Small Hydropower Market Key Insights And Growth Scenario Coverage of Top Key Players 2020-2027

Increased focus towards rural electrification in emerging and underdeveloped economies, reducing dependency on conventional resources, and low maintenance cost and capital investment is driving the growth of the Small Hydropower market. Renewable power generation aids countries in meeting sustainable development goals through provision of access to secure, reliable, clean, and affordable energy. Large capacity of hydropower systems is being installed across the globe every year. Moreover, in recent years, there has been a drastic reduction in renewable energy technologies’ costs due to R&D and accelerated developments. Small hydropower plants can be built through existing dams or via a running river, which reduces more than 45% cost of civil construction and results into low capital cost of the project. Small hydropower plants have low operational cost as it requires less labor management and site maintenance. Hence, the low capital and maintenance cost associated with installation of small hydropower plant is expected to fuel the market growth. However, the cost associated with operating small hydropower plant when compared with New Solar Photovoltaic (PV) and Onshore Wind Power is high, which might hamper the growth of the market.

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Small hydropower is a renewable, clean, and predictable energy source. Small hydropower generation systems are used to generate electricity by converting the mechanical energy in the running water into electric energy, similar to larger conventional hydroelectric systems. Small hydro systems can be connected to the grid to provide power to it. It can also be used for independent and stand-alone applications in isolated remote areas. Setting up of small hydroelectric plants require low capital investment due to minimum reservoirs and civil construction work.

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Based on capacity, the market is segmented into Up to 1 MW and 1–10 MW. Among these, the 1-10 MW segment is expected to grow at a higher CAGR during the forecast period. This is attributed to the small-scale decentralized projects which are being deployed in developing nations, majorly in Asia-Pacific for rural electrification.

On the basis of type, the market is segmented into mini hydropower and micro hydropower. Among these, the mini hydropower segment is expected to grow at a higher CAGR during the forecast period. The installations in mini-hydropower segment is driven by rural electrification. China has led the way for installing small hydropower plants. On the other hand, developed countries such as, the U.S. and Norway, are installing small hydropower plants to enhance the renewable energy percentage in the nation’s energy mix.

Based on component, the market is segmented into electromechanical equipment, electric infrastructure, and civil works. Among these, the civil work segment is expected to witness a higher CAGR growth during the forecast period. Civil works account for maximum share of project costs in small hydropower projects as it helps to properly guide the water on turbines and enhances water head and civil structures. These simple public structures are cheaper than large hydropower plants but constitute larger share of total project cost, thus proliferating the growth of the segment.

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Based on the Region, Asia-Pacific is projected to witness a higher CAGR growth during the forecast period. This is attributed to the rising investments in rural electrification and off-grid energy generation in countries like China, India, and Vietnam. Moreover, the increasing need to supply electricity in remote areas coupled with the rising environmental concerns is expected to accelerate the growth of the market in Asia-Pacific region.

The key players in the market include Voith GmbH & Co, ANDRITZ Inc, GE Renewable Energy, Toshiba Corporation, Siemens AG, Bharat Heavy Electrical Ltd (BHEL), Gilbert Gilkes & Gordon, Flovel Energy Pvt. Ltd, Alstom S.A., and StatKraft AS among others.

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Key Developments:

• In 2019, Voith GmbH & Co. received an order to manufacture, design, and supply the electromechanical equipment for small hydropower plant named as Kabu 16 in Burundi Africa. The Voith GmbH & Co. is responsible for valves, generators, and two vertical Francis turbine.

The Small Hydropower market has been segmented based on Capacity, Type, Component, and Key Region. Based on Capacity, the market is segmented into Up to 1 MW and 1–10 MW. Based on Type, the market is segmented into Micro Hydropower and Mini Hydropower. Based on Component, the market is segmented into Electromechanical Equipment, Electric infrastructure, Civil Works and Others.

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