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The hydropower plant construction market size is estimated to grow at a CAGR of 5.9% between 2022 and 2027. The market size is forecast to increase by USD 24.63 billion. The growth of the market depends on several factors, such as the growing electricity demand, the increasing adoption of policies related to energy security and diversification, and the rising climatic considerations.
This report extensively covers market segmentation by capacity (large hydropower plants, medium hydropower plants, small hydropower plants, and others), type (pumped storage, impoundment, and diversion), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Hydropower Plant Construction Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There has been an increase in demand for electricity at an unprecedented rate due to the growth in population and economy, resulting in countries seeking hydropower as a sustainable and dependable source of electricity generation. As a result, it has significantly fuelled the global hydropower plant construction market.
Moreover, hydropower is an ideal option for countries looking to meet their rising energy needs due to its renewable characteristics and low carbon footprint. In addition, the increasing need to balance the supply of electricity with the demand for it led to the development of new hydroelectric power plants. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
There has been a growing interest in building smaller hydropower projects in the global hydropower plant construction market over the last few years. Such projects are known as micro hydropower plants and are gaining traction due to their eco-friendly and cost-effective advantages. Moreover, there is an increasing focus on small-scale hydroelectricity projects as they have the potential to harness local water resources. The main advantage of micro hydropower plants is that they can be developed on small streams and rivers, unlike large-scale projects that require large dam structures and large bodies of water.
Furthermore, these small hydropower plants offer considerable advantages to rural and remote communities such that access to power improves the standard of living for local inhabitants, enabling them to access better education, health care, and economic opportunities. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
There has been a significant technological development of renewable energy sources which can pose a threat to the global market for the construction of hydropower plant infrastructure. Thus, such development can pose certain risks to the development and sustainability of hydroelectric power plants.
Moreover, the increasing efficiency and cost-effectiveness of solar and wind energy sources are some of the main challenges presented by the technological development of renewable energy. As a result, it has led to an increasing preference for these alternatives, leading to a decrease in the need for hydroelectric power plants. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market during the forecast period.
The large hydropower plants segment is estimated to witness significant growth during the forecast period. There are distinct classifications of the global market for the construction of hydropower plants into various segments based on capacity. The construction of large-scale hydropower plants is one of the main segments that are vital for meeting the increasing demand for renewable energy resources. Hydropower plants can be referred to as large-scale facilities with a capacity of more than 50 MW and are renowned for their capacity to generate large quantities of electricity.
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The large hydropower plants segment was the largest segment and was valued at USD 29.63 billion in 2017. These hydropower plants are constructed to exploit the potential of rivers and bodies of water leveraging dams or other forms of water diversion. Hydropower is essentially classified by its reliability, sustainability, and environmental friendliness because it does not generate greenhouse gases during the production of electricity. The main advantage of large hydroelectric power plants is their capacity to offer a reliable and long-term power supply, which is vital for powering industrial sectors, metropolitan areas, and regions. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Based on type, the segment is classified into pumped storage, impoundment, and diversion. One of the emerging trends in the global hydroelectric power plant construction sector is the pumped storage segment. The pumped storage segment has become increasingly prominent due to the increase in the utilization of renewable energy sources as well as their capacity to store and discharge electricity in response to changing demand. This segment enables efficient utilization and control of renewable energy sources, thus ensuring a consistent and reliable power supply. Furthermore, this segment facilitates a multi-layered approach, considering factors including appropriate topography, availability of water, and network infrastructure. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 40% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. There has been a significant development of hydropower plants in APAC over the last few years. The rapid industrialization and urbanization have resulted in a growing demand for energy sources that are both sustainable and dependable.
Therefore, there is an increasing preference for hydropower across several countries in APAC. One of the main countries which have signficantly contributed to the market growth in the region is China. There has been a significant investment by in the construction of major hydropower facilities such as the Three Great River Dam, one of the most extensive hydropower plants in the world. Furthermore, there is an increasing investment by India in hydropower initiatives to improve their energy security and decrease their reliance on fossil fuels. Hence, such factors are expected to drive the market in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global hydropower plant construction market witnessed a significant slowdown due to delays in the completion of projects, a disruption in the supply chain, and financial restrictions. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business operations, including manufacturing and production processes. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
British Columbia Hydro and Power Authority: The company offers hydropower plant construction such as the Walter Hardman project.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
A Energi, Centrais Eletricas Brasileiras SA, China Yangtze Power Co. Ltd., Doosan Enerbility Co. Ltd., Duke Energy Corp., Enel Spa, ESFC Investment Group, Himal Hydro and General Construction Ltd., Hindustan Construction Co. Ltd., Hydro Quebec, ITD Cementation India Ltd., Mannvit, Meidensha Corp., Navayuga Group, P and R InfraProjects Ltd., RusHydro, Snowy Hydro Ltd., and Southern Co.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The hydropower plant construction market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Hydropower Plant Construction Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.9% |
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Market growth 2023-2027 |
USD 24.63 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.35 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A Energi, British Columbia Hydro and Power Authority, Centrais Eletricas Brasileiras SA, China Yangtze Power Co. Ltd., Doosan Enerbility Co. Ltd., Duke Energy Corp., Enel Spa, ESFC Investment Group, Himal Hydro and General Construction Ltd., Hindustan Construction Co. Ltd., Hydro Quebec, ITD Cementation India Ltd., Mannvit, Meidensha Corp., Navayuga Group, P and R InfraProjects Ltd., RusHydro, Snowy Hydro Ltd., and Southern Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Capacity
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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