Hydroelectric power represents one of China’s fastest growing industries, according to a recent study by global market research group IBISWorld.
With the country working to encourage development in its green sector and a gross domestic product expected to grow almost twice as fast as the United States’ GDP over the next five years at 7% annually, IBISWorld said investments into all renewables are expected to remain strong.
“China’s quest for energy conservation and independence, through the development of alternatives to fossil fuels, is playing an integral role in determining which industries are growing the fastest,” the Australian company said.
According to IBISWorld, China’s hydropower industry saw a 13.5% increase in annualized revenue growth in 2008-13. That percentage is expected to dip slightly through 2018, falling to 13%.
IBISWorld noted that hydroelectric investments in particular will remain strong given small hydro’s ability to provide power in remote areas where access to China’s national grid is otherwise difficult, coupled with the recent implementation of a market-based pricing mechanism.
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