Hydropower Market Set to Witness an Uptick During 2021 To 2031

Hydropower is the process of conversion of energy from flowing water into electricity. Hydropower is a clean, sustainable, and easily available source of energy, which does not harm the environment. It is currently one of the most widely researched and used renewable sources of energy. The power generated by hydropower plants is from the energy of water moving from higher to lower elevations. Moreover, hydropower possesses efficiencies of conversion of all known energy sources. For instance, in a hydropower plant, rotating blades convert kinetic energy into electrical energy, which is generated from spinning motion. Low investment costs and increases in electricity charges in the residential sector are some of the factors driving the market growth.

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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.

Market scenario analysis

The rapid development of renewable energy sources along with an increase in environmental concerns are expected to fuel the growth of the global market during the forecast period. increase in focus on the renewable energy sector, especially in emerging economies such as China, India, and Brazil is setting the growth trajectory of the market. As a result, the construction of key hydropower projects, including the installation of 32 turbines and the Gorges Dam in China is undertaken and several new projects are expected to be initiated in the coming years, which are likely to drive the market growth.

Market drivers and restraints

Factors such as efforts to reduce dependency on fossil fuel-based power generation and a rise in the number of upcoming projects, particularly in the Asia-Pacific region are expected to drive the market growth. Moreover, the rise in the focus of governments to make renewable energy sources and reduce dependence on highly polluting and depleting fossil fuels are expected to propel the growth of the global hydropower market. Furthermore, developing nations such as India and China, are anticipated to provide lucrative growth opportunities for market players.
The requirement of high capital and operational expenditures along with long gestation periods is expected to restrain the market from expanding.

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Market trends

The 1,800 MW Grand Eweng project, 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).
Regional Insights

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. Europe is expected to showcase moderate growth over the forecast period.

Market Key Segments:

By Type
• Mini
• Micro & Pico-hydro Plants
• Small
• Large

By Application
• Industrial
• Residential
• Commercial

By Region
• North America (U.S., Canada, Mexico)
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)

Key Market Players: GE Energy, Andritz AG, China Hydroelectric Corporation, China Three Gorges Corporation, American Hydro Corporation, Alstom Hydro, The Tata Power Company, ABB Ltd

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Key benefits of the report

• This study presents the analytical depiction of the global hydropower industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global hydropower market share.
• The current market is quantitatively analyzed to highlight the global hydropower market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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