Hydropower Generation Market 2021 Incredible Possibilities, Growth Opportunities, Detailed Analysis and Forecast to 2027

According to the report, the global hydropower generation market is projected to generate $317.8 billion by 2027, manifesting a CAGR of 5.9% from 2020 to 2027. Based on region, Asia-Pacific, followed by North America, accounted for the largest share in 2019, contributing to nearly half of the total share, and will maintain its dominant position in terms of revenue by 2027. Moreover, this region would witness the fastest CAGR of 6.2% during the forecast period. This is attributed to rapid industrialization and urbanization, demand for renewable energy, and the need to reduce the dependency on conventional fossil fuels for energy generation.

Rise in demand for clean energy across the globe and to reduce the dependency on conventional fossil fuel such as coal to generate the electricity has led to set up various hydroelectric power projects across the globe. In addition, governments of various countries have imposed stringent environmental policies to reduce the carbon footprint. Due to this, various developed and developing countries such as the U.S., China, and India have closed their coal power stations and have invested heavily to install new hydropower generation stations for the generation of renewable power to meet the growing energy demand. Owing to this, the demand for new hydropower is expected to surge significantly across the globe during the forecast period.

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Based on capacity, the large hydro power plant (above 10MW) segment accounted for the highest market share, holding nearly two-thirds of the total market share in 2019, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to improved efficiency, long life span, less maintenance & operation cost, high reliability, and upcoming hydropower projects. However, the medium hydro power plant (1MW - 10MW) segment is projected to manifest the highest CAGR of 6.2% from 2020 to 2027, owing to increase in electrification activities in rural areas across the Asia-Pacific.

Key players operating in the global hydropower generation market include Andritz Hydro USA Inc., GE Energy, CPFL Energia S.A., Sinohydro Corporation, IHI Corporation, Alstom Hydro, China Hydroelectric Corporation, China Three Gorges Corporation, ABB Ltd, and Gerdau S.A.

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Covid-19 Scenario

Governments imposed the lockdown to prevent the spread of coronavirus. This resulted in postponement of ongoing and proposed projects of governments. However, the impact on facilities with high level of automation has been lesser as compared to those that do not have automation.

There have been uncertainty and liquidity shortages, which in turn, led to occurrence of risks related to financing and refinancing of some of the hydropower projects. Moreover, few development and modernization projects have been halted as the supply chain disrupted.

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