CHICAGO, Nov. 7, 2019 /PRNewswire/ -- According to the new market research report "Small Hydropower Market by Capacity (Up to 1 MW, 1–10 MW), Type (Micro Hydropower, Mini Hydropower), Components (Electromechanical Equipment, Electric infrastructure, Civil Works), and Region - Global Forecast to 2024", published by MarketsandMarkets™, 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.
The 1–10 MW segment is expected to hold the largest share of the Small Hydropower Market, by voltage, during the forecast period
The 1–10 MW segment is expected to dominate the Small Hydropower Market in 2019 owing to the small hydropower installations in various countries across the globe. This higher share of 1–10 MW plants can be attributed to the small-scale decentralized projects being deployed in developing nations, especially in Asia Pacific, for rural electrification. Asia Pacific dominated the 1–10 MW segment of the Small Hydropower Market. China, Vietnam, and India are the account for the significant share of the small hydropower installations in this region. The demand for small hydropower is driven by increasing investments for rural electrification in these countries.
Civil Works segment the largest Small Hydropower Market, by component, during the forecast period
The public works segment is estimated to hold the largest share of the Small Hydropower Market, by part, from 2019 to 2024. Civil works account for the significant percentage of project costs in all small hydropower projects. 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.
Asia Pacific is expected to dominate the global Small Hydropower Market
Asia Pacific is currently the largest Small Hydropower Market, followed by Europe and North America. China, Vietnam, and India are the world's fastest-growing economies, contributing largely 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.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Small Hydropower Market. These include Voith (Germany), ANDRITZ (Austria), GE Renewable Energy (France), Toshiba (Japan), Siemens (Germany), BHEL (India), Gilbert Gilkes & Gordon (UK), and Flovel (India). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.
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