Small Hydropower Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Small Hydropower Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 1,746.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.2% and is expected to reach a valuation of US$ 2,899.5Mn by 2032 end.
Over the future years, a significant increase in the utilization of renewable energy sources for energy production is projected to drive market growth. It is anticipated that increasing expenditures on “energy-saving” technologies for a range of end users will encourage using small hydropower to generate electricity.
Additionally, the Federal Energy Regulatory Commission (FERC) and the United Nations Industrial Development Organization (UNIDO) have adopted specific renewable energy regulations in response to rising greenhouse gas emissions by expanding electricity demand. Market expansion is anticipated due to Federal Energy Regulatory Commission policies that promote renewable energy sources and address the need for energy delivery in remote areas.
RISE IN NEED FOR ECONOMICAL ENERGY SOURCES AUGMENTING THE GLOBAL SMALL HYDROPOWER MARKET
One of the most eco-friendly and cleanest sources of renewable energy is hydroelectricity. It is one of the least expensive energy sources because it costs little to operate and maintain. Mini hydropower plants are highly effective and valuable renewable energy sources because they have efficiency above 90%. Mini hydro generators may generate around 100 KW of electricity.
At any temperature and wind speed, they can run constantly. Small hydropower plants are a dependable and affordable source of energy conversion since they have a longer lifespan of up to 50 years. The capacity utilization factor of small hydropower plants is high, reaching up to 50%. Compared to wind and solar electricity, which account for 25% and 20%, respectively, this leads to increased output.
INCREASE IN AWARENESS ABOUT GREEN ENERGY DRIVING THE GLOBAL SMALL HYDROPOWER MARKET
Growing consumer interest in green energy is predicted to present profitable opportunities for small hydropower market operators. Companies are looking for more efficient alternatives to traditional energy sources due to the implementation of strict restrictions to minimize greenhouse gas and carbon dioxide emissions.
Small hydropower facilities are good substitutes for electricity produced from fossil sources. When energy is produced using fossil fuels, greenhouse gases are released into the atmosphere. These gases have the potential to seriously harm the environment, including air and land pollution and global warming.
Market Segments Covered in Report
By Region and Country:
Why is the civil construction segment expected to hold the largest share of the small hydropower market?
All small hydropower plants’ major portion of project costs is devoted to civil construction. Civil constructions like weirs are built to appropriately direct the water onto turbines and raise the water head. These straightforward public structures are less expensive than those in large hydropower plants, but they account for a sizable portion of the total project cost in small hydropower plants.
Why is micro hydropower increasing in demand in the anticipated period?
The micro hydropower type segment commanded most of the market, with a revenue share of more than 55.0% in 2021. Micro hydropower projects, which range in size from less than 1 MW, can supply electricity to a small village or rural industry in off-grid locations. The small hydropower market has been divided into micro hydropower and mini hydropower based on type.
Micro hydropower systems are made up of crucial parts, including water pipes or channels for transportation, turbines, pumps, alternators, regulators, and wiring for electricity distribution. Commercially available turbines and generators come as a package and must be put together, making the systems simple to maintain and replace. Consequently, more market opportunities are anticipated due to inexpensive maintenance and simple replacement.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The small hydropower market is consolidated globally, with a few key vendors controlling most of the market share. Major players invest heavily in thorough research and development projects to increase their market share.
The recent developments in the Global Small Hydropower Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Capacity, Type, Component, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.2%.
The rise in need for economical energy sources augmenting the global small hydropower market.
Major global Small Hydropower Market players are Siemens AG, Voith GmbH, Agder Energi AS, Ontario Power Generation Inc., General Electric, Andritz AG, StatKraft, BC Hydro, RusHydro, Fortum
Asia Pacific Region is expected to account for the largest market revenue share in the Global Small Hydropower market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst