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. 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.
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Hydroelectric power generation enables in achieving short term solutions for power shortage problems which is one of the key driving factor for the market. In addition, hydroelectric power generation is the cheapest source of renewable energy which is expected to have positive impact on market growth prospects in 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 construction of reservoirs & dam and installation of equipment is anticipated to restrain market growth over the forecast period.
Based on capacity, 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 lower reservoir to upper reservoir to generate electricity when demand exceeds supply.
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View summary of this report, click here : http://www.grandviewresearch.com/industry-analysis/steam-turbine-market
Hydroelectric power generation enables in achieving short term solutions for power shortage problems which is one of the key driving factor for the market. In addition, hydroelectric power generation is the cheapest source of renewable energy which is expected to have positive impact on market growth prospects in 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 construction of reservoirs & dam and installation of equipment is anticipated to restrain market growth over the forecast period.
Based on capacity, 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 lower reservoir to upper reservoir to generate electricity when demand exceeds supply.
Get Free Sample Report : https://www.grandviewresearch.com/industry-analysis/hydroelectric-power-generation-market/request-toc
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