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The latest report by IMARC, titled “ SmallHydropowerMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast20 23-2028
” " the global small hydropower market size reached US$ 2.2 Billion in 2022.
Small hydropower (SHP) refers to a system that generates electrical energy by converting kinetic energy from free-flowing water to electricity. It comprises several components, such as pipelines, turbines, generators, regulators, and wirings.
It is widely used for the electrification of remote areas, satisfying low and medium-voltage electricity needs of industries, and performing various mechanical processes, such as water pumping and rotating grinding wheels. As compared to large hydroelectric dams, SHP does not impact water movement and quality, sediment patterns, and fish migrations. It is also a clean source of energy that reduces air and water pollution and minimizes methane emissions.
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The rising demand for renewable energy sources across the globe is one of the primary factors driving the market growth. SHP is a cost-effective and sustainable source of energy generation that replaces expensive and highly polluting diesel generators and reduces the dependence on coal, oil, and natural gas power plants. Furthermore, increasing awareness among the masses regarding various product benefits, including low distribution and operational costs, minimum maintenance, easy deployability, no risk of floods, convenient integration with the power grid, and negligible impact on the environment and ecology, is providing an impetus to the market growth. Apart from this, the implementation of various government initiatives promoting the adoption of SHP through financial incentives, low-interest loans, renewable purchase obligations, and feed-in-tariffs are positively influencing the market growth. Additionally, recent research and development (R&D) activities to improve the hydraulic structures of the intakes, diversion pipes, and features of power equipment to enhance the efficiency of SHP and maximize energy production are propelling the market growth. Moreover, the integration of artificial intelligence (AI) to manage small hydropower plant operations, optimize maintenance, and help in site selection is favoring the market growth. Other factors, including rising energy demand, increasing environmental concerns regarding the use of fossil fuels, and the widespread adoption of the Internet of Things (IoT)-based monitoring systems, are anticipated to drive the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 2.6 Billion by 2028, at a projected CAGR of 2.6% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyCapacity:
• Up to 1 MW
• 1–10 MW
BreakupbyComponent:
• Turbine
• Generator
• Electric Infrastructure
• Intake Valves and Penstock
• Others
BreakupbyRegion:
• 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
CompetitiveLandscapewithKeyPlayers:
• ANDRITZ
• BHEL
• Canyon Hydro
• GE Renewable Energy
• Gilbert Gilkes & Gordon Ltd.
• HNAC Technology
• Mavel
• Siemens
• SNC-Lavalin
• Toshiba
• Voith
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