According to a new report published by Allied Market Research, titled, “Hydropower Generation Market: Opportunity Analysis and Industry Forecast, 2020–2027,” 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.
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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.
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. In addition, governments of various countries have imposed stringent environmental policies to reduce the carbon footprint. Due to this, 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. Owing to this, the demand for new hydropower is expected to surge significantly across the globe during the forecast period.
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The global hydropower generation market is categorized based on capacity and geographical region. In terms of capacity, it is divided into three segments: small hydro power plants (up to 1MW), medium hydro power plants (1MW - 10MW), and large hydro power plants (above 10MW). Among these, the large hydro power plant segment (above 10MW) emerged as the dominant force in the global market, capturing over three-fifths of the total market share in 2019.
Geographically, the hydropower generation market's footprint extends across North America, Europe, Asia-Pacific, and LAMEA. Notably, Asia-Pacific played a pivotal role in the global hydropower generation market in 2019, commanding nearly half of the total market share, cementing its position as a major player.
The key players driving the global hydropower generation market forward 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.
COVID-19 analysis:
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. Correspondingly, governments have taken severe confinement measures, including shutting down of various power generation infrastructure development programs. Due to this, 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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Key findings of the study
- 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.
- 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.
- 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.
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