Hydropower Market is set to grow from its current market was valued at over USD 1000 GW in 2017 to USD 1300 GW by 2024, according to a new research report by Global Market Insights, Inc.

Based on product capacity, hydropower market is segmented into micro, pico, mini, small, and large hydropower stations. Small Hydropower industry size is expected to grow at 2.5% over 2016-2024, which will augment the overall market trends. This is possible due to the product versatility, reduced investments, and renewable nature. Mini hydropower contributed to 2% of global hydropower industry share in 2016, owing to its low environmental impact and cost-effective characteristics. Growing investment in electric infrastructure to upgrade to smart off grid networks has further augmented the mini hydropower industry. For instance, in 2016, the Government of Malaysia, launched the Sarawak Alternative Renewable Energy Scheme which plans to integrate micro hydro power plants for rural electrification in the region.

In 2016, large hydropower capacity segment accounted more than 80% of overall hydropower industry share, subject to the rigorous deployment of power stations and projects for upgradation. ANDRITZ AG, an Australian company, installed three hydroelectric stations in Brazil and Nicaragua with an aim to provide reliable electricity, by spending USD 75 million collectively. Moreover, rising electricity demand from India, China, and Brazil will further augment the large capacity hydropower market.

Several countries of North America, Asia Pacific, and Europe have introduced plans to upgrade, modernize, and renovate their existing stations to ensure more efficient operations. For example, EU Renewable Directive (2009/28/EC) wants all the state members to target at least 20% of the final energy consumption from renewable sources by 2020. In an attempt to follow the EU Renewable Directive, from the total electricity produced in Europe, hydropower accounted more than 13.2% in 2014.

Rapid industrialization and urbanization in China have generated colossal growth opportunities for hydropower industry players, as China plans to invest USD 3.6 billion in Myanmar's Myistone unit. This will help the Myistone unit to generate 6000 MW of hydropower by 2030. Moreover, in its 13th Five Year Plan, the Government of China announced plans to implement clean energy sources and also proposed the installation of 340 GW of hydropower stations by 2020. The massive growth of global Offshore Hydropower Market is also bound to positively influence the overall industry trends.

The U.S. held more than 50% of North America hydropower industry 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.

The market players are adopting strategies such as mergers and acquisitions to expand their global reach. Some of the key players in the hydropower industry include General Electric, Ontario Power Generation, RusHydro, China Yangtze Power, Agder Energi, China Three Gorges Corporation, Alfa Laval, and Tata Power.

Source: - https://www.gminsights.com/industry-analysis/hydropower-market