- Dependency on fossil fuels for power generation has led to their depletion. This has propelled governmental initiatives on the adoption of renewable sources. One of the most reliable renewable sources & technology for generating power is hydropower. The worldwide hydropower market is predicted to have an installed capacity over 1, 760 GW (gigawatt) by 2024. It could register about 4.1 % CAGR during the forecast period (2016 to 2024).
Hydropower does not emit poisonous waste or greenhouse gases (GHGs). A hydropower plant requires a dam and necessary equipment to generate power from flowing water. The water quantity is replenished by rains & snowfalls. Hydropower can be controlled through turbines by engineers. It is used by almost sixty countries across the globe. Hydropower accounts for around 20% of the renewable power worldwide. This figure should increase significantly till 2024.
For Market Research Report on “Hydropower Market” Visit - http://www.grandviewresearch.com/industry-analysis/hydropower-industry
The hydropower market will grow due to reduction in carbon footprints and creation of cost-effective electricity-production sources. As estimated by the ‘International Energy Agency,’ sustainable hydropower deployment could assist in clearing nearly one billion tons of yearly CO2 (carbon dioxide) emissions by 2050.
The industry is additionally driven by the demand for power in China, India, and Brazil. This is evident from the installation of 32 turbines and completion of the third phase of the ‘Three Gorges Dam’ in China. Supportive policies and increasing funding programs in Canada and Italy are predicted to offer future opportunities.
The hydropower market is split by applications and regions. Applications comprise industrial, commercial, and residential. Industrial accounted for nearly 45% shares in 2013. This was credited to rapid industrialization in China & India. The segment will attain an installed capacity of approximately 694.4 GW by 2020.
Regions in the industry are North America, Europe, Asia Pacific (APAC), and RoW (Rest of the World). APAC is anticipated to reign till 2020, with China accounting for majority of the consumption. China was the largest producer in 2013. It had 24% shares that year. The country should witness the fastest growth (6.2%) during 2013 to 2020. It will have an installed capacity over 400 GW in 2020. Ongoing constructions of the Baihetan, Wudongde, and Xiangjiaba dams are expected to spur Asian Pacific sales.
North America should grow lucratively in the eight years ahead. Supportive governmental regulations in the United States drive regional demand. Policies such as Small Conduit Hydropower Development and Rural Jobs Act and Hydropower Regulatory Efficiency Act can increase the nation’s capacity to generate hydropower. The global market will see future investments in South America, Asia, and Africa.
Notable players in the worldwide hydropower market encompass GE Energy, China Three Gorges Corporation (CTGC), China Hydroelectric Corporation, and Sinohydro Corporation. Mergers & partnerships are followed by private companies. CTGC is close to signing an agreement with Nepal Electricity Authority (NEA) for manufacturing a hydropower plant. This plant would have a capacity of 750 MW (megawatt) & be located in the western Nepal.
CTGC managed to acquire the operating rights of Ilha Solteira and Jupia stations in Brazil. This cemented its position as the second largest electricity producer in the nation. The said company is also looking to invest in hydropower projects in Mozambique and Angola to boost its geographic reach.
Information Source: Grand View Research
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