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By 2024, United states Hydropower Market to grow at 2%+ CAGR

Author : Ronak Bora | Published Date : 2019-05-24 

The U.S. held more than 50% of North America hydropower market share in 2016 and is expected to grow massively over the coming years. The region is a treasure house of untapped reserves, which will propel the business trends. In addition, the government has been implementing stringent measures to curb GHG emissions and supply clean, uninterrupted power, which will stimulate hydropower market. The companies in the U.S. as well as the regulatory bodies have been making substantial investments toward the adoption of sustainable energy, which will lead U.S. hydropower industry to grow at a CAGR of 2% over 2017-2024.

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.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • Voith
  • ANDRITZ HYDRO
  • General Electric
  • China Three Gorges Corporation
  • Alfa Laval
  • Metso
  • China Yangtze Power
  • Hydro-Québec
  • RusHydro
  • Agder Energi
  • Duke Energy
  • Georgia Power
  • Ontario Power Generation
  • Stat Kraft
  • ABB Ltd
  • Engie
  • Tata Power Corporation
  • EDF

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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.

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 industry. In 2016, Philippines announced its ambitious plan to construct over 150 micro plants with an increasing electricity generating capacity approximately by 50 MW.

Hydropower Market 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 industry 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.

Browse Full Report: www.gminsights.com/industry-analysis/hydropower-market

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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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