Hydropower Market Overview
The growing call for a shift to more clean and sustainable energy sources is improving the demand for hydropower globally. Market reports connected with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is set to achieve a CAGR of 3% in the approaching years.
The harnessing of energy from water has gained significant traction, as the damage from climate change and environmental pollution, becomes more evident. The collective focus of the governments around the world has inspired substantial development for the hydropower market. The surge in demand for electricity due to rising applications is projected to provide further impetus to the hydropower market. Moreover, increased urbanization and industrialization rates are expected to provide considerable growth prospects in the forecast period.
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The hydropower market is segmented on the basis of capacity and region.
On the basis of capacity, the hydropower market is segmented into micro and pico hydropower, mini hydropower, small hydropower, and large hydropower.
Based on regions, the hydropower market is segmented into Asia Pacific, North America, Europe and Rest of the World.
The significant contenders present in the hydropower market globally are ANDRITZ HYDRO GmbH (Austria), General Electric Company (U.S), China Three Gorges Corporation (China), Voith GmbH (Germany), ABB Ltd (Switzerland), Alfa Laval (Sweden), Metso Corporation (Sweden), Hydro-Québec (Canada), Engie (France) and Tata Power Corporation (India).
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The regional analysis of the hydropower market is segmented into regions such as Asia Pacific, North America, Europe and Rest of the World.
The Asia Pacific region is the principal market for energy storage market and is trailed by the European and North American region. The hydropower market in the U.S is responsible for about over 50% of the share in the North American region. The large availability of unexploited reserves with rising measures aimed at clean and reliable electricity is expected to lift the hydropower industry in the U.S. In the European region, France, Switzerland, and Austria have an existing hydropower capacity of about 6.42 GW, 5.81 GW and 4.32 GW correspondingly. The escalating concerns towards the climate change along with stringent government regulations to lessen carbon emission will inspire the hydropower market in this region. The increasing electricity demand and big availability of water resource with well-established terrestrial topology in the Asia Pacific region is projected to lift the hydropower market. Correspondingly, speedy urbanization and industrialization are a few of the factors inspiring the growth in the hydropower market.
Jan 2019 A Bosnian hydropower company called HE Dabar recently invited bids for the financing and construction of its 160 megawatt (MW) plant in southeastern Bosnia at an assessed cost of 366 million marka ($213 million). The Dabar power plant which will be located on the Trebisnjica river will be fragment of a strategic 250 MW hydropower complex, Gornji Horizonti, which is also intended to integrate two smaller hydropower plants, Bileca and Nevesinje.
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