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Hydropower Market to reach 1,300 GW by 2024

06-16-2017 11:23 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

The global Hydropower Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers.

Rising electricity demand coupled with increasing investment towards sustainable energy will stimulate the global hydropower market size. As per International Energy Agency (IEA), hydroelectric accounted for over 80% of the total renewable energy mix. North America and Europe have introduced plans to upgrade, renovate, and modernize the existing stations to ensure more efficient operations. For instance, in March 2015, Latvenergo announced to invest USD 222.26 million towards reconstruction of Riga, Plavinas and Kegums hydroelectric power stations in Latvia by 2022.

U.S. hydropower market size is projected to grow over 2% owing to its large untapped hydro potential reserves. Growing measures to minimize carbon footprints may further stimulate the business landscape. In 2015, Oak Ridge National Laboratory (ORNL) and Non-Powered Dams (NPDs) estimated 12,000 MW capacity of existing untapped reserves.

Reliable, high operating life cycle coupled with low maintenance costs are some of the key indicators which will stimulate the hydropower market share. Flood control, irrigation, tourism, aquaculture and recreation in remote areas are some of the salient benefits, which will complement the industry outlook. In Europe and North America, the authorities have introduced bond funds to raise investment for hydroelectric projects. These funds are particularly aimed at acquiring present assets over the new build.

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Low generation cost along with ability to produce high electric output will foster the hydropower market share. In 2016, Department of Energy (DOE) projected Levelized Energy Costs (LEC) of USD 56.2/MWh from hydroelectric when compared with USD 191/MWh from solar thermal.

Large capacity segment in 2016 accounted for over 80% of global hydropower market share. Rising demand for continuous and reliable electricity along with upgradation of existing generating stations will stimulate the business landscape. In 2013, Agder Energi awarded a contract worth USD 24.4 million to Alstom, towards upgradation of the Iveland II hydroelectric plant in Norway, which has a generating capacity of approximately 150-GWh and 50 MW on annual basis. In 2016, Andritz installed three hydroelectric stations in Nicaragua and Brazil with an aggregate value of over USD 75 million with an aim to provide constant and reliable electricity.

Low ecological impact coupled with cost competitiveness are some of the key parameters which will embellish the mini hydropower market size. The University of Science and Technology of Hanoi (USTH), Vietnam in February 2016 installed 60 MW of mini capacity grid connected power station in 48 different locations with capacity range between 100 kW to 7500 kW. Measures towards carbon emission coupled with low civil refurbishment cost will drive micro and pico hydropower market. In 2016, Philippines announced its ambitious plan to construct over 150 micro plants with an increasing electricity generating capacity approximately by 50 MW.

Major participants in hydropower market are ANDRITZ HYDRO, Voith, General Electric, Alfa Laval, China Three Gorges Corporation, China Yangtze Power, Metso, Hydro-Québec, RusHydro, Duke Energy, Agder Energi, Georgia Power, StatKraft, Ontario Power Generation, Engie, ABB, EDF and Tata Power.

Growing demand for decentralize power generation along with measures to reduce carbon footprints will fuel the China solar PV Mounting systems market. In 2016, Government of China issued a document 625 on renewable energy, which makes it obligatory for grid connected companies to purchase certain amount of electricity from renewable generators up to an allocated hour.
Notable players in solar PV mounting systems market include, UNIRAC, Quick Mount PV, K2 SYSTEMS, Landpower Solar, RBI Solar, Schletter, Mounting Systems, DPW Solar, SolarWorld, Versolsolar, Xiamen Grace Solar Technology, Clenergy, SNS Corporation, Suyash Metatech.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

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