The global hydroelectric power generation market has been witnessing strong growth over the past few years on account of increasing demand for renewable energy and the trend is expected to continue over the forecast period. Increasing global population resulted in increasing energy demand which is one of the key factors to drive the market. The depletion of fossil fuels enabled companies to shift their focus from conventional power generation to renewable power sources. This shift in focus towards renewable power sources is expected to complement the market growth over the forecast period. Hydroelectric power generation is the most popular renewable power generation technology over the past 100 years owing to its zero GHG emissions and negligible toxic waste, which is one of the key factors expected to augment market growth over the next seven years. Hydroelectric power generation enables in achieving short term solutions for power shortage problems which is one of the key driving factors for the market. In addition, hydroelectric power generation is the cheapest source of renewable energy which is expected to have a positive impact on market growth prospects in the near future. Hydroelectric power generation also offers major benefits in flood & drought control, water supply, irrigation, and navigational & recreational activities. However, higher investments associated with the construction of reservoirs & dam and installation of equipment is anticipated to restrain market growth over the forecast period.
Based on capacity, the hydroelectric power generation market can be segmented into large, medium, and small. Based on technologies, the market is further segmented into run-of-river, reservoir, and pumped storage plants. Reservoir technology is the widely used technology owing to its numerous advantages in water management, irrigation, and flood & drought control and offers flexibility to generate electricity during power shortages. Pumped storage plants use pump water from the lower reservoir to the upper reservoir to generate electricity when demand exceeds supply.
Major applications of the hydroelectric power generation market include residential, commercial, and industrial application. Industrial application emerged as the largest application segment in 2013 followed by residential and commercial. Rapid industrialization in emerging countries including India, China, and Brazil resulted in an increasing demand for energy from the industrial sector. In addition, the increasing population in India and China has been increasing demand for energy from residential and commercial sectors, which in turn is expected to propel market growth over the next seven years.
Asia Pacific was the largest regional market for hydroelectric power generation in 2013 followed by North America. Within Asia Pacific, China was the largest region accounting for the major market share. Increasing capacity of hydroelectric power generation in order to meet increasing demand levels of energy is the key factor to drive the market in this region. North America was the second-largest market for hydroelectric power generation mainly driven by favorable government initiatives in this region.
Major players in the hydroelectric power generation market include Alstom Power, GE Energy, Tata Power Company, Hydrochina International, CPFL Energia, Sinohydro Corporation, RusHydro, and Andritz.
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