Hydropower Market is Expected to Reach 1,524 GW by 2020: Grand View Research, Inc.

13-November-2018: According to a report published by Grand View Research, Inc.; the hydropower market is expected to reach 1,524 GW by 2020.

Increasing demand for energy due to growing population across the world along with need to reduce dependence on conventional power generation can drive the market over the forecast period (2012 to 2020). Additionally, growing government support in the for of financial incentives and tax benefits can also support the market growth.

Approximately one-fifth of the world’s total electricity is provided by hydropower. It is used by more than 60 countries worldwide to meet half of their electricity demand. Increasing adoption of technology to substitute fossil fuel-based power generation for reducing carbon emission and cost-effectiveness of hydropower-based electricity generation can boost the market in the coming years. For instance, as per the estimates of the International Energy Agency (IEA), the implementation of sustainable hydropower as proposed by this organization can help to avoid about one billion tons of annual carbon dioxide emission by 2050. The technology is considered as one of the cleanest fuel sources which get renewed by rainfall and snow. The flow of water can be controlled with the help of turbine; therefore, hydropower is readily available as per demand. Additionally, the reservoirs can also provide recreational opportunities and activities like swimming and boating. Hydropower is also popular for many reasons including flood control, ability to respond to fluctuating electricity demand, and water management.

Worldwide hydropower market can be segmented on the basis of application and region. Based on application, the market can be divided into residential, industrial, and commercial.

In 2013, the industrial segment estimated for the major market share of 44.8% of the overall market owing to rapid industrialization in developing countries such as India and China. The segment is anticipated to reach 694.41 GW in installed capacity by 2020.Geographically, the market can be divided into North America, Europe, Asia Pacific, and Rest of World.

Around one-fifth of the world’s entire electricity comes through hydropower. It is utilized by more than 60 countries across the world to complete the half of their electricity demand. Presently, the technology estimated for 20% of the overall deployed renewable power capacity, globally and is anticipated to surge its share during the next decade due to rapid capacity additions particularly in developing countries including India, Indonesia, and China. According to the International Hydropower Association (IHA), new hydropower of some 30 GW was allowed in 2012 which included pumped storage of 2 GW.

Asia Pacific is likely to dominate the market by 2020 due to presence of a large amount of ongoing hydropower projects, specially in China. In 2013, China appeared as the single largest hydropower generating nation and occupied 24.61% of overall market share. The country is likely to show fastest growth at an estimated CAGR of 6.2% from 2013 to 2020 and to accomplish capacity of over 400GW in 2020. The Xiluodo project, the Wudongde and Xiangjiaba, and the Baihetan dam, which is likely to be completed in 2019 are some of the prominent projects in China.

Favorable government regulations about sustainable energy in the U.S. and European Union is likely to support the market growth. North America is anticipated to show lucrative gains during the forecast period due to presence of favorable regulations. In 2013, the U.S. president Barack Obama passed the Hydropower Regulatory Efficiency Act and Small Conduit Hydropower Development and Rural Jobs Act, which is expected to drive the regional growth. This bill aims to establish a new or current hydropower capacity to get advantage of untapped market potential.In addition, Small Conduit Hydropower Development and Rural Jobs in the U.S. and rising number of funding programs regarding renewable energy sector in developed countries such as Canada are some of the key factors likely to create opportunities in the market.

Prominent companies operating in the market include Andritz Hydro USA Inc.; Ertan Hyropower Development Company, Ltd.; China Three Gorges Corporation; Companhia Energetica De Minas Gerais; and The Tata Power Corporation.

In-Depth Research Report On Hydropower Market:

https://www.grandviewresearch.com/industry-analysis/hydropower-industry