Oct 05, 2022, 08:30 ET
- Market participants are concentrating on raising manufacturing of electro-mechanical systems for hydroelectric plants to broaden their revenue sources
- As price of fossil fuels and worries about carbon emissions rise, the demand for small hydropower plants with above 10 MW is estimated to climb in the near future
WILMINGTON, Del., Oct. 5, 2022 /PRNewswire/ -- Transparency Market Research Inc. - In 2021, the value of global small hydropower market stood at US$ 208.8 Bn. The global market is anticipated to progress at 2.69% CAGR during the forecast period, from 2022 to 2031. By 2031, the global small hydropower market is projected to reach US$ 273.8 Bn. The global small hydropower market is being driven by the rising demand for sustainable energy and climbing pollution levels. Power is produced by hydropower without the release of hazardous waste. In addition to maintaining cleaner water and air this environmentally beneficial energy source also helps minimize carbon emissions, which is likely to present lucrative opportunities for the leading players in small hydropower market.
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In response to increasing concerns, governments and businesses all over the world are spending considerably in the research and development of small hydropower projects. The need for energy is rising since industrialization and urbanization are occurring rapidly, which is anticipated to drive future market demand for small hydropower in the years to come.
Small hydropower plants are a dependable and affordable source of energy conversion since they have a prolonged lifespan of up to 50 years. The capacity utilization rate of small hydropower plants is high, reaching up to 50%. In comparison to wind and solar electricity, which contribute to 25% and 20%, respectively, this generates more electricity.
Key Findings of Market Report
- One of the greenest and cleanest sources of renewable energy is hydroelectricity. It is among the most affordable sources of energy due to its reduced maintenance and operation costs. Small hydropower plants have an efficacy of over 90%, making them very effective and advantageous sources of renewable energy. Demand for affordable energy sources is growing, which is expected to boost the global small hydropower market.
- Growing consumer interest in green energy is predicted to present profitable opportunities for small hydropower industry operators. Companies are looking for more efficient alternatives to traditional energy sources owing to the implementation of strict restrictions to minimize greenhouse gas and carbon dioxide releases. As a result, the global small hydropower market is being driven by growing awareness of green energy.
- Depending on capacity, by 2021, the below 10 MW category accounted for a significant portion of the global market. It is projected to lead the global market during the forecast timeframe and is one of the recent developments in small hydropower market. Growth of the segment can be ascribed to the high degree of flexibility, high power output, and diverse applications of below 10 MW small hydropower in commercial and industrial sectors.
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Global Small Hydropower Market: Growth Drivers
- Based on regional segmentation, the global market for small hydropower was dominated by Asia Pacific in 2021 with a stake of 69.3%. China is anticipated to control a sizable portion of the Asia Pacific market and is one of the fastest growing market for small hydropower. Growth in the telecommunications, infrastructure, and business sectors is anticipated to drive the regional market. The Asia Pacific small hydropower market is expected to grow quickly in the near future due to rising power fluctuations, frequent blackouts, and construction activities.
Global Small Hydropower Market: Key Players
Some of the key market players are
- Ontario Power Generation Inc.
- Siemens AG
- General Electric Company
- Agder Energi AS
- The Voith Group
- Fortum Oyj
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Global Small Hydropower Market: Segmentation
- Below 10 MW
- Above 10 MW
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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