The Top Five Hydro Power Generation Markets in 2021
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China, Canada, Brazil, United States of America, and Russia were the top five hydro power generation markets in 2021
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China was the leading hydro power generation market in 2021. The hydro power generation in China recorded a value of 1,323,741.1 GWh, up 1.1% YoY, while the hydro cumulative capacity grew by 2.6% YoY
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Canada ranked second with a hydro power generation of 377,256.6 GWh (up 3.0% YoY), with the other three markets (Brazil, United States of America, and Russia) having a cumulative hydro power generation of 810,334.7 GWh in 2021
The Top Five Hydro Power Generation Markets in 2021
With ever-increasing energy demands, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gases (GHG), many countries have opted for clean renewable energy sources. Many countries have signed protocols with pre-defined emission reduction targets. The Paris Agreement is the most recent step taken by several countries whereby each country voluntarily determined their emission reduction targets, presented them and pledged to achieve GHG reductions according to these targets. Several countries that have been party to the Paris Agreement have devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower.
Hydroelectric energy is the energy harnessed from the kinetic energy of water i.e., movement of water by installing a dam or hydroelectric powerplant around flowing water. Hydropower is one of the most widely used renewable resources for the generation of clean power globally. Hydropower technology is also considered preferable to other renewable sources, as it releases fewer Greenhouse Gas (GHG) emissions during power generation. It has already helped avoid more than 200 million metric tons of carbon each year, equivalent to 38 million passenger cars.
The global installed hydropower capacity increased from 1,014.6 gigawatts (GW) in 2010 to 1,325.8 GW in 2020, at a compound annual growth rate (CAGR) of 2.7%. The global installed hydropower capacity is expected to reach 1,587.0 GW by 2030. In 2021, the top five regions in the wind power market are China, Canada, Brazil, the United States of America, and Russia.
China is the largest wind power market, with cumulative wind installed capacity of 379,783 MW as of 2021, growing at a CAGR of 2.5% between 2017 and 2021. The hydropower market in the country generated 1,323,741 GWh of electricity in 2021, growing at a CAGR of 3.6% between 2017 and 2021. The Chinese Government has introduced various policies for renewable energy growth and use, including indicative renewable energy goals, renewable energy planning, the entry of renewable energy products into the market, the connection of renewable power generation projects to the grid, the provision of Feed-in Tariffs (FiT), fiscal and taxation, renewable energy technology R&D, and diffusion. These efforts by the Chinese government have greatly helped the renewable power market to grow.
Canada ranked second with a hydropower generation of 377,256.6 GWh (up 3.0% YoY), with the other three markets (Brazil, United States of America, and Russia) having a cumulative hydropower generation of 810,334.7 GWh in 2021.
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