Hydro Power Market has been valued at USD 123.55 billion in the year 2021 and it is estimated to reach USD 227.01 billion by the year 2027, with a CAGR of 10.60% from 2022 to 2027. Hydro power provides benefits beyond electricity generation by providing flood control, irrigation support, and clean drinking water. Hydropower is affordable. Hydropower provides low-cost electricity and durability over time compared to other sources of energy; these are the main factors that have considerably increased the demand for Hydro power in the market, thereby driving the huge growth of the Hydro power market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Hydro power in the market are mainly due to the large-scale hydropower projects typically involving dams. Run-of-river and tidal projects also harness the power of moving water to generate renewable electricity. A hydropower dam converts the potential energy stored in a water reservoir behind a dam to mechanical energy—mechanical energy is also known as kinetic energy. As the water flows down through the dam its kinetic energy is used to turn a turbine. The generator converts the turbine’s mechanical energy into electricity. This electric energy then goes through various transmission processes before it reaches the consumer; these are the main factors that have considerably increased the demand for the Hydro power in the market, thereby driving the huge growth of the Hydropower market in the upcoming years

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The report is segmented as:

Hydro Power Market is segmented on the basis of

By Power Generation Capacity:

By Power Generation Capacity (Small, Large, Micro, Pico-Hydro)

Geographical Segmentation:

Hydro power Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa and rest of world. North America has the dominant share in the Hydro power is due to the growing demand for clean energy across the globe. Rapid industrialization and urbanization, especially in the developing countries these are the main factors that have considerably increased the demand for the Hydro power in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Hydro power Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact the growth of Hydro power during the forecast period. The covid-19 pandemic has impacted hugely on the sales revenue of Hydro power market, Due to the government restrictions like lockdown in many countries have stopped the production of products by manufacturing companies. Companies have started opening their manufacturing units after taking all the necessary preventive measures. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus.

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