세계 수력 발전 시장 – 2023-2030

Overview
Global Hydropower Market reached US$ 244.1 billion in 2022 and is expected to reach US$ 348.2 billion by 2030, growing with a CAGR of 4.8% during the forecast period 2023-2030.
The hydropower market is experiencing significant growth globally with ongoing innovation and evolving energy policies. While hydropower has a long history spanning almost 150 years, the recent focus has been on adapting and enhancing the technology to meet the changing demands of modern power systems and renewable energy integration. The expansion of hydropower has often relied on public-sector involvement due to the high initial investments and longer development timelines.
Furthermore, the expansion of hydropower has often relied on public-sector involvement due to the high initial investments and longer development timelines. According to IEA, global hydropower generation increased by almost 70 TWh, representing a growth of close to 2%. It growth was attributed to strong capacity deployment during the period of 2021-2022. In 2022, capacity additions reached 32 GW, which was 40% higher than the average of the previous five years.
Asia-Pacific is the largest market in the hydropower industry witnessing substantial growth in nations like China and India. According to IEA, China holds a dominant position in the hydropower market and is projected to maintain this position through 2030. It is expected to account for 40% of global capacity growth in the forecast period. India is emerging as the world's second-largest growth market in the hydropower sector.
Dynamics
Renewable Energy Demand
The hydropower market is expected to be driven by the growing demand for renewable energy driven by the need to transition towards more sustainable and low-carbon energy sources. According to IEA, to align with the Net Zero Emissions Scenario, the supply of renewable energy needs to increase by around 13% annually between 2023 and 2030. It signifies a substantial growth rate that exceeds the historical levels of renewable capacity deployment.
In 2022, the availability of hydropower played a role in allowing non-bioenergy renewables to achieve their second-highest share growth in history. While 2020 experienced a unique situation due to the COVID-19 pandemic and a decrease in total energy consumption, hydropower's consistent contribution has helped to drive renewable energy growth. Hydropower stands out as the largest renewable electricity technology by both capacity (38% of renewables total) and generation (50%). Its established position in the renewable energy landscape underscores its significance in meeting global energy demands sustainably.
Hydropower Surge with Government Policies
The hydropower market is expected to be driven by government incentives and policies. For instance, in Europe, there has been significant progress in pumped storage hydropower capacity. According to IEA, in 2022, almost 2 GW of pumped storage hydropower capacity was commissioned, marking a milestone in capacity expansion. The projects in Switzerland and Portugal are designed to enhance solar PV and wind integration.
In United States, policies like the Inflation Reduction Act, passed in August 2022, demonstrate government support for hydropower. It legislation increases and extends tax credits to encourage the adoption and development of hydropower technologies. Also, 30 countries have established policies explicitly targeting new and existing hydropower plants. Also, governments globally integrate both large and small hydropower capacities into their long-term deployment targets, energy plans and renewable energy incentive frameworks, comparable to other variable renewables.
Hydropower Market Navigates Competitive Landscape Amidst Wind and Solar Growth
The hydropower market is impacted by the growth of wind and solar alternatives contributing to changes in the renewable energy landscape. In the past two decades, the majority of renewable energy policies have been focused on wind and solar PV technologies. It emphasis has been achieved through measures like installation targets, financial incentives and long-term power purchase contracts. The concentrated policy attention on wind and solar has influenced their rapid deployment and capacity growth.
Wind and solar PV technologies have been rapidly gaining ground in the renewable energy sector. According to IEA, they accounted for approximately 85% of the record growth in renewable electricity generation in 2022, which exceeded 600 TWh. It substantial contribution has partly come at the expense of the hydropower market's share of growth. While wind and solar experienced significant growth, the expansion of hydropower generation was comparatively slower, with an increase of about 2% in 2022. It highlights the competitive pressure that alternatives like wind and solar have exerted on hydropower.
Furthermore, over 100 countries have implemented targeted policies and incentives for wind and solar PV. The policies have fostered the adoption and expansion of wind and solar capacity, further intensifying competition for investments and market share among renewable energy sources. As wind and solar technologies increasingly dominate capacity additions and growth, hydropower's relative market share has experienced a decline. The policies and incentives directed toward wind and solar have contributed to reshaping the composition of the global renewable energy market.
Segment Analysis
The global hydropower market is segmented based on technology, application, size and region.
Pumped Storage Hydropower Surges
Pumped storage hydropower (PSH) plants are the fastest growing segment in technology within hydropower, as many countries are adopting PSH projects to ensure a steady power supply as renewable energy capacity grows. China is rapidly expanding pumped storage to support its increasing reliance on wind and solar energy. According to assessments by the International Hydropower Association (IHA), pumped hydro initiatives across the world have the capacity to store an impressive 9,000 gigawatt hours (GWh) of electrical energy.
