iCrowdNewswire Nov 13, 2020 2:00 AM ET
The global small hydropower market is projected to reach USD 3.0 billion by 2024 from an estimated market size of USD 2.6 billion in 2019, at a CAGR of 2.4% during the forecast period. The global market is set to witness significant growth owing to the application of small hydropower projects for rural electrification, financial incentives and policy initiatives, and investments in hydropower projects in response to climate change.
The Mini Hydropower segment is expected to be the most significant contributor to the Small hydropower market
The small hydropower, by type, is segmented into Mini Hydropower, and Micro Hydropower segments. The Mini hydropower segment is expected to lead the small hydropower market during the forecast period. Installations in the mini-hydropower segment are largely driven rural electrification. China led the way in installing small hydropower plants for rural electrification. In developed countries such as the US and Norway, the installations are to increase the renewable energy share in the nation’s energy mix.
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The 1–10 MW segment is expected to hold the largest share of the small hydropower market
The 1–10 MW segment is expected to dominate the small hydropower market in 2019 owing to the small hydropower installations in various countries across the globe. This higher share of 1–10 MW plants can be attributed to the small-scale decentralized projects being deployed in developing nations, especially in Asia Pacific, for rural electrification. Asia Pacific dominated the 1–10 MW segment of the small hydropower market. China, Vietnam, and India are the account for the significant share of the small hydropower installations in this region. The demand for small hydropower is driven by increasing investments for rural electrification in these countries.
Asia Pacific is expected to be the largest small hydropower market
Asia Pacific is currently the largest small hydropower market, followed by Europe and North America. The Asia Pacific is estimated to be the largest market from the global small hydropower market from 2019 to 2024. China, Vietnam, and India are the world’s fastest-growing economies, contributing mainly to the Asia Pacific market. The Asia Pacific market is expected to grow during the forecast period owing to the investments in rural electrification and off-grid energy generation.
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Both global and regional players dominate the global small hydropower market. The leading players in global small hydropower market, such as Voith (Germany), ANDRITZ (Austria), GE Renewable Energy (France), Toshiba (Japan), Siemens (Germany), BHEL (India), Gilbert Gilkes & Gordon (UK), and Flovel (India).
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Keywords: Small Hydropower Market, Small Hydropower, Hydropower, Hydroelectric, Energy, Power, Power Generation, Power Plant, Power Plants, Electricity, Renewable Energy, Renewables, Renewable, Electric Utilities