The global hydropower market is projected to reach $86.2 billion by 2025, up 21.6% from $70.9 billion in 2017, according to research/consulting firm GlobalData.
The firm said that the sector's growth will be driven by increased investment in China, Brazil and India, as well as in several emerging countries.
GlobalData estimates global hydropower installations to increase from 1,211.3 gigawatts (GW) in 2016, to 1,691.8 GW by 2025, Kallanish Energy learns.
GlobalData power analyst Anchal Agarwal said the global hydropower market is driven by factors such as policy support and environmental concerns for clean energy generation.
“The recently adopted UN Sustainable Development Goals, for example, which supersede the millennium development goals, include a special goal related to energy, which encourages the share of renewable energy by 2030.”
By 2025, the global power demand is expected to increase to over 27 million gigawatt-hours (MGWh) from roughly 21.7 MGWh in 2017, the firm said.
Agarwal said China will continue to dominate the hydropower market, with the country's installed capacity reaching 442 GW by 2020, from 341 GW in 2016.
“In order to achieve its carbon reduction goals, China is quickly exploring low-carbon generation technologies, including nuclear, wind, and solar power.