Hydropower Market – Competitive Landscape & Product Benchmarking 2017-2024
In addition, the necessity to provide electricity to rural areas, high global demand for uninterrupted power supply, and the requirement of water for irrigation, navigation, flood control, recreation, and drinking water supply will augment the growth of hydropower market, slated to cross 1,300 GW by 2024, with a CAGR estimation of 2% over 2017-2024.
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The United States, being one of the most developed economies of the modern world, has always been one of the key pioneers partaking in the commercialization of hydropower industry. The existence of the Grand Coulee hydropower project bears evidence to this statement. This facility was constructed in three phases and is one of the largest hydroelectric power stations in the world.
Operated by the U.S. Bureau of Reclamation, this facility, located on River Colombia in the state of Washington, has an annual generating capacity of more than 24 TWh. This plant accounts for a sizable proportion of the country’s power supply and consumption and thereby, contributes toward the growth of U.S. hydropower market. The third phase of the facility is expected to be completed in 2018.
The U.S. held more than 50% of North America hydropower industry share in 2016 and is expected to grow massively over the coming years. The region is a treasure house of untapped reserves, which will propel the business trends. In addition, the government has been implementing stringent measures to curb GHG emissions and supply clean, uninterrupted power, which will stimulate hydropower market. The companies in the U.S. as well as the regulatory bodies have been making substantial investments toward the adoption of sustainable energy, which will lead U.S. hydropower industry to grow at a CAGR of 2% over 2017-2024.
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Large capacity products held more than 80% of global hydropower industry share in 2016 and are expected to grow remarkably over the next few years. This growth can be credited to the rising demand for uninterrupted electricity supply. In addition, these products will be installed at the upgraded hydropower facilities, which will further propel the business expansion.
The upgradation of existing facilities will be a major factor driving large hydropower market over the coming years. For instance, Agder Energi, in 2013, awarded a deal worth USD 24.4 million to Alstom for upgrading the Iveland II hydroelectric plant. This facility, based in Norway, has a generating capacity of around 150 GWh and is forecast to contribute significantly toward the growth of Norway hydropower industry.
A favorable regulatory landscape is a key factor propelling the growth of large hydropower market. Institutions such as the World Bank, Aquila Capital, and the Climate Aligned Bonds Initiative are renowned to contribute massively toward the growth of hydropower industry by means of heavy investments and other initiatives. In 2015, for example, the Climate Aligned Bonds Initiative allotted labeled green bonds worth USD 41.8 billion, to increase the share of electricity supply from hydroelectric stations.
Small Hydropower Market is also slated to establish its footprints globally. This segment is likely to be augmented by the low costs of civil construction and the rising measures to eliminate carbon and GHG emissions. In fact, in 2015, the Small-Scale Hydro Power Program had been launched by the Economic Community of West African States to achieve a share of 33% from hydropower toward the overall energy supply, which will subsequently propel small hydropower industry share..
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The contribution of regulatory bodies toward the growth of hydropower market is indeed commendable. Recently, in April 2017, the EIA (Energy Information Administration) had scrutinized that the CUF (capacity utilization factor) for hydroelectricity was more than 60%, while the CUF for solar PV electricity was only 25%. This factor is expected to propel hydropower industry over the coming seven years.
In addition, the governments across various geographies have been taking appreciable efforts to condemn the wastage of energy and encourage the adoption of renewable energy sources. A number of reliable statistics bear testimony to this fact. For instance, the United Nations Framework Convention on Climate Change (UNFCCC) and the Canada West Foundation had inked a deal to jointly reduce the GHG emissions. Besides, in October 2014, the U.S. Federal Government had made an investment of more than USD 3.5 million to promote the manufacturing of electricity from hydropower, under the Section 242 of the Energy Policy Act. Such initiatives are expected to massively impel the growth of global hydropower market over the coming seven years.
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