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Offshore Hydropower Market- Global Industry Analysis, Size 2024 | Research Report
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The rising concerns pertaining to the depleting amount of fossil fuels and the increasing levels of carbon footprint are propelling the demand for clean energy sources, thereby stoking the growth of the offshore hydropower market. On the flip side, offshore hydropower plant construction requires a large area of land, which can create an imbalance in wildlife and environment around the site. This is acting as one of the primary factors impeding the growth of the market. Moreover, the negative effects of such constructions on environment and wildlife are compelling governments to form stringent regulations, which are also hampering the growth of the market.
Besides this, the high investment required for setting up offshore hydropower systems is limiting the market from reaching the full potential. However, the increasing awareness regarding the energy storage benefits offered by pumped hydropower storage is likely to shape the future of the market. Furthermore, the soaring demand for decentralized electricity worldwide will offer significant growth opportunities for the market.
On the basis of geography, the report divides the market into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Europe is expected to be a highly lucrative destination for key players in the global arena. Favorable government initiatives are promoting the deployment of offshore hydropower systems in the region. North America is also estimated to be a prominent market during the forecast period, owing to the surging demand for hydropower energy.
Asia Pacific is anticipated to hold immense growth potential. The rapidly growing population in India and China is augmenting the demand for electricity, which is thereby supplementing the growth of the region. The growing inclination towards greener technologies and increasing investments by governments in renewable energy projects are also playing a vital role in the growth of the offshore hydropower market in APAC.
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The market presents a high entry and exit barriers owing to the strong investment requirements. Some of the prominent participants in the global offshore hydropower market are China Yangtze Power, Vattenfall, Bronzeoak Philippines, Alstom, NextEra Energy, LDK Solar, RusHydro, Suzlon Energy, Siemens, Calpine Corp, and First Solar.
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