In addition to the most popular renewable energy sources – solar and wind power – several countries are investing in the development of their hydropower capacity as they look to diversify their energy mix in pursuit of greater energy security. The hydropower market is valued at an estimated $251.58 billion this year and is expected to reach a value of $356.36 billion by 2031, growing at a CAGR of 5.1 percent between 2024 and 2031. Several traditional hydropower markets will continue to grow, while other new markets will emerge as countries pursue alternative green energy projects.
When it comes to pumped storage hydropower, China is leading the global market. China’s installed capacity of pumped storage hydropower reached 50.94 million kW by the end of last year, the highest capacity globally. The approved project pipeline stood at an additional 179 million kW at the end of 2023. PSH projects include two water…
