Large Hydro Power Plants Market to Grow with a CAGR of 5.19% through 2028
Growing demand for renewable energy and Increasing
government support for hydropower development are likely to drive the Market in
the forecast period.
According to TechSci Research report, “Large Hydro
Power Plants Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Large Hydro Power Plants Market
is experiencing a surge in demand in the forecast period. One of the primary drivers of the global Large Hydro
Power Plants market is the urgent need to transition towards renewable energy
sources to mitigate climate change. Hydroelectric power, harnessed from large
dams and reservoirs, stands as a critical contributor to this transition. As
the world grapples with the consequences of climate change, there is a growing
recognition of the necessity to reduce greenhouse gas emissions. Large hydro
power plants offer a clean and sustainable energy solution that can play a
pivotal role in achieving this goal. Unlike fossil fuels, they generate
electricity without emitting carbon dioxide or other harmful pollutants, making
them a low-carbon alternative. Furthermore, large hydro projects often
incorporate pumped-storage hydroelectricity, a technology that can store
surplus energy during periods of low demand and release it when demand is high.
This capability complements intermittent renewable energy sources like wind and
solar by providing grid stability and balancing supply and demand. Governments and organizations worldwide are
committed to ambitious climate targets, and large hydro power plants are a key
instrument in achieving these goals. As a result, policies and investments are
driving the development and expansion of large hydroelectric facilities,
positioning them as a critical driver in the transition to a more sustainable
and carbon-neutral energy future.
Energy security and reliability constitute a
significant driver for the global Large Hydro Power Plants market. Large
hydroelectric projects play a crucial role in ensuring a stable and dependable
energy supply, making them indispensable in addressing the growing global
energy demand. Unlike some renewable energy sources, such as wind and solar,
which are intermittent and dependent on weather conditions, large hydro power
plants provide a consistent and controllable source of electricity. This
stability is vital for grid management and ensuring that electricity supply
meets the varying demands of industries and households. Large hydro projects
also serve as a source of baseload power, meaning they can generate electricity
around the clock, year-round. This characteristic is vital for meeting the
fundamental energy needs of societies and reducing the risk of power shortages
or blackouts during peak demand periods. Additionally, large hydro power plants
contribute to national energy security by reducing dependence on imported
fossil fuels, enhancing energy independence, and mitigating the risks
associated with volatile oil and gas prices and supply disruptions. As
countries worldwide prioritize the reliability and security of their energy
supply, large hydro power plants remain a key driver in the global energy
landscape, offering dependable and sustainable solutions to meet the energy
needs of both developed and developing nations.
Browse over XX Market data Figures spread
through XX Pages and an in-depth TOC on "Global Large
Hydro Power Plants Market.”
The Global Large Hydro Power Plants Market is
segmented into type, application, component and region.
Based on type, The Pumped Storage Hydropower segment
held the largest Market share in 2022. One of the primary reasons for the
dominance of PSH is its unique ability to provide grid stabilization and
flexibility. PSH facilities can rapidly respond to fluctuations in electricity
demand. During periods of low demand or excess electricity generation (such as
from intermittent renewable sources like wind and solar), surplus electricity
is used to pump water to an upper reservoir. When demand spikes, water is released
from the upper reservoir to the lower reservoir, passing through turbines to
generate electricity. This rapid response helps balance the grid, ensuring a
stable and reliable electricity supply.
PSH essentially serves as a large-scale energy storage system. It stores
excess electricity when supply exceeds demand and releases it when demand
exceeds supply. This feature is invaluable in managing variable energy sources
like wind and solar, which are subject to weather conditions. PSH helps smooth
out the intermittency of renewable energy generation, making it more reliable
and grid-friendly. PSH facilities are particularly effective during peak
electricity demand periods, which occur daily or seasonally. They can quickly
provide a surge of electricity to meet high demand, reducing the need for
fossil fuel-based peaker plants that are less efficient and more polluting. PSH
plants are known for their high efficiency in converting electricity to stored
energy and back to electricity. They also have a long operational lifespan,
often exceeding 50 years, making them a reliable and long-term asset for grid
operators. In some cases, PSH projects can be built as extensions or
enhancements to existing hydropower facilities, leveraging existing dams and
reservoirs to reduce construction costs and environmental impacts. As countries
strive to reduce greenhouse gas emissions and transition to cleaner energy
sources, PSH plays a crucial role in integrating intermittent renewables into
the energy mix. It helps maintain grid stability and ensures that renewable
energy can reliably meet a growing share of electricity demand.
Based on application, The industrial segment held the
largest Market share in 2022. Large hydro power plants are capable of
generating a significant amount of electricity due to their size and capacity.
They often produce electricity on a utility scale, which makes them well-suited
to meet the high energy demands of industrial facilities, manufacturing
processes, and large-scale operations. Large hydro power plants are typically
designed to provide baseload power, meaning they can generate electricity continuously
and reliably. This makes them an ideal choice for industrial applications,
which often require a stable and uninterrupted power supply to maintain
production processes. Large hydro power plants, once operational, can offer
cost-competitive electricity compared to other sources. Their relatively low
operational and maintenance costs, coupled with their long operational
lifespans, make them an attractive option for industrial users seeking
cost-effective and reliable energy sources. Large hydroelectric projects are
considered a clean and renewable energy source with minimal greenhouse gas
emissions during operation. This aligns with the sustainability goals of many
industrial organizations and helps them reduce their carbon footprint, which is
especially important as environmental regulations and sustainability
commitments become more stringent. The reliable and consistent output of large
hydro power plants contributes to grid stability. Industrial users often
require a stable and resilient power supply to avoid costly disruptions in
their operations. Large hydro projects play a role in ensuring energy security
for industries. Certain industries, such
as metal smelting, chemical manufacturing, and data centers, have substantial
energy requirements due to their energy-intensive processes. Large hydro power
plants can provide the necessary energy capacity to meet these industrial
demands effectively. The feasibility of large hydro power plants is often tied
to the availability of suitable water resources and geographical conditions.
Major companies operating in the Global Large
Hydro Power Plants Market are:
- China Three Gorges Corporation
- Sinohydro Corporation
- Andritz Group
- GE Hydro Company
- Voith GmbH & Co.
- Alstom SA
- ABB Ltd
- Siemens Energy AG
- Hitachi Group
- Mitsubishi Heavy Industries
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“The Global Large Hydro Power Plants Market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. Hydropower
is a clean and renewable source of energy that is increasingly being sought
after by governments and businesses around the world. Governments around the
world are providing financial and other incentives to support the development
of hydropower projects. Also, Private investors are also investing in
hydropower projects, recognizing the potential for attractive returns. Therefore, the Market
of Large Hydro Power Plants is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Large Hydro Power Plants Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type
(Run-Of-River, Pumped Storage Hydropower), By Application (Residential,
Commercial, Industrial), By Component (Electric Infrastructure,
Electromechanical Equipment, Civil Works, Others), By Region, By Competition”, has evaluated
the future growth potential of Global Large Hydro Power Plants Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Large Hydro Power Plants Market.
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