San Francisco, CA -- (SBWIRE) -- 01/28/2014 -- 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 hydropower based electricity generation and the substitution of fossil fuel based power production in an attempt to reduce carbon emission will drive the growth of this market. 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 hydropower facilities such as 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. Moreover, developed countries will contribute in the future growth of the global hydropower market. 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 will serve this market as future growth opportunities.
The Asia Pacific (including China) hydropower segment will dominate the overall market throughout the forecast period. The Chinese market is expected to exhibit the highest CAGR during the forecast period. Its market will grow at a 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.
The report “Hydropower Industry Trends and Market Segment Forecasts to 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/hydropower-industry
Further Key findings from the study 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.
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
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For the purpose of this study, Grand View Research has segmented the global hydropower market on the basis of application and region:
Hydropower Application Outlook,
Hydropower Regional Outlook,
North and Central America
Rest of the World
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