Global Demand for Hydropower Market to Incur Considerable Upsurge During the Forecast Period: Grand View Research Inc.
San Francisco, Nov. 14, 2018: According to a report published by Grand View Research, Inc .; the hydropower market is expected to reach 1,524 GW by 2020.
The market over the forecast period (2012 to 2020) is becoming more and more demanding. Additionally, growing government support in the financial incentives and tax benefits.
Approximately one-fifth of the world's total electricity is provided by hydropower. It is used by more than 60 countries worldwide to meet their electricity demand. Increasing adoption of technology to substitute fossil fuel-based power generation for reducing carbon emission and cost-effectiveness of hydropower-based electricity generation can boost the market in the coming years. For instance, as part of the estimates of the International Energy Agency (IEA), the implementation of sustainable hydropower as proposed by this organization can help to avoid one billion tons of annual carbon dioxide emission by 2050. The technology is considered as one of the cleanest fuel sources which get renewed by rainfall and snow. The flow of water can be controlled with the help of turbine; therefore, hydropower is not available as per demand. Additionally, the reservoirs can also provide recreational opportunities and activities like swimming and boating. Hydropower is therefore popular for many reasons including flood control, ability to respond to fluctuating power demand, and water management.
Worldwide hydropower market can be segmented on the basis of application and region. Based on application, the market can be divided into residential, industrial, and commercial.
Access Research Report of Hydropower Market @ www.grandviewresearch.com/industry-analysis/hydropower-industry
In 2013, the industrial segment estimated for the major market share of 44.8% of the overall market owing to rapid industrialization in developing countries such as India and China. 694.41 GW in installed capacity by 2020. Geographically, the market can be divided into North America, Europe, Asia Pacific, and Rest of World.
Around one-fifth of the world's entire electricity comes through hydropower. It is used by more than 60 countries across the world to complete the half of their electricity demand. Presently, the technology estimated for 20% of the total deployed renewable power capacity, globally and is expected to surge during the next decade, especially in developing countries including India, Indonesia, and China. According to the International Hydropower Association (IHA), new hydropower of some 30 GW was allowed in 2012 which included pumped storage of 2 GW.
Asia Pacific is due to dominate the market by 2020 due to the presence of large hydropower projects, especially in China. In 2013, China appeared as the single largest hydropower generating nation and occupied 24.61% of overall market share. CAGR of 6.2% from 2013 to 2020 and to accomplish capacity of over 400GW in 2020. The Xiluodo project, the Wudongde and Xiangjiaba, and the Baihetan dam, which are likely to be completed in 2019, are some of the most prominent projects in China.
Browse more reports of this category by Grand View Research at: www.grandviewresearch.com/industry/renewable-energy
Favorable government regulations on sustainable energy in the US and European Union is likely to support the market growth. North America is expected to show lucrative gains during the forecast period. In 2013, US President Barack Obama passed the Hydropower Regulatory Efficiency Act and Small Conduit Hydropower Development and Rural Jobs Act, which is expected to drive the regional growth. In addition, Small Conduit Hydropower Development and Rural Jobs in the US and increasing number of funding programs for renewable energy sector in developed countries such as Canada are some of the key factors likely to create opportunities in the market.
Prominent companies operating in the market include Andritz Hydro USA Inc .; Ertan Hyropower Development Company, Ltd .; China Three Gorges Corporation; Companhia Energetica De Minas Gerais; and The Tata Power Corporation.
Access Press Release of Hydropower Market @ www.grandviewresearch.com/press-release/global-hydropower-market
About Grand View Research
Grand View Research, Inc. is a US based research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies to ensure that we are on the right track.
For More Information: www.grandviewresearch.com