지하 수력발전소 시장 : 세계 산업 규모, 점유율, 동향, 기회, 예측 - 유형별, 용량별, 최종사용자별, 지역별, 경쟁별(2020-2030년)

Global Underground Hydro Power Plant Market was valued at USD 68.87 billion in 2024 and is expected to reach USD 82.59 billion by 2030 with a CAGR of 2.92% during the forecast period.

The Underground Hydro Power Plant market refers to the sector focused on the development, construction, and operation of hydroelectric power stations that are primarily built below the surface of the earth, typically within mountains, deep tunnels, or underground caverns. These facilities leverage the potential and kinetic energy of water to generate electricity, often using subterranean reservoirs, penstocks, turbines, and generators strategically placed in geologically stable environments. Underground hydro power plants offer multiple advantages over surface plants, including lower visual and ecological footprints, enhanced protection from environmental and climatic disruptions, and increased operational security.

This market is gaining momentum as governments and private stakeholders prioritize renewable and low-emission energy sources to meet global sustainability goals and energy security needs. The shift toward underground infrastructure is also driven by the growing urbanization and land scarcity in densely populated regions, which makes subterranean development a practical solution. Furthermore, advancements in tunneling technology, civil engineering, and digital monitoring systems have significantly reduced construction complexities and operational risks associated with underground hydro installations.

Pumped storage, one of the key applications of underground hydro plants, is also contributing to market expansion as it enables grid stability by storing surplus energy and releasing it during peak demand periods, making it highly attractive to countries integrating high volumes of intermittent solar and wind power into their grids. The market is also expected to benefit from increasing investments in modernizing aging hydroelectric infrastructure and the development of hybrid renewable energy systems that combine underground hydro with other sources such as solar and wind.

Key Market Drivers

Increasing Demand for Renewable Energy Sources

The global push for sustainable energy solutions is a primary driver for the Underground Hydro Power Plant Market. Governments, industries, and consumers are prioritizing renewable energy to meet climate goals and reduce reliance on fossil fuels, which contribute significantly to greenhouse gas emissions. Underground hydropower plants, leveraging the kinetic energy of water to generate electricity, offer a reliable and environmentally friendly solution. These facilities minimize land use conflicts and ecological disruptions compared to traditional surface hydropower plants, making them attractive for regions with stringent environmental regulations.

The ability of underground plants to operate in diverse terrains, including mountainous or densely populated areas, enhances their appeal. Additionally, their design reduces visual and environmental impacts, aligning with sustainability objectives. As nations commit to net-zero targets, such as those outlined in the Paris Agreement, underground hydropower plants are increasingly integrated into energy portfolios. Their capacity to provide stable, low-carbon electricity supports grid reliability, especially when paired with intermittent sources like solar and wind. This driver is fueled by global energy policies promoting clean energy transitions and incentivizing infrastructure investments that prioritize long-term environmental benefits.

In 2022, global hydropower generation reached 4,429 terawatt-hours, accounting for 17% of global electricity production, with underground facilities contributing to this due to their ability to harness water energy in constrained environments. The International Energy Agency notes that hydropower's share in renewable energy capacity was 37% in 2022, underscoring its critical role. Underground plants, with their lower environmental footprint, are estimated to have supported 5% of this capacity, equating to roughly 221 terawatt-hours globally.

Key Market Challenges

High Capital Investment and Long Payback Period

One of the most pressing challenges facing the underground hydro power plant market is the substantial initial capital investment required for project development and the associated long payback period. Constructing underground hydroelectric facilities involves complex engineering designs, extensive geological surveys, specialized tunneling operations, and the procurement of heavy-duty electro-mechanical equipment. These factors significantly increase the capital cost when compared to conventional surface hydro power plants. Moreover, due to the underground nature of these projects, additional financial resources are allocated to mitigate geological uncertainties, address potential seismic vulnerabilities, and ensure structural stability.

The cost of acquiring skilled labor, advanced boring equipment, and high-precision civil engineering services adds further to the financial burden. In addition, permitting, regulatory compliance, and environmental assessments can extend project timelines, which ultimately delays revenue generation and return on investment. For private developers and investors, the long gestation period presents a deterrent, especially in economies where short-term returns are prioritized over long-term infrastructure benefits. Although governments in developed nations may offer subsidies or policy incentives, such financial mechanisms are often unavailable or insufficient in emerging markets.

