Hydroelectricity Market Growth Accelerating at a Rapid Pace due to Innovative Strategies

The electricity generated by hydropower is known as hydroelectricity. Hydropower is produced in 150 nations, with the Asia-Pacific accounting for nearly 33% of the global hydroelectricity production. Hydroelectricity has a moderately low cost, making it an opportunistic source of renewable energy. The hydro station does not use water, unlike coal or gas plants. With a dam and reservoir, it is also a flexible source of electricity, as the amount produced by the station can be rapidly increased or decreased to meet the changing energy demands. When a hydroelectric power plant is built, no immediate waste is produced, and the output level of ozone- depleting substances is usually significant lower than that of photovoltaic power plants and unquestionably petroleum -fueled energy plants.

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Rapid development of renewable energy sources along with increase in environmental concern are expected to fuel the growth of global 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.

Top Impacting Factors
Some of the driving factors include a shift toward cleaner fuel sources and plans to increase the proportion of renewable energy in the absolute power generation mix across the globe including all the major developed and emerging economies. The market is also being driven by extensive investment in hydropower projects across several countries over the last few decades. For instance, the Lao government in January 2019 began the construction of 12 hydropower dams. However, high capital investment and operational expenditures, as well as a long gestation period are anticipated to hinder the market growth in the forecasted period.

Market Trends
• Voith Hydro opened a branch office in Kathmandu, Nepal in September 2019. Voith Hydro, which has been supplying hydropower equipment to Nepal since 1968, embarked on this extension to fabricate its client base and provide quality assistance.
• VolgaHydro, Russian subsidiary of Voith opened a new production plant in Balakovo, Russia in June 2019. This new venture, would include maintenance services and the supply of equipment to large and small hydropower plants.
• GE Renewable Energy began offering secluded turbines for mini- hydropower in July 2019, following its new application with Energy. The mini hydro power units were available in 10 kW and 15 kW measures and they could be combined to provide arrangements up to 1 MW.

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Competitive scenario:
The report encompasses an in-depth study of the major players operating across the world, along with market share analysis, and an outlook on the strategies adopted by the top players in the industry. Moreover, the report highlights the developmental strategies such as mergers & acquisitions, product launches, and partnerships incorporated by the market players to heighten their foothold in the market.
The Hydroelectricity market analysis covers in-depth information of the major industry participants. Some of the major players in the hydroelectricity market include Voith, ANDRITZ, GE Renewable Energy, Toshiba, Siemens, BHEL, Gilbert Gilkes & Gordon, and Flovel.

Key benefits of the report:
• This study presents the analytical depiction of the global Hydroelectricity 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 detailed analysis of the global Hydroelectricity market share.
• The current market is quantitatively analyzed from 2023 to 2032 to highlight the global Hydroelectricity market growth scenario.

Key segments covered:
By Capacity
• Up to 1 MW
• 1-10 MW

By Type
• Micro Hydropower
• Mini Hydropower

By Components
• Electromechanical Equipment
• Electric infrastructure
• Civil Works
• Others

By Region
• North America
• Europe
• Asia-Pacific
• LAMEA

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