水力发电市场－全球产业规模、份额、趋势、机会及预测（按类型、容量、组件、最终用户、地区和竞争格局划分，2021-2031年）

全球水力发电市场预计将从 2025 年的 2,448.2 亿美元成长到 2031 年的 3,651.5 亿美元，复合年增长率达到 6.89%。

水力发电是一种可再生能源，它利用涡轮机捕获流动水的动能来发电。该行业的主要驱动力是全球向净零排放转型以及电网柔软性对适应间歇性再生能源来源的迫切需求。水力发电透过提供可靠的基本负载电力和显着的储能能力，增强了能源安全。国际水力发电协会（IHA）报告称，全球水力发电装置容量将在2024年增加24.6吉瓦，显示各方持续致力于建造强大的水力发电基础设施。

然而，该行业面临着许多障碍，包括高昂的初始资本支出和漫长的建设週期。这些计划需要大规模的土木工程工作，并严格遵守环境法规，导致前置作业时间长、收益实现延迟。这些财务和监管方面的障碍往往会阻碍私部门的投资。此外，日益加剧的气候变迁和不断上升的干旱风险威胁着水资源的可用性，进而威胁到市场扩张所需的稳定供水。

市场驱动因素

全球加速脱碳和净零排放目标的实现，正从根本上改变市场格局，各国纷纷优先发展可再生基本负载能力以取代石化燃料。这一转变推动了对大型基础设施的大量投资，以确保能源安全，同时兼顾严格的气候目标。水力发电是这项转型的重要组成部分，它提供了一种清洁、可调节的能源，与风能和太阳能等可变能源形成互补。根据国际能源总署（IEA）2025年10月的预测，为支持这些永续发展情景，2025年至2030年间，全球水力发电总装置容量预计将增加超过154吉瓦。这项转变，加上持续的装置容量成长，凸显了水力发电产业在能源转型中的关键角色。根据国际可再生能源总署（IRENA）2025年3月的报告，到2024年底，全球水力发电装置容量（不包括抽水蓄能）将达到1283吉瓦。

抽水蓄能（PSH）的发展已成为可再生能源併网的关键驱动力，满足了电网稳定性和长时储能的迫切需求。随着间歇性可再生能源发电的增加，抽水蓄能设施如同巨型水力电池，在用电低谷期吸收多余电力，并在用电高峰期释放，从而维持电网频率稳定。这种能力有效降低了太阳能和风能发电的波动性，使抽水蓄能成为电网现代化不可或缺的一部分。根据国际水力发电协会（IHA）2025年6月发布的报告，全球抽水蓄能装置容量预计将增加5%，达到189吉瓦，显示人们对灵活储能资产的兴趣日益浓厚。因此，各国政府和电力公司正在积极推动这些计划，以增强系统韧性，并在日益电气化的环境中避免停电事故的发生。

市场挑战

高昂的初始资本支出和漫长的建设週期是限制全球水力发电市场发展的关键结构性障碍。与模组化可再生能源技术不同，水力发电发电工程需要大规模的土木工程，例如大坝和水库的建设，需要大量的初期资本投入。此外，严格的环境评估和复杂的审批程序会显着延长计划前置作业时间，往往导致专案运作延迟十年以上。这种资本密集的特点，加上产生收入延迟，造成了高风险的财务状况，抑制了私人资本的参与，并限制了愿意投资长期基础设施资产的投资者数量。

这延缓了规划计划向运作能的过渡，直接阻碍了市场成长。这些资本密集型专案资金筹措困难，意味着其发展速度无法跟上世界能源转型目标的脚步。根据国际水力发电协会（IHA）2025年的预测，到2030年，可再生能源装置容量将比实现三倍成长目标所需的容量少60-70吉瓦。这一巨大的缺口凸显了根深蒂固的金融和监管挑战如何有效地阻碍了该行业的可持续扩张。

市场趋势

在现有水库上部署浮体式光伏（FPV）系统正迅速成为优化资产利用和解决土地限制的战略方法。这种混合模式使营运商能够在利用现有输电基础设施的同时，减少蒸发和藻类滋生，从而建立一个互惠互利的能源产出框架。透过将太阳能板与水力发电大坝并置，电力公司可以利用太阳能有效补偿水位季节性波动，确保更可靠的电力供应。这一机会的规模庞大。根据美国国家可再生能源实验室（NREL）2025年1月发布的报告《美国水库浮体式太阳能发电潜力超过1兆瓦》，据估计，仅美国联邦政府管理的水库就具备容纳861至1042吉瓦浮体式太阳能发电容量的技术潜力。

