(MENAFN – GetNews) GE Energy Is One Of The Largest Companies In The Hydropower Generation Market, According To TBRC’s Report
(Companies: Alstom Power, GE Energy, Tata Power Company, Hydrochina International, CPFL Energia, Sinohydro Corporation, RusHydro, Andritz, and Agder Energi SA)
The global hydropower generation market reached a value of nearly $123.3 billion in 2019. Asia Pacific was the largest region in the hydropower generation market in 2019. The hydropower generation market consists of sales of hydropower energy and related services. The hydropower generation industry includes companies that are mainly involved in operating hydropower generation facilities to produce electricity. Hydropower stations convert the kinetic energy of flowing or falling water into electrical energy, which is provided to power transmission systems.
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Hydropower Generation Market Size
The global hydropower generation market is expected to grow at a rate of about -1.83% to nearly $114.5 billion by 2023. Favorable laws in emerging countries are projected to drive the hydropower generation market. Governments across the globe are introducing policies that aid the growth of the hydropower generation market. For instance, in 2019, according to Press Information Bureau, the union cabinet of India approved major hydropower projects (HPO) as part of the non-solar renewable purchase obligation (RPO). Introduction of favorable laws will boost the demand for hydropower and in turn drive the market.
Companies in the hydropower generation market are upgrading their technologies to make them more sustainable. They are investing to increase the efficiencies of hydropower plants to make them compatible with the environment. For instance, in 2018, Voith Hydro, a German engineering company, upgraded two hydropower plants (HPPs) that were ageing in order to increase their performance and make them more environmentally-friendly. Following the renovation, the power generation capacity of Semla 4 plant power in Fagersta municipality increased to 15 GWh.
Major players in the market are Alstom Power, GE Energy, Tata Power Company, Hydrochina International, CPFL Energia, Sinohydro Corporation, RusHydro, Andritz, and Agder Energi SA.
GE Power is an American energy technology company, owned by General Electric. In 2018, General Electric power plants produced one-third of the world’s electricity.
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