The global small hydropower market is projected to reach USD 3.0 billion by 2024 from an estimated market size of USD 2.6 billion in 2019, at a CAGR of 2.4% during the forecast period. The global market is set to witness significant growth owing to the application of small hydropower projects for rural electrification, financial incentives and policy initiatives, and investments in hydropower projects in response to climate change.
Small hydropower plants generally do not require the construction of dams, reservoirs, or any kind of storage structure as most plants are runoff run-of-river plants. But, to properly guide the water on to turbines and to increase the water head, civil structures such as weirs are constructed. These simple civil structures are cheaper than those in large hydropower plants, but they constitute a large share of the total project cost in small hydropower plants.
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The Mini hydropower segment is expected to lead the small hydropower market during the forecast period. Installations in the mini-hydropower segment are largely driven rural electrification. China led the way in installing small hydropower plants for rural electrification. In developed countries such as the US and Norway, the installations are to increase the renewable energy share in the nation’s energy mix.
The Asia Pacific is estimated to be the largest market from the global small hydropower market from 2019 to 2024. China, Vietnam, and India are the world’s fastest-growing economies, contributing mainly to the Asia Pacific market. The Asia Pacific market is expected to grow during the forecast period owing to the investments in rural electrification and off-grid energy generation.
The major players in the global Small Hydropower Market, such as Voith(Germany), ANDRITZ(Austria), GE Renewable Energy(France), Toshiba(Japan), Siemens(Germany), BHEL(India), Gilbert Gilkes & Gordon(UK), and Flovel(India).
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According to the latest report by IMARC Group “Small Hydropower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global small hydropower market is expected to grow at a CAGR of around 3% during 2021-2026.Small hydropower (SHP) refers to the power generation technology that converts kinetic energy from flowing water into electricity.
It is applied for low-to-medium electricity needs, including lighting and telecommunication.
SHP plants are generally installed in small rivers, streams or existing water supply networks since these plants have zero or negligible impact on the environment compared to large-scale hydropower plants.Market Trends:The escalating demand for renewable energy sources and rising investments in hydropower projects due to the growing environmental concerns represent the primary factors driving the global small hydropower market.
Additionally, several initiatives undertaken by governments of different countries to increase rural electrification and the implementation of financial incentives and favorable policies for sustainable development are other major growth-inducing factors.
Furthermore, various technological advancements enabling automation and limited electricity production despite extreme weather changes are contributing to the market growth.
Other factors, including the up-gradation of abandoned hydro sites and rising power consumption, are anticipated to provide a positive market outlook.Request for a free sample copy of this report: https://www.imarcgroup.com/small-hydropower-market/requestsampleWe are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
Small Hydropower Market: IntroductionThe global small hydropower market is anticipated to expand at a CAGR of 2.5% during the forecast period.
In terms of installed capacity, the small hydropower market is projected to develop installed capacity 170.8 GW by 2030, rising from a net capacity of 130.4 GW in 2019.
In terms of capacity, the above 10 MW segment accounted for a major share of the global small hydropower market in 2019.
The increase in demand for electricity and stringent norms & government regulations to minimize carbon emissions from the power sector are compelling companies to introduce highly effective and pollution-free energy generation methods.
Small hydropower is a prominent alternative to fossil fuel, as these plants utilize moving water for power generation.
The power plant is likely to become operational in 2020.Purchase A Report-https://www.transparencymarketresearch.com/checkout.php?rep_id=7730=SAsia Pacific Leads Small Hydropower MarketAsia Pacific dominated the global small hydropower market in 2019.
The leaders in the Africa small hydropower market - ESKOM Holdings, Africa Infrastructure Investment Managers, and Siemens AG - have all held significant shares in terms of value for 2015, despite the governments owning the majority of the projects.
The collective share of 34% in value by the above players can be related to the massive volume of the Africa small hydropower market held in government projects and regional players.As stated in a research report published by Transparency Market Research, the overall competitive scenario within the Africa small hydropower market is likely to remain diverse over the coming years.
At the same time, the overall degree of competition will be determined by the successful and appealing product differentiation brought out by players as well as the maintenance of high value brand identity by the leaders.
While small hydropower remains a solid source of renewable energy, the rate at which other technologies in renewables is advancing at a swift rate, increasing the threat received by the Africa small hydropower market from alternatives.The African Small Hydropower market’s potential capacity was 9,752.9 MW in 2015 and is projected to reach 49,706.1 MW by 2024, after expanding at a CAGR of 19.2% from 2016 to 2024.
Governments today are fully aware of the worsening effect that continued consumption of non-renewables is going to have on other natural resources as well as the integrity of soil, flora, and fauna.
The overall impact of this driver is already very high and is expected to climb higher over the coming years.
