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Hydropower Market to Witness Remarkable Growth by 2027 | GE Energy, Andritz, China Hydroelectric, American Hydro and Alstom Hydro

04-23-2021 11:08 AM CET | Energy & Environment

Press release from: Allied Market Research

Factors such as efforts to reduce dependency on fossil fuel-based power generation and rise in number of upcoming projects particularly in the Asia-Pacific region are expected to drive the hydropower market growth. Moreover, rise in focus of governments to make renewable energy sources and reduce dependence on the highly polluting and depleting fossil fuels are expected to propel the growth of the global hydropower market.

Furthermore, in the developing nations such as India and China, are anticipated to provide lucrative growth opportunities for market players.
Rapid development of renewable energy sources along with increase in environmental concern are expected to fuel the growth of global hydropower market during the forecast period. Increase in focus on renewable energy sector, especially in the emerging economies such as China, India, and Brazil is setting growth trajectory of market. As a result, construction of key hydropower projects, including the installation of 32 turbines and the Gorges Dam in China are undertaken and several new projects are expected to be initiated in the coming years, which are likely to drive the market growth.

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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.

Get detailed COVID-19 impact analysis on the Hydropower Market @https://www.alliedmarketresearch.com/request-for-customization/7356?reqfor=covid

About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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