Report Code: A06991 | Pages: NA | Mar 2023 | 1284 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hydropower Market
Request Now !Hydropower is the process of conversion of energy from flowing water into electricity. Hydropower is a clean, sustainable, and easily available source of energy, which does not harm the environment. It is currently one of the most widely researched and used renewable source of energy. The power generated by hydropower plant is from the energy of water moving from higher to lower elevations. Moreover, hydropower possesses efficiencies of conversion of all known energy sources. For instance, in hydropower plant, rotating blades converts kinetic energy into electrical energy, which is generated from spinning motion. Low investment cost  and increase in electricity charges in the residential sector are some of the factors driving the market growth.
The world has been affected adversely by the outbreak of coronavirus. Many industrial plants are shut down due to low demand. Hydropower plants remain completely operational during the recent lockdown, as electricity generation is designated as an essential service across the globe.Â
Rapid development of renewable energy sources along with increase in environmental concern are expected to fuel the growth of global market during the forecast period. increase in focus on renewable energy sector, especially in the emerging economies such as China, India, and Brazil is setting growth trajectory of market. As a result, construction of key hydropower projects, including the installation of 32 turbines and the Gorges Dam in China are undertaken and several new projects are expected to be initiated in the coming years, which are likely to drive the market growth.Â
Factors such as efforts to reduce dependency on fossil fuel-based power generation and rise in number of upcoming projects particularly in the Asia-Pacific region are expected to drive the market growth. Moreover, rise in focus of governments to make renewable energy sources and reduce dependence on the highly polluting and depleting fossil fuels are expected to propel the growth of the global hydropower market. Furthermore, in the developing nations such as India and China, are anticipated to provide lucrative growth opportunities for market players.
The requirement of high capital and operational expenditures along with long gestation periods is expected to restrain the market from expanding. Â
The 1,800 MW Grand Eweng project, which is expected to be the fourth largest hydropower plant in Africa is likely to be completed by 2024. Moreover, various other projects such as Kpep (485 MW) and Makay (365 MW) are expected to have added about 3,000 MW of hydropower capacity by 2025.
The Government of Uganda is boosting the development of the identified hydropower sites. The country is currently implementing two hydropower projects, including Isimba (183.2 MW) and Karuma (600 MW).
Regional insights
Region wise, the hydropower market is segmented across regions such as North America, Europe, Asia-Pacific, and Middle East, and Africa. Asia-Pacific is the leading regional market for the hydropower industry. The Europe is expected to showcase moderate growth over the forecast period.Â
Key benefits of the report
Hydropower Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | GE Energy, Andritz AG, China Hydroelectric Corporation, China Three Gorges Corporation, American Hydro Corporation, Alstom Hydro, The Tata Power Company, ABB Ltd |
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