Hydropower Generation Market Size is Projected to Showcase Significant CAGR of 5.9% Over 2027

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.

Hydropower is regarded as a big battery of the nation where you can store power in the form of water. Today, energy from the river is responsible for one-fifth of the world’s electricitygeneration, and in the future, it is projected to increase. While wind and solar power are gaining importance, the cost of hydropower generation is still lower.

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The growing concern of depletion of fossil fuels and their major contribution to pollution and global warming. Thus, an alternative such as hydropower plants hasa favorite despite the few drawbacks that come with it. While hydropower generation is promoted as a clean way of generating electricity, it is hardly so. The hydropower generation plants affectthe climate as well. Moreover, dams demand a tremendous steel and cement rock that is mined and cause local pollution during construction. The issues with biodiversity and displacement of local residents are still a concern. These sociological and ecological concerns are the prime challenges for hydropower generation.

There is no doubt that hydroelectric dams are disruptive to communities and ecosystems as it limits water supply to create larges reservoirs. In fact, it has blocked more than 55% of the spawning and rearing habitat that was available to salmon and steelhead before. Thus, researchers have been working to find a silver lining to these issues and come up with one possible solution: damless hydropower plants.

Rise in demand for electricity in emerging economies and surge in adoption of clean energy worldwide drive the global hydropower generation market. However, high operational and capital costs restrict the market growth. On the other hand, rise in demand for renewable power and increase in hydropower installation capacity present new opportunities in the next few years.

Based on capacity, the hydropower generation market is fragmented into small hydro power plant (up to 1MW), medium hydro power plant (1MW - 10MW), and large hydro power plant (above 10MW). The large hydro power plant (above 10MW) is the leading segment that dominated the global market with more than three-fifths of the total market share in 2019.

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Region wise, the hydropower generation market size is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major global hydropower generation market share in 2019, and dominated the global market with nearly half of the total market share in 2019.

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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