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Hydropower Market Report Analysis, Cost, Production Value, Price, Gross Margin and Competition Forecast to 2023

Global Hydropower Market is predicted to grow at more than 3% by 2023

ID: 1555688
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(businesspress24) - Global Hydropower Market - Overview

The rising level of awareness about environmental conservation has shifted the focus towards clean and renewable energy. Hydropower remains highly touted renewable option owing to its high sustainability and lower implications on the environment. Market Research Future (MRFR) projects that the global hydropower market will grow at over 3% CAGR during the forecast period (2019-2023). The data released by Energy Information Administration (EIA) revealed that hydroelectricity capacity utilization factor (CUF) is more than 60% when compared to 25% for Solar PV. The global hydropower market is also benefiting from the stern actions taken on use of resources that result in high toxic production.

Water supplies globally remain in abundance, which is prompting the energy sector to shift its focus towards hydropower. Moreover, the rapid exhaustion of fossil fuel and concerns over CO2 emission is driving the adoption of energy sources that are sustainable and eco-friendly. Preference for hydropower is high due to its versatile characteristics and application of sustainable technology. Hydropower not only allows generation of electricity but also storage of water. Hydropower currently contributes 20% of the overall electricity supply worldwide. Pro-environmental practices and lower consequences on the ecology are some of the key factors supporting the adoption of hydropower plants.

Global Hydropower Market: Regional Analysis

Hydropower Market Report is emerging fast in various parts of the world. This is mainly owing to rising consumption of electricity. The global power demand has increased substantially over the years. This has prompted authorities to explore sustainable options that can help them meet the growing power demand. Meanwhile, growing criticism over non-renewable energy owing exploitation of the ecology has created new challenges. Consequently, renewable and non-conventional sources such as smart grids, hydropower windmills have gained significant traction. Asia Pacific has emerged as one of the largest markets for hydropower. Rapid industrial growth and fast urbanization in countries such as India and China has led to a substantial rise in consumption of electricity. Asia Pacific is expected to remain a highly profitable market for hydropower during the assessment period.

North America, led by the U.S., is also viewed as a crucial market for hydropower. In terms of value, the U.S. accounts for more than 50% share of North America hydropower market. Widespread availability of untapped reserves couple with the rapid inclination towers clean and renewable energy is influencing the market in the region.

In Europe, countries such as Austria, France and Switzerland are the frontrunner in the hydropower generation. The European Commission is taking stern measures to tackle issues such as climate change, global warming, rapid depletion of nation resources and rising carbon emission. This is creating market opportunities for renewable energies such as wind, solar and hydro. Hydropower plants are capable of generating highly volume of electricity which in turn is drawing significant commercial interest towards it.

Global Hydropower Market: Competition Analysis

Some of the notable companies operating in the global market for hydropower include ANDRITZ HYDRO GmbH (Austria), China Three Gorges Corporation (China), ABB Ltd (Switzerland), Tata Power Corporation (India), General Electric Company (U.S), Metso Corporation (Sweden), Voith GmbH (Germany), Engie (France), Hydro-Qu

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Date: 02/05/2020 - 08:53
Language: English
News-ID 1555688
Character count: 4380
Firma: Market Research Future
Ansprechpartner: Avni Feedback to about Pressrelease-id:
Stadt: Pune

Meldungsart: Financial
Versandart: send
Freigabedatum: 5/2/2020

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