Offshore hydropower market size is anticipated to witness significant growth over the forecast period.
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Clean energy offered by these systems accompanied by ability to handle base load demand is anticipated to drive offshore hydropower market growth. Non intermittent flow of electricity offered by production plants is likely to surge the industry demand from 2016 to 2023. In addition, it also allows plant operators to have excellent control over the energy production. Rising awareness regarding conventional energy might positively impact the industry growth. Furthermore, increasing carbon footprint is likely to boost offshore hydropower market size over the forecast period.
Hydropower plants can be categorized on the basis of production capacity such as small, large, Pico-hydro as well as micro plants. Plants with more than 30 MW of production capacity are called large plants. Small production plants are the ones having production capacity ranging between 100 KW to 30 MW. Energy generation plants having production capacity less than 100 KW fall under Pico and micro power plants.
Large systems are further segmented into diversion plants, pumped storage plant and impoundment plants. Impoundment plants are expected to be the most commonly used ones. In addition, it involves construction of dam. Pumped storage are the plants used mainly during peak power demands and also involves construction of reservoir. Diversion plants are also known as run-of-river hydro.
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Furthermore, it does not require any extra construction such as a dam or reservoir. It is anticipated to be the most favored technology for power generation. The large production systems are anticipated to pose derogatory impact on wild life and on environment during flood situations if not constructed properly, might negatively impact the industry growth. Large number of permits required for construction is likely to hider the industry demand. In addition, high financial requirement for installation of these systems might pose as challenge to the industry growth over the several upcoming years.
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