同时，将水力发电设施与绿色氢气生产结合，正成为转型难以脱碳的工业领域的新途径。这一趋势利用水轮机提供的可靠、低碳基本负载电力为动力来源，将剩余或低谷电力转化为灵活的化学能源载体。这种协同效应不仅使电厂所有者的收入来源多元化，还提供了与传统併网活动互补的化学品储存解决方案。 2025年3月发布的一份关于罗斯托克能源港合作项目的新闻稿印证了这一产业变革的趋势，安德里茨公司在新闻稿中宣布订单一座100兆瓦绿色氢气工厂的设计订单。这标誌着领先的水力发电技术供应商所实现的氢能计划正朝着商业性规模不断扩大的方向发展。

目录

第一章概述

第二章调查方法

第三章执行摘要

第四章：客户评价

第五章 全球水力发电市场展望

• 市场规模及预测
  • 按金额
• 市占率及预测
  • 按类型（小型水力发电、微型水力发电）
  • 按容量划分（超过 100 兆瓦、低于 10 兆瓦、其他）
  • 按组成部分（土木工程和建筑、电子机械和电气设备、电气设备、电力基础设施、其他）
  • 按最终用户（工业、公共产业、其他）划分
  • 按地区
  • 按公司（2025 年）
• 市场地图

第六章：北美水力发电市场展望

• 市场规模及预测
• 市占率及预测
• 北美洲：国家分析
  • 我们
  • 加拿大
  • 墨西哥

第七章：欧洲水电市场展望

• 市场规模及预测
• 市占率及预测
• 欧洲：国家分析
  • 德国
  • 法国
  • 英国
  • 义大利
  • 西班牙

第八章：亚太地区水力发电市场展望

• 市场规模及预测
• 市占率及预测
• 亚太地区：国家分析
  • 中国
  • 印度
  • 日本
  • 韩国
  • 澳洲

第九章：中东和非洲水力发电市场展望

• 市场规模及预测
• 市占率及预测
• 中东和非洲：国家分析
  • 沙乌地阿拉伯
  • 阿拉伯聯合大公国
  • 南非

第十章：南美洲水力发电市场展望

• 市场规模及预测
• 市占率及预测
• 南美洲：国家分析
  • 巴西
  • 哥伦比亚
  • 阿根廷

第十一章 市场动态

• 司机
• 任务

第十二章 市场趋势与发展

• 併购
• 产品发布
• 最新进展

第十三章 全球水力发电市场：SWOT分析

第十四章：波特五力分析

• 产业竞争
• 新进入者的可能性
• 供应商电力
• 顾客权力
• 替代品的威胁

第十五章 竞争格局

• China Three Gorges Corporation
• Statkraft AS.
• GE Renewable Energy
• Voith Group
• Andritz AG
• Siemens Energy AG
• ALSTOM Holdings
• ABB Ltd
• Hitachi Ltd
• Toshiba Corporation

第十六章 策略建议

第十七章：关于研究公司及免责声明

The Global Hydropower Market is projected to expand from USD 244.82 Billion in 2025 to USD 365.15 Billion by 2031, achieving a compound annual growth rate of 6.89%. As a renewable energy mechanism, hydropower generates electricity by utilizing turbines to capture the kinetic energy of flowing water. The industry is primarily propelled by the global shift toward net-zero emissions and the critical need for grid flexibility to accommodate intermittent renewable sources. By offering dependable baseload power and vital storage capabilities, this technology bolsters energy security. Illustrating the ongoing commitment to robust water energy infrastructure, the International Hydropower Association reported a global capacity increase of 24.6 GW in 2024.

However, the industry faces substantial obstacles regarding high initial capital expenditures and lengthy construction schedules. These projects necessitate massive civil engineering efforts and strict adherence to environmental regulations, resulting in prolonged lead times that postpone revenue realization. Such financial and regulatory barriers frequently discourage private sector investment. Additionally, rising climate volatility and the risk of droughts jeopardize water availability, thereby impeding the consistent reliability required for widespread market growth.

Market Driver

The acceleration of global decarbonization and net-zero emission goals is fundamentally transforming the market as nations prioritize renewable baseload capacity to replace fossil fuels. This shift fuels significant investment in large-scale infrastructure designed to guarantee energy security while adhering to rigorous climate objectives. Hydropower serves as a crucial element in this transition, providing dispatchable clean energy that supplements variable sources like wind and solar. According to the International Energy Agency in October 2025, total hydropower capacity is expected to grow by more than 154 GW between 2025 and 2030 to meet these sustainable development scenarios. This trajectory emphasizes the sector's vital role in the energy transition, supported by continued installation progress, with the International Renewable Energy Agency reporting in March 2025 that global hydropower capacity, excluding pumped storage, reached 1,283 GW by the end of 2024.

