Hydropower Market predicted to grow exponentially by 2024
Date: 2018-09-10   Author: Ronak Bora  Category: #technology

Hydropower Market predicted to grow exponentially by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., Global Hydropower Market is expected to grow at over 2% and exceed 1,300 GW by 2024. Growing demand for electricity along with upsurge in investment towards sustainable energy will drive the global hydropower market. Europe and North America have introduced plans to renovate, upgrade, and modernize the ageing stations with an aim to ensure more efficient operations. In March 2015, Latvenergo announced its plan to invest USD 222.26 million towards reconstruction of Plavinas, Kegums, and Riga hydroelectric power stations in Northern Europe by 2022.

U.S. hydropower Market is set to expand over 2% on account of its huge untapped hydropower reserves. As per the Energy Efficiency and Renewable Energy, in the U.S., hydropower provides around 6% to 8% of the country's electricity. Measures towards greenhouse gas emissions may further complement the industry outlook. Non-Powered Dams (NPDs) and Oak Ridge National Laboratory (ORNL) estimated existing untapped reserves capacity of 12,000 MW in 2015.

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Reliability and low maintenance costs coupled with high operating life cycle are some of the key factors which will fuel the hydropower market. Flood control, tourism, irrigation, recreation and aquaculture in far-flung areas are some of the benefits, which will complement the business landscape. North America and Europe have introduced bond funds with an objective to raise investment for hydropower projects. These funds are specifically aimed at acquiring existing assets over the new build.

Low generation cost coupled with ability to generate high electric output will propel the hydropower market. In 2016, Department of Energy projected levelized energy costs from hydroelectric at USD 56.2/MWh when compared with solar thermal at USD 191/MWh.

Large hydropower capacity segment accounted for over 80% of global hydropower market share in 2016. Growing demand for reliable and continuous electricity coupled with upgradation of ageing generating stations will fuel the industry outlook. In 2016, Andritz announced the installation of three hydroelectric stations worth over USD 75 million in Brazil and Nicaragua with an objective to supply reliable and constant electricity.

Cost competitiveness along with low ecological impact are some of the key factors which will complement the mini hydropower market. In February 2016, the University of Science and Technology of Hanoi (USTH) installed mini capacity grid connected power station in Vietnam with capacity range from 100 kW to 7500 kW. In September 2016, ORIX Corporation announced to acquire around 50% shares of Bitexco Power Corporation with an aim to expand its business in the hydropower generation in Vietnam.

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Low refurbishment cost coupled with measures to reduce greenhouse gas emission will embellish the micro and pico hydropower market. In 2016, Philippines announced its plan to construct more than 150 micro plants with increasing electricity generating capacity of approximately 50 MW.

Key participants in hydropower market include ANDRITZ HYDRO, General Electric, Voith, Alfa Laval, China Yangtze Power, China Three Gorges Corporation, Metso, RusHydro, Hydro-Québec, Duke Energy, Georgia Power, StatKraft, Agder Energi, Ontario Power Generation, ABB, Engie, EDF and Tata Power.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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