PSH projects are gaining traction globally. China, United States and Australia are investing in PSH to complement their renewable energy portfolios. The projects contribute to grid reliability and help balance supply and demand. The technology dominates globally, encompassing more than 94% of the total installed capacity for energy storage. It dominance is notably ahead of alternatives like lithium-ion batteries and other battery variants.
Geographical Penetration
Growth in Asia-Pacific Hydropower with China and India Lead Capacity Expansion
Asia-Pacific is dominating the hydropower market significantly driven by policies and new developments in the region. China played a significant role in capacity growth, accounting for three-quarters of the added capacity in 2022. It growth was largely due to the commissioning of several large-scale hydropower projects. According to IEA, Chinese companies are projected to be engaged in approximately 45% of all hydropower plant capacity that is planned to be built by 2030.
Furthermore, India is actively working on the development of several large hydropower projects. The projects are expected to contribute significant capacity to the overall energy mix in the upcoming years. Hydropower is a crucial technology for India's commitment to reaching 500 GW of non-fossil electricity capacity by 2030. As the country seeks to expand its renewable energy capacity, hydropower plays a vital role in diversifying the energy mix and reducing dependence on fossil fuels.
Competitive Landscape
The major global players in the market include China Three Gorges Corporation, Electricite de France S.A., Hydro-Quebec, Duke Energy Corporation, Centrais Elétricas Brasileiras S.A., PJSC RusHydro, Ontario Power Generation Inc., Statkraft AS., Sn Power Holding Singapore Pte. Ltd and Itaipu Binacional.
COVID-19 Impact Analysis
COVID-19 made a significant impact on the global hydropower market by causing disruption in supply chains, causing delays in the delivery of critical components and equipment for hydropower projects. Many projects rely on international suppliers and lockdowns, travel restrictions and reduced production capacity had led to supply chain challenges. Some projects have been postponed or canceled altogether due to uncertainties caused by the pandemic.
Emerging economies and developing countries, where demand for energy is rapidly growing, have faced financing challenges. Reduced power demand during the pandemic has affected utility revenues, making it difficult for cash-strapped state utilities and governments to finance large infrastructure projects. The pandemic has led to changes in energy demand patterns, with some regions experiencing decreased demand due to lockdowns and economic slowdowns.
Russia-Ukraine War Impact
The Russia-Ukraine war made a significant impact on Ukraine's hydropower plants, resulting in damage and disruptions to the country's energy infrastructure. Since Russia's invasion of Ukraine, energy facilities have been targeted in air strikes, leading to severe damage to the hydropower sector. Ukrhydroenergo, a state-run hydropower generating company revealed that four out of Ukraine's nine hydropower plants had been damaged due to Russian attacks. The attacks primarily focused on electrical equipment and machine rooms at plants located on the Dnipro and Dniester rivers.
The attacks have resulted in a loss of around 2,000 MW of capacity out of the total 6,300 MW capacity of the nine hydropower plants. The plants typically contribute around 10% of Ukraine's energy production. Despite the damage and ongoing war, efforts are being made to restore the capacity of the damaged hydropower plants. Engineers have already restored 500 MW of capacity and plan to restore the remaining capacity as soon as possible, with a focus on implementing better protection measures.
By Technology
• Conventional hydropower
o Impoundment or reservoir
o Run-of-river
• Pumped storage hydropower
By Application
• Electricity Generation
• Load Balancing and Grid Stability
• Microgrid Solutions
• Aquaculture and Fish Farms
• Industrial Processes
• Others
By Size
• Large-Scale Hydropower
• Medium-Scale Hydropower
• Small-Scale and Micro Hydropower
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Russia
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• In August 2023, construction commenced on India's Vishnugad-Pipalkoti Hydropower project, with Hindustan Construction Co. Ltd. launching a Terratec 9.86m diameter Hard Rock Double Shield TBM for the project's 13km low-pressure headrace tunnel. The project faces geological challenges, including thrust zones, shear zones and fault zones, necessitating specialized TBM engineering.
• In May 2023, prominent entities within the hydropower industry introduced the European Hydropower Alliance. It collaborative initiative seeks to champion the advantages of hydropower and its significant contribution to fulfilling the European Union's societal, environmental and strategic ambitions.
• On July 22, 2022, Iberdrola marked the inauguration of its pumped storage hydropower facility, the Tâmega Gigabattery, in Portugal. Concurrently, a similar plant commenced operations in Switzerland. The installations have been engineered to augment Europe's power storage capacity by more than 2 GW collectively, earning them the moniker "water batteries.
Why Purchase the Report?
• To visualize the global hydropower market segmentation based on technology, application, size and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of hydropower market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global hydropower market report would provide approximately 61 tables, 59 figures and 203 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies