수력발전 시장 규모, 점유율, 성장, 세계 산업 분석 : 유형별 및 용도별, 지역별 인사이트와 예측(2024-2032년)

Growth Factors of hydropower Market

The global hydropower market remains one of the most critical pillars of the clean energy transition, offering reliable, renewable, and large-scale electricity generation. According to the 2024-2032 market assessment, the global hydropower market size was valued at USD 109.05 billion in 2024. Driven by rising electricity demand, government incentives, infrastructure expansion, and growing emphasis on carbon-neutral energy systems, the market is expected to reach USD 116.09 billion in 2025. Over the long term, robust growth across Asia Pacific, North America, and Europe is projected to push the market to USD 184.43 billion by 2032, reflecting a steady CAGR of 6.84% during the forecast period.

Hydropower remains the largest source of renewable electricity globally due to its reliability, storage capability, and flexibility in balancing intermittent energy sources such as solar and wind. In 2024, Asia Pacific dominated the global market with a 58.75% share, supported by massive infrastructure investments, rapid capacity additions, and the presence of major hydropower nations including China, India, and Southeast Asian economies.

Market Drivers

1. High Flexibility and Grid Stability Advantages

Hydropower plants offer exceptional grid flexibility, as they can ramp electricity generation up or down quickly compared to coal, natural gas, or nuclear facilities. This operational advantage allows hydropower to compensate for fluctuations in wind and solar output, making it essential for maintaining stable, clean, and reliable electricity systems. The ability to start, stop, and restart generation swiftly is increasingly valuable as countries add more renewable capacity.

2. Government Policies and Funding Support

Governments worldwide are investing heavily in hydropower expansion. Incentives, subsidies, and renewable energy mandates continue to accelerate development. For instance, in August 2024, India approved Central Financial Assistance to support hydropower equity participation in the North Eastern Region, enabling the development of 15,000 MW of new hydro capacity. Such policy frameworks foster long-term sector growth and attract both domestic and international investments.

Market Restraints

High Capital Costs

Hydropower projects require large upfront capital, long construction timelines, and complex regulatory approvals. Remote project sites increase operational costs and maintenance needs. According to the National Renewable Energy Laboratory, New Stream-Reach Development projects cost between USD 6,574/kW and USD 8,611/kW in 2022, presenting financial challenges, especially in developing economies.

Market Opportunities

Growth in Small-Scale and Digitized Hydropower

Small hydropower plants offer significant market potential due to their low environmental impact and adaptability in remote regions. Digital technologies, predictive analytics, and automation can enhance performance and reduce costs. Industry estimates suggest that digitalized hydropower systems could add 42 TWh of output annually, save USD 5 billion in operational costs, and reduce emissions significantly.

Market Trends

Rise of Pumped Storage Hydropower (PSH)

Pumped storage hydropower is becoming the world's leading energy storage method, functioning like a rechargeable water battery. PSH systems provide long-duration storage, enhance grid resilience, and support intermittent renewable integration. The U.S. hosts one of the largest PSH plants-the 3 GW Bath County facility, capable of powering 750,000 homes for 11 hours. Globally, PSH systems store up to 9,000 GWh of electricity, according to the International Hydropower Association.

Impact of COVID-19

The pandemic initially disrupted hydropower development due to supply chain delays, worker shortages, and financing constraints. In some markets, electricity demand dropped by over 20%, impacting revenues. However, long-term power purchase agreements and the sector's dependability helped stabilize operations. Industry confidence temporarily fell from 77% to 56%, but recovery accelerated as governments emphasized clean energy investment for economic revival.

Regional Overview

Asia Pacific - Global Leader

Asia Pacific generated USD 64.07 billion in 2024, supported by large-scale projects in China, India, and Southeast Asia. China alone aims to add 80 GW of pumped storage capacity by 2027 and reached 115 billion kWh hydropower generation in May 2024. By 2025, China's market value is expected to reach USD 29.53 billion, while Japan and India will reach USD 21.47 billion and USD 4.51 billion, respectively.

North America

North America is projected to reach USD 14.02 billion in 2025. The U.S. has 2,252 hydropower facilities generating 80.92 GW, with strong modernization support from federal clean energy legislation. The U.S. market alone will reach USD 7.27 billion in 2025.

Europe

Europe is expected to reach USD 23.70 billion in 2025. The region is prioritizing pumped storage, modernization of aging assets, and grid flexibility solutions. Spain will reach USD 16.20 billion, Germany USD 3.61 billion, and Italy USD 1.52 billion in 2025.

Conclusion

With the market forecast to rise from USD 109.05 billion in 2024 to USD 184.43 billion by 2032, hydropower remains central to global decarbonization strategies. Increasing investments, technological advancements, supportive policies, and rising energy demand ensure strong long-term market potential. Hydropower's ability to deliver reliable baseload power and large-scale storage positions it as a vital contributor to the global clean energy transition.

Segmentation By Type

• Small Hydropower
• Large Hydropower

By Region

• North America (By Type, and By Country)
  • U.S. (By Type)
  • Canada (By Type)
• Europe (By Type, and By Country)
  • UK (By Type)
  • Germany (By Type)
  • France (By Type)
  • Italy (By Type)
  • Spain (By Type)
  • Russia (By Type)
  • Rest of Europe (By Type)
• Asia Pacific (By Type, and By Country)
  • China (By Type)
  • India (By Type)
  • Japan (By Type)
  • Australia (By Type)
  • Southeast Asia (By Type)
  • Rest of Asia Pacific (By Type)
• Latin America (By Type, and By Country)
  • Brazil (By Type)
  • Mexico (By Type)
  • Rest of Latin America (By Type)
• Middle East & Africa (By Type, and By Country)
  • GCC (By Type)
  • South Africa (By Type)
  • Rest of Middle East & Africa (By Type)

Table of Content

1. Introduction

• 1.1. Research Scope
• 1.2. Market Segmentation
• 1.3. Research Methodology
• 1.4. Definitions & Assumptions

2. Executive Summary

3. Market Dynamics

• 3.1. Market Drivers
• 3.2. Market Restraints
• 3.3. Market Opportunities

4. Key Insights

• 4.1. Key Emerging Trends - For Major Countries
• 4.2. Latest Technological Advancement
• 4.3. Insight on Regulatory Landscape
• 4.4. Porters Five Forces Analysis
• 4.5. Impact of COVID-19 on the Global Hydropower Market

5. Global Hydropower Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032

• 5.1. Key Findings
• 5.2. Market Analysis, Insights, and Forecast - By Type
  • 5.2.1. Small Hydropower
  • 5.2.2. Large Hydropower
• 5.3. Market Analysis, Insights, and Forecast - By Region
  • 5.3.1. North America
  • 5.3.2. Europe
  • 5.3.3. Asia Pacific
  • 5.3.4. Latin America
  • 5.3.5. Middle East and Africa

6. North America Hydropower Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032

• 6.1. Key Findings
• 6.2. Market Analysis, Insights, and Forecast - By Type
  • 6.2.1. Small Hydropower
  • 6.2.2. Large Hydropower
• 6.3. Market Analysis, Insights, and Forecast - By Country
  • 6.3.1. U.S. Market Analysis, Insights, and Forecast - By Type
    • 6.3.1.1. Small Hydropower
    • 6.3.1.2. Large Hydropower
  • 6.3.2. Canada Market Analysis, Insights, and Forecast - By Type
    • 6.3.2.1. Small Hydropower
    • 6.3.2.2. Large Hydropower

7. Europe Hydropower Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032

• 7.1. Key Findings
• 7.2. Market Analysis, Insights, and Forecast - By Type
  • 7.2.1. Small Hydropower
  • 7.2.2. Large Hydropower
• 7.3. Market Analysis, Insights, and Forecast - By Country
  • 7.3.1. United Kingdom Market Analysis, Insights, and Forecast - By Type
    • 7.3.1.1. Small Hydropower
    • 7.3.1.2. Large Hydropower
  • 7.3.2. Germany Market Analysis, Insights, and Forecast - By Type
    • 7.3.2.1. Small Hydropower
    • 7.3.2.2. Large Hydropower
  • 7.3.3. France Market Analysis, Insights, and Forecast - By Type
    • 7.3.3.1. Small Hydropower
    • 7.3.3.2. Large Hydropower
  • 7.3.4. Italy Market Analysis, Insights, and Forecast - By Type
    • 7.3.4.1. Small Hydropower
    • 7.3.4.2. Large Hydropower
  • 7.3.5. Spain Market Analysis, Insights, and Forecast - By Type
    • 7.3.5.1. Small Hydropower
    • 7.3.5.2. Large Hydropower
  • 7.3.6. Rest of Europe Market Analysis, Insights, and Forecast - By Type
    • 7.3.6.1. Small Hydropower
    • 7.3.6.2. Large Hydropower

8. Asia Pacific Hydropower Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032

• 8.1. Key Findings
• 8.2. Market Analysis, Insights, and Forecast - By Type
  • 8.2.1. Small Hydropower
  • 8.2.2. Large Hydropower
• 8.3. Market Analysis, Insights, and Forecast - By Country
  • 8.3.1. China Market Analysis, Insights, and Forecast - By Type
    • 8.3.1.1. Small Hydropower
    • 8.3.1.2. Large Hydropower
  • 8.3.2. India Market Analysis, Insights, and Forecast - By Type
    • 8.3.2.1. Small Hydropower
    • 8.3.2.2. Large Hydropower
  • 8.3.3. Japan Market Analysis, Insights, and Forecast - By Type
    • 8.3.3.1. Small Hydropower
    • 8.3.3.2. Large Hydropower
  • 8.3.4. Australia Market Analysis, Insights, and Forecast - By Type
    • 8.3.4.1. Small Hydropower
    • 8.3.4.2. Large Hydropower
  • 8.3.5. Southeast Asia Market Analysis, Insights, and Forecast - By Type
    • 8.3.5.1. Small Hydropower
    • 8.3.5.2. Large Hydropower
  • 8.3.6. Rest of Asia Pacific Market Analysis, Insights, and Forecast - By Type
    • 8.3.6.1. Small Hydropower
    • 8.3.6.2. Large Hydropower

9. Latin America Hydropower Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032

• 9.1. Key Findings
• 9.2. Market Analysis, Insights, and Forecast - By Type
  • 9.2.1. Small Hydropower
  • 9.2.2. Large Hydropower
• 9.3. Market Analysis, Insights, and Forecast - By Country
  • 9.3.1. Brazil Market Analysis, Insights, and Forecast - By Type
    • 9.3.1.1. Small Hydropower
    • 9.3.1.2. Large Hydropower
  • 9.3.2. Mexico Market Analysis, Insights, and Forecast - By Type
    • 9.3.2.1. Small Hydropower
    • 9.3.2.2. Large Hydropower
  • 9.3.3. Rest of Latin America Market Analysis, Insights, and Forecast - By Type
    • 9.3.3.1. Small Hydropower
    • 9.3.3.2. Large Hydropower

10. Middle East and Africa Hydropower Market (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2032

• 10.1. Key Findings
• 10.2. Market Analysis, Insights, and Forecast - By Type
  • 10.2.1. Small Hydropower
  • 10.2.2. Large Hydropower
• 10.3. Market Analysis, Insights, and Forecast - By Country
  • 10.3.1. GCC Market Analysis, Insights, and Forecast - By Type
    • 10.3.1.1. Small Hydropower
    • 10.3.1.2. Large Hydropower
  • 10.3.2. South Africa Market Analysis, Insights, and Forecast - By Type
    • 10.3.2.1. Small Hydropower
    • 10.3.2.2. Large Hydropower
  • 10.3.3. Rest of Middle East & Africa Market Analysis, Insights, and Forecast - By Type
    • 10.3.3.1. Small Hydropower
    • 10.3.3.2. Large Hydropower

