Press release
Small Hydropower Market Projected To Grow At a Steady CAGR during Forecast Period By 2024
Small Hydropower Market size by installation was 115.16 GW in 2015, as per the latest research report. Rising domestic electricity consumption demand owing to population growth coupled with need to reduce dependency on conventional energy sources may enhance global small hydropower market growth.
U.S. dominated the North America small hydropower market size, with installed capacity of 6.98 GW in 2015. Regulatory compliances by FERC to encourage renewable energy production accompanied by need to supply electricity in non-grid connectivity areas should positively influence market growth.
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Asia dominated the global electricity consumption accounted at over 40% of the total demand in 2015. Availability of potential sites coupled with presence of skilled labor is forecast to favor China and India small hydropower market growth. Vietnam small hydropower market is set to gain at over 6.5% CAGR up to 2024. Dense rivers with more than 2000 streams &rivers with length of over 9 km are the favorable natural assets to build SHP plant.
Growth in BRICS economy, and government efforts to supply electricity in remote areas. Supply issues in locations with no grid availability will open opportunities for small hydropower plants. France is set to grow at more than 3% CAGR up to 2024. Efforts by various authorities such as European Small Hydropower Association (ESHA) to promote SHP are expected trending factor to fuel regional demand.
Line stability, high lighting intensity, load shedding, inadequate equipment to compatible with old infrastructure may hinder small hydropower industry evolution. Another challenge is the existing substation, where the plant can be interconnected owing to houses and buildings are built nearby with no provisions was made for expansion.
To build a SHP plant it is essential to have an available &sustainable water stream within few hundred feet from the energy consumers. Logistics cost owing to less connectivity with the main city are expected challenging factors.
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Key insights from the report include:
Global small hydropower market size is forecast to reach 146.33 GW by 2024, growing at 2.7% CAGR up to 2024.
APAC, predominant by China, Japan, &India led the regional industry with total installations around 83.65 GW in 2015.
North America, dominated by the U.S. small hydropower market size, forecasts installations of more than 14 GW by 2024.
Europe, led by Italy is estimated to gain at 2.3% CAGR up to 2024. Rising trend to refurbish or renew existing hydro plants may positively drive regional demand.
Global small hydropower market share is fairly competitive and primarily persuade by regulatory policies. Voith, GE, Andritz Hydro, and Siemens are few key industry participants.
Other prominent market players include 24H - Hydro Power, Agder Energi, Derwent, Lanco, Fortum Oyj, RusHydro, and StatKraft.
The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, MEA
Related Report:
Hydropower Market Share & Forecast, 2017 – 2024
Hydropower Market size is set to exceed 1,300 GW by 2024. Rising electricity demand coupled with increasing investment towards sustainable energy will stimulate the global hydropower market size. As per International Energy Agency (IEA), hydroelectric accounted for over 80% of the total renewable energy mix. North America and Europe have introduced plans to upgrade, renovate, and modernize the existing stations to ensure more efficient operations. For instance, in March 2015, Latvenergo announced to invest USD 222.26 million towards reconstruction of Riga, Plavinas and Kegums hydroelectric power stations in Latvia by 2022.
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