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Small Hydropower Market worth to be $3.0 Billion by 2024

Author: Siddhant Dongare
by Siddhant Dongare
Posted: May 01, 2021

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.

Small hydropower plants generally do not require the construction of dams, reservoirs, or any kind of storage structure as most plants are runoff run-of-river plants. But, to properly guide the water on to turbines and to increase the water head, civil structures such as weirs are constructed. These simple civil structures are cheaper than those in large hydropower plants, but they constitute a large share of the total project cost in small hydropower plants.

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.

The small hydropower market, by capacity, is segmented into Up to 1 MW and 1–10 MW. The 1–10 MW segment is projected to be the most abundant small hydropower, by capacity, market during the forecast period. 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. China, Vietnam, and India 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.

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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.

The major players in the 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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About the Author

Currently working as a Senior Research Associate with hands on experience in Market Research, Business Research, Consumer Research and Process Research

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Author: Siddhant Dongare

Siddhant Dongare

Member since: Feb 06, 2019
Published articles: 108

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