Hydropower, although is an age long sources of energy, its market is still in its embryonic stage. Over the past few years, owing to the increase in demand for power, global initiatives to use more renewable and non-conventional energy sources, emergence of smart grids, and the global need to restrict carbon emission, the hydropower can market is growing rapidly.
On the other hand, factors such as the high initial investment cost of hydropower infrastructure and the with safety concern associated with it are expected to obstruct the market growth. Also, counterfeit, low-cost technologies are expected to restrain the growth of the global hydropower market during the forecast period.
The versatile and sustainable technology, hydropower is the world’s largest source of the renewable energy, accounting for about 20% of the total electricity supply globally. It provides a stable, reliable and affordable electricity supply which is a key factor that fosters the market growth, driving economic growth.
According to a recently published study report of Market Research Future (MRFR), the global market of Hydropower is booming and expected to gain prominence over the forecast period. The market is expected to demonstrate a voluminous growth by 2023, registering a 3% CAGR during the review period (2017-2023).
Industry Key Players:
Andritz Hydro GmbH (Austria), Voith GmbH (Germany), General Electric Company (US), Alfa Laval (Sweden), China Three Gorges Corporation (China), Hydro-Québec (Canada), Metso Corporation (Sweden), ABB Ltd (Switzerland), Tata Power Corporation (India), and Engie (France), are some of the leading players of the Global Hydropower Market. Profiling them in its analysis, MRFR explores strategies that keep them at the forefront of the competition.
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Global Hydropower Market – Competitive Landscape
Hydropower market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Vendors operating in the Market strive to develop innovative technologies, and best practices. Well established players incorporate collaboration, acquisition, partnership, technology launch and expansion to gain competitive advantage and to maintain their market position.
Turnkey project management players strive to optimize system reliability, including testing, commissioning and training for all mechanical and electrical equipment, hardware and software. Additionally, they provide all labor, materials, supervision, transportation, and management necessary to assist Reclamation in operating and maintaining the critical hydroelectric generation assets.
Industry/ Innovation /Related News:
July 23, 2018 – The World Bank Group (WBG) approved funding of USD 794.5.Mn. for a hydropower project based at Cameroon, in the Gulf of Guinea, Africa – Nachtigal. The Funding is expected to boost Cameroon’s hydropower capacity.
July 24, 2018 –The European Investment Bank announced a EUR 650 mn loan to support a three-dam hydropower project in Portugal to Iberdrola (Spain), an utility company. The project totals 1,158 MW in capacity that will be operational in 2023.
June 06, 2018 – Eaton Corporation Plc. (US), a multinational power management company announced receiving of a contract from the Mid-Pacific Region of the US Department of Interior’s Bureau of Reclamation to lead an electrical life extension and modernization project at the Shasta and Keswick hydroelectric power plants in California.
Global Hydropower Market – Segmentations
The report is segmented into two Key dynamics for an easy grasp and enhanced understanding.
By Capacities : Mini, Micro, and Pico Hydropower, Small, and Large Hydropower
By Regions : North America, Europe, APAC and Rest-of-the-World.
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Global Hydropower Market – Geographical Analysis
The Asia Pacific Hydropower market is expected to continue with its dominance in the years to come. Factors substantiating the market growth include, the growing electricity demand due to the growing population, urbanization and industrialization in the region. Simultaneously, the ample availability of water resources with well-established geographic topology is certainly impacting the market growth positively, boosting the market growth.
The North America Hydropower market has grown as one of the promising markets, globally. The growth of the market attributes to the favourable government regulations coupled with the increasing integration of Hydropower in the region driving the regional market growth. The hydropower market in the US accounts for over 50% of the total North America market share.
The availability of untapped reserves with the growing measures towards clean and reliable electricity are some of the key factors boosting the market growth of the hydropower industry in the US.
Europe is expected to be the third-largest markets for the Hydropower attributing to the boosting manufacturing sector in these regions. The Europe hydropower market is growing due to the rising environmental concerns and the strict government regulations to reduce carbon emission
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