According to the UnivDatos, the rising carbon emissions initiatives and increasing investment in renewable energy will drive the global scenario of the Hydropower market and as per their “Hydropower Market” report, the global market was valued at USD 118.7 billion in 2022, growing at a CAGR of 3.8% during the forecast period from 2023 - 2030 to reach USD 160.6 Billion by 2030.

Hydropower: An Overview

Hydropower, also known as hydroelectric power, stands as one of the oldest and most significant sources of renewable energy globally. Harnessing the natural flow of moving water to generate electricity, hydropower plays a crucial role in the energy landscape. Currently, hydropower accounts for a substantial portion of renewable electricity generation worldwide, with the United States alone relying on it for about 28.7% of its renewable electricity and 6.2% of total electricity generation.

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Hydropower Overview in APAC

APAC registered the highest market share in the Hydropower Market and is expected to witness an influential CAGR in the forecasted period. The region, encompassing countries like China, India, and Japan, stands at the forefront of hydropower expansion, with significant investments and advancements in both conventional and pumped storage hydropower technologies. China, as a global leader in hydropower, has made substantial commitments to increase its hydropower capacity, with plans to significantly expand pumped storage hydropower facilities by 2030. This includes the impressive Baihetan hydropower station, one of the world's largest projects of its kind. As countries in APAC continue to invest in modernizing existing hydropower plants and constructing new projects, there is a growing emphasis on sustainability, community engagement, and environmental stewardship. The region's commitment to harnessing the power of water for clean energy production not only contributes to meeting global clean energy goals but also creates job opportunities, boosts local economies, and enhances overall energy resilience. With ongoing advancements in technology and a strong focus on innovation, APAC is poised to lead the way in global hydropower development for a cleaner and more sustainable future.

China is the biggest consumer and one of the major manufacturing hubs for Hydropower

China has emerged as a global leader in hydropower development, with a significant impact both domestically and internationally. The country's ambitious hydropower projects have not only transformed its energy landscape but have also influenced the global hydropower market. China's rapid economic growth has been a driving force behind the expansion of its hydropower sector, which has seen substantial growth in recent decades. The nation's focus on hydropower as an alternative energy source is evident in its impressive statistics, with hydroelectricity accounting for 16% of China's electricity portfolio. One of the key aspects of China's hydropower development is its large-scale dam projects, with the country being home to half of the world's 50,000 large dams. This extensive infrastructure has not only provided reliable electricity but has also facilitated irrigation, enhanced navigability, and offered flood protection.

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Conclusion

In conclusion, the Hydropower market is experiencing significant growth and is projected to continue expanding.  Hydropower energy is crucial to achieving zero net carbon emission initiatives taken by countries worldwide. Asia Pacific leads as the largest market, with Europe following closely behind. Additionally, investments in renewable energy and favorable government policies are expected to further benefit the Hydropower market.

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