The global installed capacity
for hydropower is expected to reach 1,524 GW by 2020,
according to a new study by Grand View Research, Inc. Cost advantages of
hydropower based electricity generation and the substitution of fossil fuel
based power production in an attempt to reduce carbon emission is expected to
drive market demand. According to the estimates of the International Energy
Agency (IEA), the deployment of sustainable hydropower as proposed by this
organization will help avoid approximately one billion tones of annual carbon
dioxide emission by 2050.
Rapid rise in demand for
renewable energy especially in China, India and Brazil and the construction of
key hydropower projects including the installation of 32 turbines and the
completion of the third phase of the Three Gorges Dam in China in 2012, will
fuel the future growth of this market. Supportive regulatory framework for
sustainable energy in the U.S. and European Union is also expected to have a
positive impact on market demand. Implementation of favorable government
regulations such as the Hydropower Regulatory Efficiency Act and Small Conduit
Hydropower Development and Rural Jobs in the U.S. and growing number of funding
programs pertaining to the renewable energy sector in developed countries such
as Italy and Canada are some of the factors which are expected to present
future growth opportunities.
Browse full research report on
Hydropower
Market
Further key findings from
the report suggest:
- Industrial
applications dominated demand in 2012, accounting for over 40% of the
global installed capacity. The global industrial applications market is
expected to reach 694.41 GW in installed capacity by 2020.
- Asia Pacific
is expected to be the most dominant regional market by 2020, with China
expected to lead hydropower consumption. China is also expected to be the
fastest growing market, at an estimated CAGR of 6.2% from 2013 to 2020, to
reach an installed capacity of over 400 GW in 2020. The presence of an
extensive amount of hydropower projects currently under construction will
drive this market.
- Some of the
prominent hydropower projects in China include the Baihetan dam (expected
to be completed in 2019), the Wudongde and Xiangjiaba dam (expected to be
completed in 2015) and the Xiluodo project.
- Key players
of this market include GE Energy, Andritz AG, China Hydroelectric
Corporation, China Three Gorges Corporation, American Hydro Corporation,
Alstom Hydro, The Tata Power Company, ABB Ltd and others.
About Grand View Research
Grand View Research, Inc.
is a U.S. based market 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 ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For
more information: http://www.grandviewresearch.com
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