Mini-hydropower market is also gaining traction of late. Its cost-effectiveness and low ecological impact have encouraged new project deployments

Ocean View, DE -- (SBWire) -- 04/22/2020 --The worldwide hydropower market could grow by more than 2% and would exceed the capacity of 1300 GW by 2024. Benefits like tourism, irrigation, recreation, flood control and aquaculture could further complement the business landscape of hydropower stations.

Hydropower is considered as one of the most reliable sources of energy across the globe. High operating life cycle and low maintenance cost are primarily influenced the installation of new hydropower plants. Meanwhile, increasing demand for electricity coupled with an upsurge in sustainable energy investments are expected to bolster technology adoption.

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Growth Drivers of Hydropower Market: -
1. Positive outlook towards renewable energy
2. Growing demand for electricity
3. Favorable government initiatives

Global Market Segmentation, By Capacity
1. Micro and Pico hydropower
2. Mini hydropower
3. Small hydropower
4. Large hydropower

Surging demand for continuous and reliable electricity supply along with upgradation of aging generating stations is fueling the demand for large hydropower capacity stations. According to a study, in 2016, large capacity segment held 80% of the global hydropower market share. Increasing installation of new hydropower plants has accelerate industry growth. Citing an instance, in 2016, Andritz declared the installation of three hydroelectric stations that valued more than USD 75 million in Nicaragua and Brazil to supply continues and reliable electricity.

In addition to this, mini-hydropower market is also gaining traction of late. Its cost-effectiveness and low ecological impact have encouraged new project deployments. In February 2016, the USTH (University of Science & Technology of Hanoi) installed a grid-connected, mini capacity power station in Vietnam which has a capacity range of 100 kW to 7500 kW. Moreover, in September 2016, ORIX Corporation declared acquisition of around 50% shares of Bitexco Power Corporation to expand its business reach in hydropower generation in Vietnam.

Increasing awareness regarding greenhouse emissions is likely to be a major driving factor for U.S. hydropower market growth. According to Energy Efficiency and Renewable Energy, hydropower fulfills around 6% to 8% of electricity requirement of the U.S. The ORNL (Oak Ridge National Laboratory) and Non-Powered Dams (NPDs) meanwhile have estimated untapped reserve capacity of around 12,000 MW in 2015. Low power generation cost along with the ability to develop high electric power output is propelling hydropower market in the region.

Citing an instance, in 2016, the Department of Energy projected LEC (Levelized energy costs) from hydroelectric at USD 56.2/MWh, as compared to USD 191/MWh from the solar thermal sector. Moreover, a research report suggests that the U.S. hydropower market might expand at a rate of over 2% on account of huge untapped hydropower reserves.

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Key companies that are operating in global hydropower market include: -
1. Voith
2. General Electric
3. Alfa Laval
4. Metso
5. Hydro-Québec
6. Duke Energy
7. Georgia Power
8. Ontario Power Generation
9. Stat Kraft
10. ABB Ltd
11. Engie
12. Tata Power Corporation
13. EDF

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