IMARC Group, a leading market research company, has released a report titled “Small Hydropower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global small hydropower market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.
Small hydropower refers to the small-scale production of hydroelectric power for mini-industry plants or a local community. It relies on rivers or streams to rotate turbines that are connected to a generator to produce electricity. It is a compact system that does not require vast land to install the plants. It can be maintained without negatively impacting the ecosystem and wildlife as a small hydropower plant is constructed on existing water infrastructure. It is a sustainable source of energy producing minimum air or water pollution.
It does not cause irreversible damage, such as methane emissions, sedimentation, deforestation, displacement of water, and water wastage, as small hydropower does not require large reservoirs. Small hydropower is highly flexible and can run from zero power to maximum output and generate power to the grid spontaneously. It is capable of providing backup power during massive electricity outages and disruptions. It is affordable and provides durability compared to other sources of energy. It also provides clean drinking water, controls floods, and maintains a steady irrigation system. As it is versatile, cost-effective, and a renewable source of energy, small hydropower is extensively utilized by homegrown businesses, farmers, and ranchers across the globe.
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Small Hydropower Market Trends and Drivers:
The increasing utilization of small hydropower plants to produce renewable energy represents one of the primary factors propelling the growth of the market. In addition, the growing demand for clean energy due to rising environmental concerns among the masses is positively influencing the market. Besides this, governing agencies of various countries are undertaking initiatives to install small hydropower plants in rural areas for providing electricity without causing damage to the environment, which is strengthening the growth of the market. Additionally, the increasing adoption of small hydropower in the agriculture and agrochemical industries to reduce toxic emissions and save money on electricity expenditure is contributing to the growth of the market.
Apart from this, rising levels of air and water pollution due to deforestation and mismanagement of water resources across the globe are catalyzing the demand for small hydropower. Moreover, there is an increase in the demand for electricity in commercial and industrial sectors to run machinery in warehouses. This, coupled with the rising installation of small hydropower plants in residential areas to provide power backup during electricity outages, is offering a favorable market outlook. Furthermore, major players are investing in research and development (R&D) activities to develop small hydropower plants with efficient functionalities, which is bolstering the growth of the market
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ANDRITZ AG (ADRZF)
- Bharat Heavy Electricals Limited
- CANYON FPO (CAY.AX)
- GE Renewable Energy
- Gilbert Gilkes & Gordon Ltd.
- HNAC Technology
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Capacity:
- Up to 1 MW
- 1-10 MW
Breakup by Component:
- Electric Infrastructure
- Intake Valves and Penstock
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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