Hydroelectric power generation utilizes the energy of falling or flowing water to produce renewable and emission-free electricity. Hydroelectric turbines convert the kinetic energy of flowing water into mechanical energy that drives an electrical generator to produce electricity. Hydro power plants contribute significantly to global renewable energy supply by generating large amounts of baseload renewable electricity without depleting natural resources. Global investments in renewable energy have increased substantially in the recent past owing to climate change concerns. This has propelled the development of new hydroelectric power projects worldwide.
The hydro generators market is estimated to be valued at USD 156.22 billion in 2024 and is expected to reach USD 247.55 billion by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.
The global Hydro Generators Market Growth is primarily driven by increasing investments in renewable energy projects. Government incentives and subsidies for clean energy adoption are encouraging investments in sustainable hydropower projects. Availability of abundant water resources for hydropower generation in regions like Asia Pacific, Latin America, and Africa is another key factor augmenting market growth. Furthermore, the market is expected to grow significantly during the forecast period due to growing inclination towards eco-friendly sources of electricity and need for alternative options for base load power generation.
Get More Insights On- Hydro Generators Market
Get This Report in Japanese Language: 水力発電機市場
Get This Report in Korean Language: 수력발전기시장