11. Competitive Analysis

• 11.1. Company Market Share Analysis, 2024
• 11.2. Company Profile
  • 11.2.1. Toshiba
    • 11.2.1.1. Business Overview
    • 11.2.1.2. Product and Service Offerings
    • 11.2.1.3. Recent Developments
    • 11.2.1.4. Financials (Based on Availability)
  • 11.2.2. Centrais Eletricas Brasileiras
    • 11.2.2.1. Business Overview
    • 11.2.2.2. Product and Service Offerings
    • 11.2.2.3. Recent Developments
    • 11.2.2.4. Financials (Based on Availability)
  • 11.2.3. RusHydro
    • 11.2.3.1. Business Overview
    • 11.2.3.2. Product and Service Offerings
    • 11.2.3.3. Recent Developments
    • 11.2.3.4. Financials (Based on Availability)
  • 11.2.4. Statkraft
    • 11.2.4.1. Business Overview
    • 11.2.4.2. Product and Service Offerings
    • 11.2.4.3. Recent Developments
    • 11.2.4.4. Financials (Based on Availability)
  • 11.2.5. ANDRITZ AG
    • 11.2.5.1. Business Overview
    • 11.2.5.2. Product and Service Offerings
    • 11.2.5.3. Recent Developments
    • 11.2.5.4. Financials (Based on Availability)
  • 11.2.6. Siemens Energy AG
    • 11.2.6.1. Business Overview
    • 11.2.6.2. Product and Service Offerings
    • 11.2.6.3. Recent Developments
    • 11.2.6.4. Financials (Based on Availability)
  • 11.2.7. GE Renewable Energy
    • 11.2.7.1. Business Overview
    • 11.2.7.2. Product and Service Offerings
    • 11.2.7.3. Recent Developments
    • 11.2.7.4. Financials (Based on Availability)
  • 11.2.8. Voith GmbH
    • 11.2.8.1. Business Overview
    • 11.2.8.2. Product and Service Offerings
    • 11.2.8.3. Recent Developments
    • 11.2.8.4. Financials (Based on Availability)
  • 11.2.9. Iberdola SA
    • 11.2.9.1. Business Overview
    • 11.2.9.2. Product and Service Offerings
    • 11.2.9.3. Recent Developments
    • 11.2.9.4. Financials (Based on Availability)
  • 11.2.10. KONCAR
    • 11.2.10.1. Business Overview
    • 11.2.10.2. Product and Service Offerings
    • 11.2.10.3. Recent Developments
    • 11.2.10.4. Financials (Based on Availability)
  • 11.2.11. China Yangtze Power Co Ltd
    • 11.2.11.1. Business Overview
    • 11.2.11.2. Product and Service Offerings
    • 11.2.11.3. Recent Developments
    • 11.2.11.4. Financials (Based on Availability)
  • 11.2.12. Alstom Hydro
    • 11.2.12.1. Business Overview
    • 11.2.12.2. Product and Service Offerings
    • 11.2.12.3. Recent Developments
    • 11.2.12.4. Financials (Based on Availability)
  • 11.2.13. Tata Power Company
    • 11.2.13.1. Business Overview
    • 11.2.13.2. Product and Service Offerings
    • 11.2.13.3. Recent Developments
    • 11.2.13.4. Financials (Based on Availability)
  • 11.2.14. American Hydro Corp
    • 11.2.14.1. Business Overview
    • 11.2.14.2. Product and Service Offerings
    • 11.2.14.3. Recent Developments
    • 11.2.14.4. Financials (Based on Availability)