BAKU, Azerbaijan, November 1. Global demand for hydropower is expected to grow by around 3 million barrels of oil equivalent per day (mboe/d), which indicates an average annual growth of 1.4 percent, from 2021 through 2045, reaching 10.4 mboe/d, Trend reports via the latest World Oil Outlook (WOO) from OPEC.
“The increase comes mostly from developing countries, including China, as those regions still have large unutilized potential,” the report said.
Among developing countries, India is projected to demonstrate the largest average annual growth of 3.4 percent, reaching 0.7 mboe/d of hydropower demand by 2045.
“This is mainly due to governmental support and newly announced incentives for hydropower projects that are aimed to increase energy security and the diversification of its energy portfolio,” the report noted.
As for China, despite a few large-scale projects in the pipeline, hydropower demand growth is expected to slow, due to environmental concerns and lack of potential.
Meanwhile, According to WOO, hydropower demand in the OECD is set to increase from 2.5 mboe/d in 2021 to 2.9 mboe/d in 2045 - an increase of 0.7 percent per year.
The non-OECD hydropower demand is expected to increase by 2.4 mboe/d (1.7 percent of annual growth), reaching 7.5 mboe/d by 2045.
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