Hydropower Market to Witness Remarkable Growth by 2027 | GE Energy, Andritz, China Hydroelectric, American Hydro and Alstom Hydro
Furthermore, in the developing nations such as India and China, are anticipated to provide lucrative growth opportunities for market players.
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The 1,800 MW Grand Eweng projects, which is expected to be the fourth largest hydropower plant in Africa is likely to be completed by 2024. Moreover, various other projects such as Kpep (485 MW) and Makay (365 MW) are expected to have added about 3,000 MW of hydropower capacity by 2025.
The Government of Uganda is boosting the development of the identified hydropower sites. The country is currently implementing two hydropower projects, including Isimba (183.2 MW) and Karuma (600 MW). The requirement of high capital and operational expenditures along with long gestation periods is expected to restrain the market from expanding.
Key Players in hydropower market report are GE Energy, Andritz AG, China Hydroelectric Corporation, China Three Gorges Corporation, American Hydro Corporation, Alstom Hydro, The Tata Power Company, and ABB Ltd.
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Region wise, the hydropower market is segmented across regions such as North America, Europe, Asia-Pacific, and Middle East, and Africa. Asia-Pacific is the leading regional market for the hydropower industry. The Europe is expected to showcase moderate growth over the forecast period.
COVID-19 scenario analysis
The world has been affected adversely by the outbreak of coronavirus. Many industrial plants are shut down due to low demand. Hydropower plants remain completely operational during the recent lockdown, as electricity generation is designated as an essential service across the globe.
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