PORTLAND, Ore., Feb. 16, 2021
- Rise in demand for electricity in emerging economies and surge in adoption of clean energy worldwide drive the global hydropower generation market
PORTLAND, Ore., Feb. 16, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydropower Generation Market by Capacity (Small Hydro Power Plant (Up to 1MW), Medium Hydro Power Plant (1MW-10MW), and Large Hydro Power Plant (Above 10MW)): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global hydropower generation industry garnered $202.4 billion in 2019, and is projected to generate $317.8 billion by 2027, manifesting a CAGR of 5.9% from 2020 to 2027.
Prime determinants of growth
Rise in demand for electricity in emerging economies and surge in adoption of clean energy worldwide drive the global hydropower generation market. However, high operational and capital costs restrict the market growth. On the other hand, rise in demand for renewable power and increase in hydropower installation capacity present new opportunities in the next few years.
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The large hydro power plant (above 10MW) segment to maintain its highest contribution by 2027
Based on capacity, the large hydro power plant (above 10MW) segment accounted for the highest market share, holding nearly two-thirds of the total market share in 2019, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to improved efficiency, long life span, less maintenance & operation cost, high reliability, and upcoming hydropower projects. However, the medium hydro power plant (1MW - 10MW) segment is projected to manifest the highest CAGR of 6.2% from 2020 to 2027, owing to increase in electrification activities in rural areas across the Asia-Pacific.
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Asia-Pacific, followed by North America, to maintain its dominant position by 2027
Based on region, Asia-Pacific, followed by North America, accounted for the largest share in 2019, contributing to nearly half of the total share, and will maintain its dominant position in terms of revenue by 2027. Moreover, this region would witness the fastest CAGR of 6.2% during the forecast period. This is attributed to rapid industrialization and urbanization, demand for renewable energy, and the need to reduce the dependency on conventional fossil fuels for energy generation.
Leading market players
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