Increasing demand for renewable energy over conventional energy is
expected to drive global hydropower market over the next eight years.
Fossil fuels are being used on a large scale for power generation over
the past decade, which are responsible for emitting greenhouse gases
polluting environment. Various industries are considering more natural
resources usage owing to excessive fossil fuel application globally has
polluted environment badly. Increasing renewable implementation as a
source to reduce carbon footprint also helps industries to earn carbon
credit.
Various nations are also supporting other countries towards
developing green economy. Fossil fuel reserves depletion and uncertain
supply has shifted industries towards renewable sources usage. Growing
population led to increasing energy demand along with reduction in
dependency on conventional energy sources has prompted industry to shift
towards renewable energy sources. Hydropower market is expected to gain
popularity over the next eight years on account of reduction in
hazardous gases emission.
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Hydropower plant fulfills approximately 20% of the global energy
demand. Hydropower market is anticipated to grow over the forecast
period due to some key advantages such as flood control ability, water
retention and energy demand fluctuation management. Global hydropower
market is projected to foster the growth owing to the cleanest source of
energy which can be renewed. Various national government favorable
supports such as financial incentives and tax benefits are anticipated
to witness a rapid growth over the forecast period. Worldwide stringent
regulations regarding fossil fuel usage have also pumped hydropower
market growth.
Growing awareness towards usage of unconventional resources and
future threat of global warming impacts are anticipated to boost
hydropower market over the forecast period. Limitation of abundant
potential water sources availability is expected to hinder global
hydropower market. Hydropower plant requires huge initial investment
which may hamper the market growth. However, long run operating cost is
lower than other conventional source based plants owing to approximately
zero raw material cost which is free water.
Hydropower market can be segmented as residential, commercial and
industrial. Industrial application was the largest application market
for hydropower in 2013 accounting for over 25% on account of rapid
industrialization. Industrial market is projected as the fastest growing
market over the next eight years followed by residential and
commercial.
China dominated hydropower market across the world accounting for
over 24% in 2013. It is expected to follow the same trend over the
forecast period owing to increasing demand and rapid industrialization.
China emerged as major hydropower market due to more capacity addition
in this sector. Favorable government instruments as FIT and RPS are
expected to bolster hydropower market growth over the forecast period.
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Stringent environmental regulatory board regulations on conventional
sources of energy have shifted industries towards hydropower generation
in North America and Europe Introduction of favorable norms for
renewable resources in the region is anticipated to witness rapid growth
in the foreseeable future. The U.S. president passed bills for optimum
utilization of unexploited market potential which is also projected to
drive hydropower market growth over the forecast period. Asia Pacific is
expected to witness fastest growth over the forecast period owing to
increasing demand for energy due to growing population.
Emerging economies such as India, China, Indonesia and Malaysia are
expected to spur the hydropower market growth on account of volatile
crude oil prices. Major players in the global hydropower market include
GE Energy, Andritz AG, Alstom Hydro, CPFL Energia S.A., China
Hydroelectric Corporation, IHI Corporation, China Three Gorges
Corporation and ABB Ltd., The Tata Power Company and EDP Energias do
Brasil.
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