United States Hydropower Market Size (2024 - 2029)

United States Hydropower Market Size Summary

The United States hydropower market is poised for growth, driven by the increasing adoption of clean energy sources and the availability of abundant hydro resources. Despite the challenges posed by the COVID-19 pandemic, which disrupted construction activities and reduced electricity demand, the market is expected to expand. Large-scale hydropower, in particular, is anticipated to experience significant growth due to its reliability in meeting peak electricity demands and the country's ambitious renewable energy targets. The presence of substantial water resources and government support, including funding for research and development, further bolsters the market's potential. However, the rapid adoption of alternative renewable energy sources such as solar and wind energy, which offer lower costs and easier installation, may pose challenges to hydropower's growth.

The market landscape is moderately consolidated, with key players like GE Renewable Energy, Siemens Energy AG, and Duke Energy Corporation actively participating. The development of new pumped storage projects and ongoing construction of facilities like the Gordon Butte Pumped Storage Hydro Power plant are expected to contribute to market expansion. However, the high upfront capital costs and the need for long-term financing remain significant obstacles to further deployment. As solar and wind energy continue to gain traction, supported by declining costs and government policies, they are likely to restrain the growth of the hydropower market in the United States during the forecast period.