Small Hydropower Market was valued at USD 2.2 billion in 2021 and is projected to reach USD 2.7 billion in 2029, growing at a CAGR of 2.5% during 2022-2029.
The factors driving the growth of Small Hydropower Market includes electrification of rural areas, growing emphasis on utilizing renewable sources of energy and rising concerns related to climate change and greenhouse emissions around the world. Moreover, financial incentives by provided by Government for installation of small hydropower plants, increasing electricity distribution costs, power outrages due to faults in the main grid and growing adoption of mini and micro small hydro facilities in the developing countries, are some of the additional factors supplementing the Small Hydropower Market size. In addition, low capital, and maintenance costs of small hydropower plants, increasing investments by major corporations on research and development, rapid urbanization, and rising population growth rates, are further contributing towards the market growth.
However, growth of the Small Hydropower Market is hindered due to high cost of operating small hydropower plants as compared to Photovoltaic (PV) and Onshore Wind Power plants.
The major players operating in the market are Bharat Heavy Electrical Ltd (BHEL), Gilbert Gilkes & Gordon, Flovel Energy Pvt. Ltd, Voith GmbH & Co, ANDRITZ Inc, GE Renewable Energy, Alstom S.A., Toshiba Corporation, Siemens AG, and StatKraft AS among others.
Based on Type the Mini Hydropower segment is predicted to grow at a robust CAGR during the forecast period
Rising focus on electrifying rural areas and Government initiatives promoting the use of renewable energy sources, are some of the factors responsible for the segment’s growth.
Based on Component, the Civil Works segment is projected to grow at a remarkable CAGR over the forecast period
Civil works raises the water head level and guides the water onto the turbines, are propelling Global Small Hydropower Market.
Based on Region, the Asia-Pacific region is anticipated to expand at a significant during the forecast period
Government initiatives to electrify rural areas, presence of the leading players such as Flovel Energy Pvt. Ltd, Bharat Heavy Electrical Ltd (BHEL) and Toshiba Corporation, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
- In 2019, Voith GmbH & Co. got contract to manufacture, design, and supply the electromechanical equipment for small hydropower plant named as Kabu 16 in Burundi Africa.
Market Segmentation
Segmentation by Capacity
- Up to 1 MW
- 1–10 MW
Segmentation by Type
- Micro Hydropower
- Mini Hydropower
Segmentation by Component
- Electromechanical Equipment
- Turbine
- Generator
- Other Equipment (includes inlet valves gates, penstock, governors, and auxiliaries)
- Electric Infrastructure
- Civil Works
- Others (includes engineering, structural, management, environmental mitigation, and project development)
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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