Hydropower Market Drivers, Restraints, Potential Growth Opportunities, Product Size, Application Estimation, Vendor Competitive Landscape, Trends 2024
Category: #business  By Rahul Varpe  Date: 2021-08-09
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Hydropower Market Drivers, Restraints, Potential Growth Opportunities, Product Size, Application Estimation, Vendor Competitive Landscape, Trends 2024

What are the key factors that would drive global hydropower market growth by 2024?

Hydropower is considered as one of the most reliable sources of energy across the globe. High operating life cycle and low maintenance cost are primarily influenced the installation of new hydropower plants. Meanwhile, increasing demand for electricity coupled with an upsurge in sustainable energy investments are expected to bolster technology adoption.

A study conducted by Global Market Insights, Inc. suggests that the worldwide hydropower market could grow by more than 2% and would exceed the capacity of 1300 GW by 2024. Benefits like tourism, irrigation, recreation, flood control and aquaculture could further complement the business landscape of hydropower stations.

Why are large capacity hydropower station gaining traction lately?

Surging demand for continuous and reliable electricity supply along with upgradation of aging generating stations is fueling the demand for large hydropower capacity stations. According to a study, in 2016, large capacity segment held 80% of the global hydropower market share. Increasing installation of new hydropower plants has accelerate industry growth. Citing an instance, in 2016, Andritz declared the installation of three hydroelectric stations that valued more than USD 75 million in Nicaragua and Brazil to supply continues and reliable electricity.

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In addition to this, mini-hydropower market is also gaining traction of late. Its cost-effectiveness and low ecological impact have encouraged new project deployments. In February 2016, the USTH (University of Science & Technology of Hanoi) installed a grid-connected, mini capacity power station in Vietnam which has a capacity range of 100 kW to 7500 kW. Moreover, in September 2016, ORIX Corporation declared acquisition of around 50% shares of Bitexco Power Corporation to expand its business reach in hydropower generation in Vietnam.

How is U.S. emerging as a major contender in the global hydropower market?

Increasing awareness regarding greenhouse emissions is likely to be a major driving factor for U.S. hydropower industry growth. According to Energy Efficiency and Renewable Energy, hydropower fulfills around 6% to 8% of electricity requirement of the U.S. The ORNL (Oak Ridge National Laboratory) and Non-Powered Dams (NPDs) meanwhile have estimated untapped reserve capacity of around 12,000 MW in 2015. Low power generation cost along with the ability to develop high electric power output is propelling hydropower market in the region.

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Citing an instance, in 2016, the Department of Energy projected LEC (Levelized energy costs) from hydroelectric at USD 56.2/MWh, as compared to USD 191/MWh from the solar thermal sector. Moreover, a research report suggests that the U.S. hydropower market might expand at a rate of over 2% on account of huge untapped hydropower reserves.

Who are the main industry contenders in global hydropower market?

Key companies that are operating in global hydropower market include General Electric, Alfa Laval, ANDRITZ HYDRO, Voith, China Yangtze Power, Metso, China Three Gorges Corporation, Duke Energy, Hydro-Quebec, StatKraft, Georgia Power, Ontario Power Generation, Engie, ABB, Tata Power, EDF and Agder Energi. Rising awareness regarding greenhouse gas emissions, increasing government emphasis on developing hydropower stations and rising electricity demand is generating new growth opportunities for market players in hydropower industry.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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