The growth of Pumped Storage Hydropower (PSH) has become a key catalyst for integrating renewable energy, addressing the pressing demand for grid stability and long-duration storage. As intermittent renewable generation increases, PSH facilities act as immense water batteries that absorb surplus power during low demand periods and release it during peak usage to maintain frequency control. This function effectively reduces the volatility linked to solar and wind production, rendering PSH essential for grid modernization. Per the International Hydropower Association in June 2025, global pumped storage capacity increased by 5% to 189 GW, highlighting the growing focus on flexible storage assets. Consequently, governments and utilities are aggressively accelerating these projects to bolster system resilience and avert blackouts in an increasingly electrified landscape.

Market Challenge

Substantial upfront capital expenses and extended construction durations represent the primary structural impediments constraining the Global Hydropower Market. In contrast to modular renewable technologies, hydropower initiatives require massive civil engineering undertakings, such as dam and reservoir construction, necessitating significant initial liquidity. Moreover, stringent environmental evaluations and intricate permitting procedures considerably prolong project lead times, frequently delaying operational start dates by more than ten years. This blend of capital intensity and delayed revenue creation establishes a high-risk financial profile that discourages private equity and restricts the number of investors prepared to support long-term infrastructure assets.

As a result, these obstacles directly impede market growth by slowing the transition of planned projects into operational capacity. The challenge of obtaining financing for such capital-heavy ventures leads to a development rate that falls short of global energy transition objectives. According to the International Hydropower Association in 2025, the sector confronts an anticipated capacity deficit of 60 to 70 GW by 2030 compared to the targets needed to triple renewable energy resources. This substantial shortfall illustrates how deeply rooted financial and regulatory difficulties are effectively inhibiting the industry's capacity to sustain consistent expansion.

Market Trends

The deployment of Floating Solar Photovoltaic (FPV) systems atop existing reservoirs is quickly becoming a strategic method to optimize asset utilization and address land limitations. This hybridization enables operators to utilize existing transmission infrastructure while simultaneously lowering water evaporation and algae proliferation, establishing a symbiotic energy generation framework. By co-locating solar arrays with hydropower dams, utilities can effectively offset the seasonal variability of water flows with solar generation, guaranteeing a more dependable power supply. The scale of this opportunity is immense; the National Renewable Energy Laboratory's January 2025 report, 'Floating Solar on US Reservoirs Could Generate Over 1 TW of Power', estimates that federally managed reservoirs in the United States alone hold the technical potential to accommodate between 861 and 1,042 GW of floating solar capacity.

Concurrently, integrating hydropower facilities with green hydrogen production is rising as a transformative route to decarbonize hard-to-abate industrial sectors. This trend entails using reliable, low-carbon baseload electricity from hydro turbines to power electrolyzers, transforming surplus or off-peak energy into a flexible chemical energy carrier. This synergy not only creates diverse revenue streams for plant owners but also offers a chemical storage solution that supplements conventional grid balancing activities. Underscoring this industrial evolution, Andritz announced in a March 2025 press release regarding the Rostock EnergyPort collaboration that it received an order to engineer a 100 MW green hydrogen plant, reflecting the growing commercial magnitude of hydrogen projects enabled by leading hydropower technology providers.

Key Market Players

• China Three Gorges Corporation
• Statkraft AS.
• GE Renewable Energy
• Voith Group
• Andritz AG
• Siemens Energy AG
• ALSTOM Holdings
• ABB Ltd
• Hitachi Ltd
• Toshiba Corporation

Report Scope

In this report, the Global Hydropower Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Hydropower Market, By Type

• Mini Hydropower
• Micro Hydropower

Hydropower Market, By Capacity

• Above 100 MW
• Under 10 MW
• Others

Hydropower Market, By Component

• Civil Construction
• Electromechanical Equipment
• Electric
• Power Infrastructure
• Others

Hydropower Market, By End-User

• Industrial
• Utility
• Others

Hydropower Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Hydropower Market.

