The rising adoption of clean energy is due to several factors, including the growing awareness of climate change and environmental degradation, improvements in energy storage, and grid integration capabilities. The construction of hydropower plants makes it easier to generate sustainable energy by leveraging the power of water’s movement to generate electricity while releasing zero greenhouse emissions. For instance, in June 2023, according to the Energy Information Administration, a US-based principal government statistical system institution in charge of obtaining, assessing, and distributing energy data, the usage of renewable energy in the United States increased modestly to an all-time high of 13.2 quads in 2022, up from 12.1 quads in 2021. Therefore, the rising interest in clean energy is driving the hydropower plant construction market.
Key Industry Players
Major companies operating in the hydropower plant construction market are PowerChina Group, Bouygues Construction SA, Sinohydro Corporation, Vinci Construction, Siemens Energy AG, ABB Group, Duke Energy Corporation, Toshiba Corporation, China Three Gorges Corporation, Strabag SE, Statkraft AS, Skanska Group, Hydro-Québec, Verbund AG, Enel Green Power, Webuild SpA, Dongfang Electric Corporation, Andritz AG, Suez Group, RusHydro, SNC-Lavalin Group Inc., BC Hydro, Voith Group, GE Renewable Energy, Astaldi S.p.A., Bharat Heavy Electricals Limited (BHEL), Alstom SA, Innergex Renewable Energy Inc., Voimaosakeyhtiö SF
The hydropower plant construction market report table of contents includes:
1. Executive Summary
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