Hydropower Market 2021 Environment, Product Definition, Industry Chain Overview - 2027
The rising level of awareness about environmental conservation has shifted the focus towards clean and renewable energy. Hydropower remains highly touted renewable option owing to its high sustainability and lower implications on the environment. Market Research Future (MRFR) projects that the global hydropower market will grow at over 3% CAGR during the forecast period (2019-2023).
Water supplies globally remain in abundance, which is prompting the energy sector to shift its focus towards hydropower. Moreover, the rapid exhaustion of fossil fuel and concerns over CO2 emission is driving the adoption of energy sources that are sustainable and eco-friendly. Preference for hydropower is high due to its versatile characteristics and application of sustainable technology. Hydropower not only allows generation of electricity but also storage of water. Hydropower currently contributes 20% of the overall electricity supply worldwide. Pro-environmental practices and lower consequences on the ecology are some of the key factors supporting the adoption of hydropower plants.
Over time, hydropower plants have mushroomed across the globe. It is gaining momentum in both rural and urban areas. In addition, hydropower is affordable and reliable which is a crucial economic factor. This allows development of hydropower plant in economically backward regions.
Compared to other renewable energies such as solar and wind, hydropower is more viable. The data released by Energy Information Administration (EIA) revealed that hydroelectricity capacity utilization factor (CUF) is more than 60% when compared to 25% for Solar PV. The global hydropower market is also benefiting from the stern actions taken on use of resources that result in high toxic production.
Global Hydropower Market: Regional Analysis
The hydropower market is emerging fast in various parts of the world. This is mainly owing to rising consumption of electricity. The global power demand has increased substantially over the years. This has prompted authorities to explore sustainable options that can help them meet the growing power demand. Meanwhile, growing criticism over non-renewable energy owing exploitation of the ecology has created new challenges. Consequently, renewable and non-conventional sources such as smart grids, hydropower windmills have gained significant traction. Asia Pacific has emerged as one of the largest markets for hydropower. Rapid industrial growth and fast urbanization in countries such as India and China has led to a substantial rise in consumption of electricity. Asia Pacific is expected to remain a highly profitable market for hydropower during the assessment period.
North America, led by the U.S., is also viewed as a crucial market for hydropower. In terms of value, the U.S. accounts for more than 50% share of North America hydropower market. Widespread availability of untapped reserves couple with the rapid inclination towers clean and renewable energy is influencing the market in the region.
In Europe, countries such as Austria, France and Switzerland are the frontrunner in the hydropower generation. The European Commission is taking stern measures to tackle issues such as climate change, global warming, rapid depletion of nation resources and rising carbon emission. This is creating market opportunities for renewable energies such as wind, solar and hydro. Hydropower plants are capable of generating highly volume of electricity which in turn is drawing significant commercial interest towards it.
Global Hydropower Market: Competition Analysis
Some of the notable companies operating in the global hydropower market size include ANDRITZ HYDRO GmbH (Austria), China Three Gorges Corporation (China), ABB Ltd (Switzerland), Tata Power Corporation (India), General Electric Company (U.S), Metso Corporation (Sweden), Voith GmbH (Germany), Engie (France), Hydro-Québec (Canada), and Alfa Laval (Sweden).
Industry News
- Morocco-based renewable energy company Platinum Power has recently joined forces with China First Highway Engineering Co., Ltd. (CFHEC) to construct a hydropower plant in central Morocco. The construction project is reportedly evaluated to cost nearly $ 300 Million.
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