Available Customizations:

Global Hydropower Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Hydropower Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Type (Mini Hydropower, Micro Hydropower)
  • 5.2.2. By Capacity (Above 100 MW, Under 10 MW, Others)
  • 5.2.3. By Component (Civil Construction, Electromechanical Equipment, Electric, Power Infrastructure, Others)
  • 5.2.4. By End-User (Industrial, Utility, Others)
  • 5.2.5. By Region
  • 5.2.6. By Company (2025)
• 5.3. Market Map

6. North America Hydropower Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Type
  • 6.2.2. By Capacity
  • 6.2.3. By Component
  • 6.2.4. By End-User
  • 6.2.5. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Hydropower Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Type
      • 6.3.1.2.2. By Capacity
      • 6.3.1.2.3. By Component
      • 6.3.1.2.4. By End-User
  • 6.3.2. Canada Hydropower Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Type
      • 6.3.2.2.2. By Capacity
      • 6.3.2.2.3. By Component
      • 6.3.2.2.4. By End-User
  • 6.3.3. Mexico Hydropower Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Type
      • 6.3.3.2.2. By Capacity
      • 6.3.3.2.3. By Component
      • 6.3.3.2.4. By End-User

7. Europe Hydropower Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Type
  • 7.2.2. By Capacity
  • 7.2.3. By Component
  • 7.2.4. By End-User
  • 7.2.5. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Hydropower Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Type
      • 7.3.1.2.2. By Capacity
      • 7.3.1.2.3. By Component
      • 7.3.1.2.4. By End-User
  • 7.3.2. France Hydropower Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Type
      • 7.3.2.2.2. By Capacity
      • 7.3.2.2.3. By Component
      • 7.3.2.2.4. By End-User
  • 7.3.3. United Kingdom Hydropower Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Type
      • 7.3.3.2.2. By Capacity
      • 7.3.3.2.3. By Component
      • 7.3.3.2.4. By End-User
  • 7.3.4. Italy Hydropower Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Type
      • 7.3.4.2.2. By Capacity
      • 7.3.4.2.3. By Component
      • 7.3.4.2.4. By End-User
  • 7.3.5. Spain Hydropower Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Type
      • 7.3.5.2.2. By Capacity
      • 7.3.5.2.3. By Component
      • 7.3.5.2.4. By End-User

8. Asia Pacific Hydropower Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Type
  • 8.2.2. By Capacity
  • 8.2.3. By Component
  • 8.2.4. By End-User
  • 8.2.5. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Hydropower Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Type
      • 8.3.1.2.2. By Capacity
      • 8.3.1.2.3. By Component
      • 8.3.1.2.4. By End-User
  • 8.3.2. India Hydropower Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Type
      • 8.3.2.2.2. By Capacity
      • 8.3.2.2.3. By Component
      • 8.3.2.2.4. By End-User
  • 8.3.3. Japan Hydropower Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Type
      • 8.3.3.2.2. By Capacity
      • 8.3.3.2.3. By Component
      • 8.3.3.2.4. By End-User
  • 8.3.4. South Korea Hydropower Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Type
      • 8.3.4.2.2. By Capacity
      • 8.3.4.2.3. By Component
      • 8.3.4.2.4. By End-User
  • 8.3.5. Australia Hydropower Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Type
      • 8.3.5.2.2. By Capacity
      • 8.3.5.2.3. By Component
      • 8.3.5.2.4. By End-User

9. Middle East & Africa Hydropower Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Type
  • 9.2.2. By Capacity
  • 9.2.3. By Component
  • 9.2.4. By End-User
  • 9.2.5. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Hydropower Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Type
      • 9.3.1.2.2. By Capacity
      • 9.3.1.2.3. By Component
      • 9.3.1.2.4. By End-User
  • 9.3.2. UAE Hydropower Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Type
      • 9.3.2.2.2. By Capacity
      • 9.3.2.2.3. By Component
      • 9.3.2.2.4. By End-User
  • 9.3.3. South Africa Hydropower Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Type
      • 9.3.3.2.2. By Capacity
      • 9.3.3.2.3. By Component
      • 9.3.3.2.4. By End-User

10. South America Hydropower Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Type
  • 10.2.2. By Capacity
  • 10.2.3. By Component
  • 10.2.4. By End-User
  • 10.2.5. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Hydropower Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Type
      • 10.3.1.2.2. By Capacity
      • 10.3.1.2.3. By Component
      • 10.3.1.2.4. By End-User
  • 10.3.2. Colombia Hydropower Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Type
      • 10.3.2.2.2. By Capacity
      • 10.3.2.2.3. By Component
      • 10.3.2.2.4. By End-User
  • 10.3.3. Argentina Hydropower Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Type
      • 10.3.3.2.2. By Capacity
      • 10.3.3.2.3. By Component
      • 10.3.3.2.4. By End-User

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Hydropower Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. China Three Gorges Corporation
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. Statkraft AS.
• 15.3. GE Renewable Energy
• 15.4. Voith Group
• 15.5. Andritz AG
• 15.6. Siemens Energy AG
• 15.7. ALSTOM Holdings
• 15.8. ABB Ltd
• 15.9. Hitachi Ltd
• 15.10. Toshiba Corporation

16. Strategic Recommendations

17. About Us & Disclaimer