Jan 15, 2021 (Market Insight Reports) -- Selbyville, Delaware Global Hydropower Market Report added at Market Study Report LLC provides industry size, share, growth, trends and forecast analysis up to period. Hydropower Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Hydropower market and provides information regarding the revenue for the period.
Rising electricity demand coupled with increasing investment towards sustainable energy will stimulate the global hydropower market size. As per International Energy Agency (IEA), hydroelectric accounted for over 80% of the total renewable energy mix. North America and Europe have introduced plans to upgrade, renovate, and modernize the existing stations to ensure more efficient operations. For instance, in March 2015, Latvenergo announced to invest USD 222.26 million towards reconstruction of Riga, Plavinas and Kegums hydroelectric power stations in Latvia by 2022.
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Hydropower Market size is set to exceed 1,300 GW by 2024, according to a new research report by Global Market Insights, Inc.
U.S. hydropower market size is projected to grow over 2% owing to its large untapped hydro potential reserves. Growing measures to minimize carbon footprints may further stimulate the business landscape. In 2015, Oak Ridge National Laboratory (ORNL) and Non-Powered Dams (NPDs) estimated 12,000 MW capacity of existing untapped reserves.
Reliable, high operating life cycle coupled with low maintenance costs are some of the key indicators which will stimulate the hydropower market share. Flood control, irrigation, tourism, aquaculture and recreation in remote areas are some of the salient benefits, which will complement the industry outlook. In Europe and North America, the authorities have introduced bond funds to raise investment for hydroelectric projects. These funds are particularly aimed at acquiring present assets over the new build.
Low generation cost along with ability to produce high electric output will foster the hydropower market share. In 2016, Department of Energy (DOE) projected Levelized Energy Costs (LEC) of USD 56.2/MWh from hydroelectric when compared with USD 191/MWh from solar thermal.
Large capacity segment in 2016 accounted for over 80% of global hydropower market share. Rising demand for continuous and reliable electricity along with upgradation of existing generating stations will stimulate the business landscape. In 2013, Agder Energi awarded a contract worth USD 24.4 million to Alstom, towards upgradation of the Iveland II hydroelectric plant in Norway, which has a generating capacity of approximately 150-GWh and 50 MW on annual basis. In 2016, Andritz installed three hydroelectric stations in Nicaragua and Brazil with an aggregate value of over USD 75 million with an aim to provide constant and reliable electricity.
Low ecological impact coupled with cost competitiveness are some of the key parameters which will embellish the mini hydropower market size. The University of Science and Technology of Hanoi (USTH), Vietnam in February 2016 installed 60 MW of mini capacity grid connected power station in 48 different locations with capacity range between 100 kW to 7500 kW. Measures towards carbon emission coupled with low civil refurbishment cost will drive micro and pico hydropower market. In 2016, Philippines announced its ambitious plan to construct over 150 micro plants with an increasing electricity generating capacity approximately by 50 MW.
Major participants in hydropower market are ANDRITZ HYDRO, Voith, General Electric, Alfa Laval, China Three Gorges Corporation, China Yangtze Power, Metso, Hydro-Quebec, RusHydro, Duke Energy, Agder Energi, Georgia Power, StatKraft, Ontario Power Generation, Engie, ABB, EDF and Tata Power.
Hydropower market research report includes in-depth coverage of the industry with estimates &forecast in terms of volume in terms of GW from 2013 to 2024, for the following segments:
Global Hydropower Market, By Capacity
Micro and Pico hydropower
Full Report Summary At: https://www.marketstudyreport.com/reports/hydropower-market?utm_source=MarketWatch&utm_medium=RV
The Hydropower market stands tall as one of the most proactive industry verticals, as claimed by a new research report. This research study forecasts this space to accrue substantial proceeds by the end of the projected period, aided by a plethora of driving forces that will fuel the industry trends over the forecast duration. A gist of these driving factors, in tandem with myriad other dynamics pertaining to the Hydropower market, such as the risks that are prevalent across this industry as well as the growth opportunities existing in Hydropower market, have also been outlined in the report.
Report Growth Drivers -
1 Stringent regulation protecting and maintaining safety at workplace
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