Hydropower Market Research Report - Information Report by Capacity (mini hydropower, micro and pico hydropower, small hydropower and large hydropower) and By Regions - Global Forecast to 2023
Currently, the Hydropower market is in the growth stage. This is due to the increase in demand for power, and, global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to restrict carbon emission will boost the global hydropower market. The Asia-Pacific region is the leading market for energy storage market and is followed by Europe and North-America.
U.S hydropower market accounted about over 50% of the North America share. Large availability of untapped reserves with growing measures towards clean and reliable electricity is anticipated to boost the hydropower industry in U.S
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In Europe, Switzerland, France and Austria has a current hydropower capacity of about 6.42 GW, 5.81 GW and 4.32 GW respectively. Rising concern towards the climate change along with strict government regulation to reduce carbon emission will stimulate the hydropower market in this region.
Growing electricity demand and large availability of water resource with well-established geographic topology in Asia-Pacific Region will certainly boost the hydropower market. Also, rapid urbanization and industrialization re some of the factors encouraging the hydropower growth.
The key players of global hydropower market are Voith GmbH (Germany), ANDRITZ HYDRO GmbH (Austria), General Electric Company (U.S), China Three Gorges Corporation (China), Alfa Laval (Sweden), Metso Corporation (Sweden), Hydro-Québec (Canada), ABB Ltd (Switzerland), Engie (France) and Tata Power Corporation (India).
The growing attention towards efficiencies of conversion of the adoption of renewable energy integration coupled with its wide applications range including water supply for irrigation and flood control will boost the hydropower market growth during the forecast period. The global volatility in fossil fuel prices along with initiatives towards energy security will further complement the hydropower industry landscape. Hydropower is one of the oldest sources of energy which was used for thousands of years ago, to turn paddle wheels that help grind grain. Hydropower is a versatile, sustainable technology and it is the world’s largest source of the renewable energy and currently accounts for about 20% of the world’s total electricity supply. Hydropower has one of the best of conversion of all known energy sources. Harnessing water maturely can help take electricity access to millions of people. Stable, reliable and affordable electricity supply is also crucial for driving economic growth and ending the global poverty.
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As, Hydropower comes along with low levelised cost, high capacity utilization factor and ease of grid parity, which will stimulate the global hydropower market size. Recently, Energy Information Administration (EIA) quoted that, hydroelectricity capacity utilization factor (CUF) to be over 60% when compared to 25% for Solar PV. Stringent government regulation towards reducing the global carbon footprint coupled with depleting conventional resources will drive the global hydropower market. However, the high initial investment cost of hydropower infrastructure with safety concern regarding it and developing modern technology with alternative product launch can restrain global hydropower market.
The global hydropower market is expected to grow at a CAGR of more than 3% during the forecast period.
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