GlobalData, a research and consulting firm headquartered in Castle Baynard Ward, United Kingdom, has released a report stating the global hydropower market is poised to increase from $70.9 billion in 2017 to $86.2 billion by 2025.
An anticipated boost in investment should result in an increased number of installations, according to the report.
Greater demand across the globe is also propelling the market’s forward momentum. It is expected to increase from approximately 21.7 million GWh in 2017 to over 27 million GWh by 2025.
While electricity demands vary from country to country, the focus is generally on building baseload plants. Large hydropower plants are the major source for providing the baseload power, while pumped storage plants meet the peak power demand.
Anchal Agarwal, Power Analyst for GlobalData, stated, “In terms of individual countries, China will continue to dominate market share, with installed hydropower capacity set to rise from 341 GW in 2016 to 442 GW by 2020.”