Hydropower Market size will cross 1,300 GW by 2024
Published Date: May 23, 2017 Authors: Ankit Gupta, Aditya Singh Bais
Hydropower Market size is set to exceed 1,300 GW by 2024, according to a new research report by Global Market Insights, Inc.
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.
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.
Browse key industry insights spread across 120 pages with 108 market data tables & 8 figures & charts from the report, “Hydropower Market Size, By Capacity (Micro And Pico Hydropower, Mini Hydropower, Small Hydropower, Large Hydropower), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, France, Italy, Spain, Austria, Germany, China, India, Philippines, Japan, Vietnam, Nigeria, Kenya, Brazil, Peru, Ecuador), Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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-Québec, 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
- Mini hydropower
- Small hydropower
- Large hydropower
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America