Hydropower Generation Market
According to a new report published by Allied Market Research, titled, “Hydropower Generation Market: Opportunity Analysis and Industry Forecast, 2020–2027,” The global hydropower generation market was valued at $202.4 billion in 2019, and is projected to reach $317.8 billion by 2027, growing at a CAGR of 5.9% from 2020 to 2027.
Hydropower is a form of renewable energy that uses the water stored in dams, as well as flowing in rivers to create electricity in hydropower plants. The falling water rotates the blades of a turbine, which then spins a generator that converts the mechanical energy of the spinning turbine into electrical energy. Hydropower is a significant component of electricity production worldwide.
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The rise in demand for clean energy across the globe and to reduce the dependency on conventional fossil fuel such as coal to generate electricity has led to a set of various hydroelectric power projects across the globe. In addition, governments of various countries have imposed stringent environmental policies to reduce their carbon footprint. Due to this, various developed and developing countries such as the U.S., China, and India have closed their coal power stations and have invested heavily to install new hydropower generation stations for the generation of renewable power to meet the growing energy demand. Owing to this, the demand for new hydropower is expected to surge significantly across the globe during the forecast period.
The global market is segmented based on capacity and region. Based on capacity, the hydropower generation market is fragmented into small hydropower plant (up to 1MW), medium hydropower plant (1MW - 10MW), and large hydropower plant (above 10MW). The large hydropower plant (above 10MW) is the leading segment that dominated the global market with more than three-fifths of the total market share in 2019.
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Region-wise, the hydropower generation market size is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major global hydropower generation market share in 2019 and dominated the global market with nearly half of the total market share in 2019.
Key players operating in the global hydropower generation market include Andritz Hydro USA Inc., GE Energy, CPFL Energia S.A., Sinohydro Corporation, IHI Corporation, Alstom Hydro, China Hydroelectric Corporation, China Three Gorges Corporation, ABB Ltd, and Gerdau S.A.
COVID-19 analysis:
COVID-19 has grown to be a global health threat, impacting a hundred and forty nations and triggering the World Health Organization (WHO) to declaring it as a worldwide pandemic. Correspondingly, governments have taken severe confinement measures, including shutting down various power generation infrastructure development programs. Due to this, the construction of sanctioned and ongoing hydropower projects has been halted for an indefinite period, which is expected to affect the growth of the market during the forecast period.
Key findings of the study
- The large hydropower plant (above 10MW) segment dominated the global market hydropower generation with around 65.0% of the market share in terms of revenue.
- The medium hydropower plant (1MW - 10MW) segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 30.5% from 2020 to 2027.
- Asia-Pacific dominated the global hydropower generation market with around 49.2% of the market share in terms of revenue. In addition, it is also estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.2% from 2020 to 2027.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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