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Need For Indigenous Energy Production Across Suburbs To Drive Demand Within Small Hydropower Market
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The use of small hydropower plants and platforms converts the flow of water streams or rivers into electric energy. This energy can be used to power small villages, suburbs, and the residential sector in numerous countries. Hence, the global small hydropower market is projected to expand as better opportunities for energy generation come to the fore. Several localities across tropical and subtropical regions experience enough rainfall to water streams and rivers. Hence, the global small hydropower market endows lucrative opportunities that need to be capitalised upon.
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The presence of a resilient energy sector that is overseeing key technological developments has offered hope to market vendors. The technical specifications and viability of small hydropower systems has been studied and elaborated by renowned research bodies. This has generated confidence in local authorities for the induction of small hydropower systems. Hence, the global small hydropower market has witnessed starry growth in recent times.
Transparency Market Research (TMR) predicts that the global small hydropower market is projected to develop installed capacity as high as 146.65 GW by 2023-end, growing from a net capacity of 94.70 GW in 2014. Furthermore, the CAGR for installed capacity within the global small hydropower market is tabulated at 2.85% during 2015–2023.
Improved Architecture of Small Hydropower Facilities
Small hydropower facilities produce limited electricity even during peak seasons, as compared to mammoth wind, solar, and hydropower plants. However, the cumulative energy generated by a cluster of small hydropower plants suffices several houses and commercial industries. This factor has played an integral role in the growth of the global small hydropower market. Furthermore, the presence of several areas that receive abundant rainfall has also given a thrust to market growth.
Another problem that can be solved with the development small hydropower station is electricity transmission. The operational cost and logistical burden of supplying electricity to remote regions is major challenge for grid operators. In order to resolve this problem, small hydropower stations are being developed across remote and rural regions. This trend has reflected in the growing size of the global small hydropower market.
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Scandinavian Countries to Lead Regional Market Growth
Some of the Scandinavian countries have shown tremendous zeal in inducting renewable energy systems. This has earned these countries the honour of being some of the most livable regions in the world. Hence, the small hydropower market in Scandinavia is projected to grow at a stellar pace in the years to follow. Asia Pacific has also witnessed the emergence of a dedicated small hydropower sector in recent times. This factor has enhanced the stakes of market growth across the regional market.
Some of the leading vendors in the global small hydropower market are Alstom S.A., Voith GmbH, ANDRITZ HYDRO GmbH, BC Hydro, and StatKraft AS. These vendors have capitalised on the lucrative opportunities that float across the renewable energy market.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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