Isagen SA, a Provider of Electricity in Colombia, was Given a Contract to Buy two 19.9 MW Hydropower Facilities
In February 2021, a contract for the procurement of two 19.9 MW hydropower plants of a lesser scale in the Antioquia region was awarded to the Colombian electricity supplier Isagen SA. This project, which cost the corporation about USD 194.8 million, has assisted in increasing renewable energy generation.
Global Hydropower Plant Market Being Driven by Growing Green Energy Awareness
Growing interest in green energy is anticipated to present profitable opportunities for companies in the hydropower plant market. Companies are looking for more efficient alternatives to traditional energy sources as a result of the implementation of strict restrictions to minimise greenhouse gas and carbon dioxide emissions. Hydropower facilities are respectable substitutes for energy produced from fossil sources. When energy is produced using fossil fuels, greenhouse gases are released into the atmosphere. These gases have the potential to seriously harm the environment, including air and land pollution and global warming.
Lack of Resources could Prevent Market Growth for Hydropower Plant
The amount of resources that can be used to generate hydropower has become one of the biggest obstacles to the industry's expansion. The amount of facilities that are available in developing and underdeveloped nations is proving to be a significant barrier to the expansion of the hydropower plant. To enable energy production on a wider scale, the governments of underdeveloped countries have entered into several collaborations with industrialized countries.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the hydropower plant market plan acquisitions to improve their brand recognition globally. For instance, In September 2019, Voith Hydro established a presence in Nepal. This project was started by Voith Hydro, supplying hydropower planr to Nepal since 1968, to increase its clientele and provide top-notch service.
- In May 2020, Voith and Landsvirkjun, Iceland's main energy supplier, together launched a pilot study on cutting-edge cavitation monitoring in hydropower plants. As an add-on feature for the business's OnCare Health Hydro conditioning monitoring system, cutting-edge machinery was installed at the Budarhals hydropower station in Iceland.
List of Key Players Profiled in the Report
- Itaipu Dam
- Longtan Dam
- Xiaowan Dam
- Laxiwa Dam
- Grand Coulee
- Ust Ilimskaya
- Three Gorges Dam
- Churchill Falls
Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global hydropower plant market share in the coming years. The demand for energy in the area has significantly expanded as a result of the area's growing urbanisation and industrialization.
- The increase in demand for renewable energy has led to the creation of many hydropower-generating projects throughout the area, especially in countries like China and India.
- In Europe, the growth in this region is primarily driven by escalating worries around non-renewable resource costs and greenhouse gas (GHG) emissions during generation.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product Type, By End Users/Application, and By Geography|
|By Product Type||
|By End Users/Application||