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Small Hydropower Market by installation was 115.16 GW in 2015, as per the latest research report by Global Market Insights, Inc.Small hydropower market is expected to register substantial gains over the coming years, primarily owing to the increasing power consumption across the globe.
The governments of various countries have been making continuous efforts to promote energy policies subject to safety maintenance, availability of workforce to construct and operate hydropower plants, and the total cost of power generation. In totality, small hydropower plants are essentially constructed to minimize the effects of power generation on the environment and reduce excessive costs, thereby stimulating small hydropower industry. This market is expected to exceed an installation capacity of 145 GW by 2024, growing at a CAGR of 2.5% over 2016-2024.
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SHPP, for most parts, are constructed with already existing dams, as they do not require huge facilities or infrastructure. On these grounds, small hydropower industry is likely to grow significantly in the emerging economies and countries with less capital. Asia Pacific led the global landscape of small hydropower market in 2014, with an installation capacity of more than 80 GW, subject to the rising necessity of electricity supply in the rural areas and the growing awareness regarding environmental safety. With China, Japan, and India as the key contributors, APAC small hydropower industry is forecast to generate significant revenue by 2024. Vietnam is also expected to grow significantly over the years ahead, with a CAGR of 6.5%, thereby contributing toward the regional revenue share. One of the key reasons attributed toward the development of small hydropower market in this region is the favorable natural environment, i.e., presence of rivers with a length of more than 9 km and dense rivers split into more than 2000 streams.
SHPs are constructed within the river flow (run of river scheme) or are already integrated in the existing water infrastructure. The former scheme is suitable for areas that do not require electric infrastructure. The generated power is transferred by the power house to a transformer, that transmits power to the chosen destination.
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SHPPs are widely utilized to refurbish old hydro sites. The presence of many abandoned hydro sites that require renovations is a factor that will positively impact small hydropower industry. Speaking of which, Central & South America small hydropower market is slated to grow at a rate of more than 4.5% over 2016-2024.
Dominated by the U.S. and Canada, North America small hydropower industry is anticipated to grow at a rate of 2.5% over 2016-2024. This growth can be attributed to the increasing number of government policies to promote renewable energy and provide uninterrupted power supply to the rural areas.
Numerous regulations imposed by the government and myriad regulatory bodies will positively impact global small hydropower market. This market is fiercely competitive and includes the participation of huge companies such as Andritz Hydro, Agder Energi, Lanco, GE, RusHydro, Voith, StatKraft Derwent, and Fortum Oyj.
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Website: https://www.gminsights.com/industry-analysis/small-hydropower-market
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