In 2020, the production of renewable electricity with the help of hydropower gained a record of 5,233 TWh. This is considered the most powerful input from a renewable energy source in history.
Government policies and goals on the international level play a critical role in hydropower evolution. As far as countries are more and more concerned about climate deterioration caused by renewable energy solutions, the majority of European countries, as well as the US, have offered the hydropower project starting from 31 GW in 2021. As reported by the International Energy Agency, investment in hydropower on the international level in 2021 is already more than 53 billion US dollars.
Nowadays, pumped-storage hydropower amounts to more than 93% of established global energy storage capacity and exceeds 97% of the energy preserved in network applications. In 2020, globally, pumped storage hydropower installed capacity increased by 296 MW. Additionally, according to International Hydropower Association, global pumped storage hydropower capacity will raise by 81 GW by 2033.
Consequently, taking into account all the previously mentioned factors, the hydropower sphere will dominate the market during 2021 — 2026.
Regarding the regions that will dominate the renewables market, Asia-Pacific is expected to do that.
Starting from 2016, the Asia-Pacific region is considered the leader in the renewable energy market in recent years. Most probably, it will keep its dominance up to 2026.