Additionally, the complexity of securing financing for such capital-intensive projects can discourage institutional investors and financial institutions due to perceived risks and long amortization cycles. This issue is further complicated by fluctuating interest rates, currency volatility in developing nations, and competing investment opportunities in more scalable and modular renewable energy solutions like solar and wind power. In summary, the underground hydro power plant market is constrained by high capital expenditure and extended break-even timelines, which may inhibit market participation, particularly in capital-sensitive and high-risk geographies.

Key Market Trends

Integration of Digital Monitoring and Automation Technologies

One of the most prominent trends shaping the underground hydro power plant market is the accelerated adoption of advanced digital monitoring and automation technologies. As underground hydroelectric systems operate in highly complex and confined environments, the integration of real-time monitoring solutions is becoming essential to ensure operational efficiency, safety, and reliability.

Operators are increasingly implementing supervisory control and data acquisition systems, remote sensing technologies, Internet of Things-based instrumentation, and predictive analytics to oversee critical functions such as water flow regulation, turbine performance, and structural integrity. These technologies enable proactive maintenance by detecting faults or inefficiencies before they lead to costly downtime or equipment failure. Additionally, digital twins are being employed to simulate plant operations and optimize performance parameters using historical and real-time data.

This digital transformation is also facilitating remote operations and control, reducing dependency on on-site manpower, and enhancing the overall safety of personnel working in subterranean environments. Automation tools further enable load balancing, energy forecasting, and real-time integration with national grids, which is especially vital for countries managing intermittent renewable energy inputs. The convergence of automation and artificial intelligence is also supporting the optimization of energy dispatch in pumped storage facilities by adjusting water levels and flow patterns in response to fluctuating grid demand.

This trend is expected to continue as utilities, governments, and private operators invest in modernizing legacy hydro infrastructure to meet evolving regulatory, safety, and performance standards. The focus on digitalization not only improves plant reliability and efficiency but also strengthens the long-term economic viability of underground hydro power installations, making them a more attractive option in the global transition toward sustainable energy systems.

Key Market Players

• Andritz Hydro GmbH
• General Electric Company (GE Renewable Energy)
• Voith Hydro GmbH & Co. KG
• Siemens Energy AG
• Toshiba Energy Systems & Solutions Corporation
• RusHydro Group
• Hitachi Energy Ltd.
• China Three Gorges Corporation
• SNC-Lavalin Group Inc. (AtkinsRealis)
• Larsen & Toubro Limited

Report Scope:

In this report, the Global Underground Hydro Power Plant Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Underground Hydro Power Plant Market, By Type:

• Storage Underground Hydro Power Plants
• Run-of-River Underground Hydro Power Plants
• Pumped Storage Underground Hydro Power Plants

Underground Hydro Power Plant Market, By Capacity:

• Less than 100 Megawatt
• 100-500 Megawatt
• Above 500 Megawatt

Underground Hydro Power Plant Market, By End-User:

• Industrial
• Residential
• Commercial
• Utility

Underground Hydro Power Plant Market, By Region:

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
• South America
  • Brazil
  • Argentina
  • Colombia
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Underground Hydro Power Plant Market.

Available Customizations:

Global Underground Hydro Power Plant Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Underground Hydro Power Plant Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Type (Storage Underground Hydro Power Plants, Run-of-River Underground Hydro Power Plants, Pumped Storage Underground Hydro Power Plants)
  • 5.2.2. By Capacity (Less than 100 Megawatt, 100-500 Megawatt, Above 500 Megawatt)
  • 5.2.3. By End-User (Industrial, Residential, Commercial, Utility)
  • 5.2.4. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)
• 5.3. By Company (2024)
• 5.4. Market Map

6. North America Underground Hydro Power Plant Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Type
  • 6.2.2. By Capacity
  • 6.2.3. By End-User
  • 6.2.4. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Underground Hydro Power Plant Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Type
      • 6.3.1.2.2. By Capacity
      • 6.3.1.2.3. By End-User
  • 6.3.2. Canada Underground Hydro Power Plant Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Type
      • 6.3.2.2.2. By Capacity
      • 6.3.2.2.3. By End-User
  • 6.3.3. Mexico Underground Hydro Power Plant Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Type
      • 6.3.3.2.2. By Capacity
      • 6.3.3.2.3. By End-User

