San Francisco, 14 November
2018: According to a report published by Grand View Research,
Inc.; the hydropowermarket 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.
Access
Research Report of Hydropower
Market@ www.grandviewresearch.com/industry-analysis/hydropower-industry
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.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/renewable-energy
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.
Access
Press Release of Hydropower Market@ www.grandviewresearch.com/press-release/global-hydropower-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
