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.
Hydropower generation, also known as hydroelectric power generation, is the process of harnessing the energy of flowing water to generate electricity. It is one of the oldest and most widely used forms of renewable energy, providing a significant portion of the world’s electricity supply. Hydropower relies on the gravitational force of falling or flowing water to drive turbines, which convert the kinetic energy of the water into mechanical energy that is then transformed into electrical energy.
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Types of Hydropower Systems:
Run-of-the-River: In a run-of-the-river system, water from a river or stream is diverted to a turbine without significantly altering the natural flow or level of the watercourse. It’s suitable for areas with consistent flow and limited water storage.
Reservoir (Storage) Hydropower: In this system, a dam is constructed to create a reservoir, allowing control over the release of water. Water is released from the reservoir to generate electricity during periods of peak demand or when additional power is needed.
Pumped Storage: Pumped storage hydropower involves two reservoirs located at different elevations. During periods of low demand, excess electricity is used to pump water from the lower reservoir to the upper reservoir. When electricity demand is high, the stored water is released to generate power.
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.
Key players operating in the global hydropower generation market 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.
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.
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.
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.
Governments of various countries have imposed stringent environmental policies to reduce the carbon footprint.
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Advantages of Hydropower Generation:
Renewable and Sustainable: Hydropower relies on the water cycle, making it a renewable energy source.
Low Emissions: Hydropower produces minimal greenhouse gas emissions compared to fossil fuels.
Reliable and Predictable: The availability of water flow can be predictable, providing a stable source of energy.
Storage Capability: Reservoir-based systems offer energy storage capabilities, allowing for load balancing and grid stability.
Flexibility: Hydropower plants can quickly adjust output to match fluctuations in electricity demand.
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.
The demand for new hydropower is expected to surge significantly across the globe during the forecast period.
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.
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.
Governments have taken severe confinement measures, including shutting down of various power generation infrastructure development programs.
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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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