7. Europe Underground Hydro Power Plant Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Type
  • 7.2.2. By Capacity
  • 7.2.3. By End-User
  • 7.2.4. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Underground Hydro Power Plant Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Type
      • 7.3.1.2.2. By Capacity
      • 7.3.1.2.3. By End-User
  • 7.3.2. France Underground Hydro Power Plant Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Type
      • 7.3.2.2.2. By Capacity
      • 7.3.2.2.3. By End-User
  • 7.3.3. United Kingdom Underground Hydro Power Plant Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Type
      • 7.3.3.2.2. By Capacity
      • 7.3.3.2.3. By End-User
  • 7.3.4. Italy Underground Hydro Power Plant Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Type
      • 7.3.4.2.2. By Capacity
      • 7.3.4.2.3. By End-User
  • 7.3.5. Spain Underground Hydro Power Plant Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Type
      • 7.3.5.2.2. By Capacity
      • 7.3.5.2.3. By End-User

8. Asia Pacific Underground Hydro Power Plant Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Type
  • 8.2.2. By Capacity
  • 8.2.3. By End-User
  • 8.2.4. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Underground Hydro Power Plant Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Type
      • 8.3.1.2.2. By Capacity
      • 8.3.1.2.3. By End-User
  • 8.3.2. India Underground Hydro Power Plant Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Type
      • 8.3.2.2.2. By Capacity
      • 8.3.2.2.3. By End-User
  • 8.3.3. Japan Underground Hydro Power Plant Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Type
      • 8.3.3.2.2. By Capacity
      • 8.3.3.2.3. By End-User
  • 8.3.4. South Korea Underground Hydro Power Plant Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Type
      • 8.3.4.2.2. By Capacity
      • 8.3.4.2.3. By End-User
  • 8.3.5. Australia Underground Hydro Power Plant Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Type
      • 8.3.5.2.2. By Capacity
      • 8.3.5.2.3. By End-User

9. Middle East & Africa Underground Hydro Power Plant Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Type
  • 9.2.2. By Capacity
  • 9.2.3. By End-User
  • 9.2.4. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Underground Hydro Power Plant Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Type
      • 9.3.1.2.2. By Capacity
      • 9.3.1.2.3. By End-User
  • 9.3.2. UAE Underground Hydro Power Plant Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Type
      • 9.3.2.2.2. By Capacity
      • 9.3.2.2.3. By End-User
  • 9.3.3. South Africa Underground Hydro Power Plant Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Type
      • 9.3.3.2.2. By Capacity
      • 9.3.3.2.3. By End-User

10. South America Underground Hydro Power Plant Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Type
  • 10.2.2. By Capacity
  • 10.2.3. By End-User
  • 10.2.4. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Underground Hydro Power Plant Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Type
      • 10.3.1.2.2. By Capacity
      • 10.3.1.2.3. By End-User
  • 10.3.2. Colombia Underground Hydro Power Plant Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Type
      • 10.3.2.2.2. By Capacity
      • 10.3.2.2.3. By End-User
  • 10.3.3. Argentina Underground Hydro Power Plant Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Type
      • 10.3.3.2.2. By Capacity
      • 10.3.3.2.3. By End-User

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends and Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Company Profiles

• 13.1. Andritz Hydro GmbH
  • 13.1.1. Business Overview
  • 13.1.2. Key Revenue and Financials
  • 13.1.3. Recent Developments
  • 13.1.4. Key Personnel
  • 13.1.5. Key Product/Services Offered
• 13.2. General Electric Company (GE Renewable Energy)
• 13.3. Voith Hydro GmbH & Co. KG
• 13.4. Siemens Energy AG
• 13.5. Toshiba Energy Systems & Solutions Corporation
• 13.6. RusHydro Group
• 13.7. Hitachi Energy Ltd.
• 13.8. China Three Gorges Corporation
• 13.9. SNC-Lavalin Group Inc. (AtkinsRealis)
• 13.10. Larsen & Toubro Limited

14. Strategic Recommendations

15. About Us & Disclaimer