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.
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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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