The data experts at Market Research Future Reports (MRFR) have conducted a thorough analysis of the global hydropower market. The analysis has revealed that the global hydropower market is estimated to grow at a CAGR of 3% during the review period. The increasing inclination towards adopting renewable energy is estimated to be the major factor driving the global hydropower market 2020. The increasing demand for sustainable energy source is augmenting the demand for hydropower at a global level. Besides, the alarming situation of the environment has provoked the governments of various nations to implement rigid rules to protect the environment. Moreover, the surging demand for electricity is projected to play an important role in augmenting the hydropower market. In addition, the growing industrialization and urbanization are estimated to give an appropriate environment to hydropower market to bloom.
However, the outbreak of COVID-19 has resulted in a pause in the daily operational activities of the global hydropower market. The departments have been temporarily shut to restrain the spread of coronavirus. Precise research is being conducted on the aftermath of coronavirus on the global hydropower market. We will provide an impact analysis report on COVID-19.
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The global hydropower market can be segregated on the basis of capacity and region.
On the basis of capacity, the global hydropower market can be segmented into large hydropower, mini-hydro power, micro and pico hydropower, and small hydropower.
On the basis of region, the global hydropower market can be segmented into Asia Pacific, North America, Europe and Rest of the World.
The data experts at MRFR thoroughly studied the global hydropower market on the basis of region. Asia Pacific, North America, Europe and Rest of the World (RoW) has been evaluated.
The hydropower market is at a growing stage due to the increasing demand for power and the initiatives taken to use renewable resources. As per the analysis, the APAC region is estimated to dominate the global market. The second and third position is attained by Europe and North America, respectively. The research states that robust urbanization and industrialization are one of the most significant factors leading to market growth. Besides, the region has been experiencing an increase in demand for electricity which has a direct impact on the expansion of hydropower market. Moreover, the abundance of water resources, accompanied by geographical conditions, the APAC region is likely to augment the hydropower market.
On the other hand, North America is estimated to expand owing to the plenty of unexploited reserves with the increasing steps towards reliable and clean electricity is likely to propel the market in the region. The European region is estimated to expand the hydropower market due to the increasing concern towards climatic change. Besides, the participation of government is estimated to augment the market.
However, market dynamics are likely to change due to the spread of coronavirus.
The renowned players of the global hydropower market are Tata Power Corporation (India), ANDRITZ HYDRO GmbH (Austria), Voith GmbH (Germany), General Electric Company (U.S), Alfa Laval (Sweden), China Three Gorges Corporation (China), Metso Corporation (Sweden), ABB Ltd (Switzerland), Hydro-Québec (Canada), Engie (France), and a few more.
India and Bhutan took the initiative to construct a 600 MW Kholongchu project. It is a pilot joint venture project in Bhutan’s less developed eastern region of Trashiyangtse. The hydropower project will be constructed as a 50:50 joint venture, not as a government-to-government agreement. The project is likely to begin soon and is estimated to be completed in the second half of 2025.
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