Market Overview:
The Global Hydropower Market is predicted to grow over the CAGR of more than 3% during the period 2017 to 2023.
The growing attention towards efficiencies of conversion of the adoption of renewable energy integration coupled with its wide applications range including water supply for irrigation and flood control will boost the hydropower market growth during the forecast period. The global volatility in fossil fuel prices along with initiatives towards energy security will further complement the hydropower industry landscape. Hydropower is one of the oldest sources of energy which was used for thousands of years ago, to turn paddle wheels that help grind grain. Hydropower is a versatile, sustainable technology and it is the world’s largest source of the renewable energy and currently accounts for about 20% of the world’s total electricity supply.
As, Hydropower comes along with low levelised cost, high capacity utilization factor and ease of grid parity, which will stimulate the global hydropower market size. Recently, Energy Information Administration (EIA) quoted that, hydroelectricity capacity utilization factor (CUF) to be over 60% when compared to 25% for Solar PV. Stringent government regulation towards reducing the global carbon footprint coupled with depleting conventional resources will drive the global hydropower market. However, the high initial investment cost of hydropower infrastructure with safety concern regarding it and developing modern technology with alternative product launch can restrain global hydropower market.
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Regional Analysis:
The Asia-Pacific region is the leading market for energy storage market and is followed by Europe and North-America.
The U.S hydropower market accounted about over 50% of the North America share. Large availability of untapped reserves with growing measures towards clean and reliable electricity is anticipated to boost the hydropower industry in U.S
In Europe, Switzerland, France and Austria has a current hydropower capacity of about 6.42 GW, 5.81 GW and 4.32 GW respectively. Rising concern towards the climate change along with strict government regulation to reduce carbon emission will stimulate the hydropower market in this region.
Market Segmentation:
The Global Hydropower Market has been segmented by capacity, and region.
On the basis of capacity; the hydropower market is categorized into mini hydropower, micro and pico hydropower, small hydropower and large hydropower.
Based on Region; it is divided into North America, Europe, APAC, Latin America, and Rest of World (RoW).
Global Key Players:
The key players available in the Global Hydropower Market are; Voith GmbH (Germany), ANDRITZ HYDRO GmbH (Austria), General Electric Company (U.S), China Three Gorges Corporation (China), Alfa Laval (Sweden), Metso Corporation (Sweden), Hydro-Québec (Canada), ABB Ltd. (Switzerland), Engie (France), and Tata Power Corporation (India).
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