5 Fastest Growing Energy Sources in 2020

3. Hydropower

According to the International Energy Agency, hydropower is the largest source of renewable electricity in the world as it provides utmost flexibility. By 2015, hydropower had a global share of more than 6% with a 10-year average growth rate of 3.3%. The Asia Pacific accounts for a major share in its steady growth. Among all the countries, China has the world’s biggest hydropower plant, the Three Gorges Dam. In 2011, this plant grew by 15.7%. The installed global hydropower capacity in 2019 was 1307 gigawatt. The progressive growth of hydroelectric power consumption is also because of its relatively low cost per unit. From 2020 to 2025, the hydropower market is expected to have a CAGR of more than 2.5%. The most famous key players are Centrais Elétricas Brasileiras SA, Ontario Power Generation, Statkraft and Duke Energy.

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