Albany, NY, Jan. 06, 2016 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the global small hydropower market is estimated to expand at a CAGR of 2.85% during the period between 2015 and 2023. The report, titled “Small Hydropower Market, by installed capacity - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2015 - 2023”, projects the installed capacity of the global small hydropower market to reach 146.65 GW by 2023. The installed capacity of the overall market stood at 110.77 GW in 2014.
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Small hydropower or SHP offers an emission-free and efficient renewable source of electricity that can be used on-grid as well as off-grid. Small hydro is often constructed with the help of existing dams or built along a river. A small hydropower system constitutes of generators, transformers, turbines, and reservoirs. Small hydropower plants are well suited for rural areas where there is no large-scale infrastructure for electricity distribution and transmission. Growing demand for electricity generated from renewable resources has boosted the global small hydropower market.
Hydroelectric energy is the cleanest form of energy, as it does not release any harmful emissions. This has propelled the generation of hydroelectric energy across nations and, in turn, has fuelled the expansion of the global small hydropower market. Presently, hydropower accounts for about 20% of the total electricity supply worldwide. The upper limit for hydropower varies across countries. For example, in Canada, hydropower ranges up to 50 MW while in Brazil it ranges up to 30 MW. 10 MW total hydropower capacity is the general standard across the globe. However, the plant load factor and capacity utilization for small hydropower plants are high.
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The report studies the global small hydropower market across five key regions: Asia Pacific, North America, Europe, the Middle East and Africa, and South and Central America. In 2014, Asia Pacific was the largest market for small hydropower and held a 70.3% market share. China leads the overall region in terms of number of small hydropower installations and total power generated from them, followed by India and Japan. The Chinese government has been promoting the installation of small hydropower by offering incentives and tax credits. Europe emerged as the second largest market for small hydropower in 2014.
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In Europe, Italy leads the market owing to well-structured policies and large funding for market development. North America was the third largest small hydropower market in 2014 with the U.S. and Canada as the leading countries. During the forecast horizon, the market in the Middle East and Africa is anticipated to grow rapidly owing to the growing demand for electricity across countries such as Nigeria, Egypt, and Kenya.
Describing the competitive landscape of the market, the report profiles some of the key players in the global small hydropower market, such as Voith GmbH, Ontario Power Generation Inc., ALSTOM, Siemens AG, AgderEnergi AS, StatKraft, Andritz Hydro GmbH, RusHydro, BC Hydro, and FortumOyj. The report offers insightful details about the key players including their financial overview, business strategies, and recent developments.
Global Small Hydropower Market has been segmented as:
Global Small Hydropower Market, by Region
- North America
- Asia Pacific
- Middle East and Africa
- South and Central America
Other Published Research Reports:
- Biomass Power Generation Market: http://www.transparencymarketresearch.com/biomass-power-generation-market.html
- Power Transmission Components Market:http://www.transparencymarketresearch.com/power-transmission-components-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decisionmakers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research