Hydropower Generation Market Size projected to grow at a CAGR of 5.9% from 2020 to 2027.
OREGON, PORTLAND, UNITED STATES, May 16, 2023 /EINPresswire.com/ —
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 generation, also known as hydroelectric power, is the process of converting the energy of flowing or falling water into electricity. It is a renewable energy source that has been used for centuries and continues to be one of the largest sources of electricity worldwide.
Hydropower offers several advantages, including:
Renewable and clean: Hydropower relies on the water cycle, making it a renewable energy source that does not deplete water resources. It produces minimal greenhouse gas emissions and air pollutants compared to fossil fuel-based power generation.
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Reliable and flexible: Hydropower plants can quickly adjust their output to match fluctuations in electricity demand, making them highly flexible and suitable for providing baseload, peaking, or backup power.
Water management: Hydropower projects often involve the creation of reservoirs, which can provide water storage for irrigation, flood control, and recreational activities.
However, there are some considerations to take into account with hydropower generation, including potential environmental impacts such as the alteration of river ecosystems, fish migration disruption, and the displacement of communities when large reservoirs are created. The design and operation of hydropower projects are continually evolving to mitigate these impacts and maximize the benefits of this renewable energy source.
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.
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.
The medium hydro power 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.
The large hydro power plant (above 10MW) segment dominated the global market hydropower generation with around 65.0% of the market share in terms of revenue.
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Rise in demand for clean energy across the globe and to reduce the dependency on conventional fossil fuel such as coal to generate the electricity has led to set up various hydroelectric power projects across the globe.
Governments of various countries have imposed stringent environmental policies to reduce the carbon footprint.
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.
The demand for new hydropower is expected to surge significantly across the globe during the forecast period.
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 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.
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.
Governments have taken severe confinement measures, including shutting down of various power generation infrastructure development programs.
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The construction of sanctioned and ongoing hydropower projects has been halted for indefinite period, which is expected to affect the growth of the market during the forecast period.
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