Small Hydropower Market Value to Reach US$ 3.2 Bn by 2026
January 27, 2020 - 4:00 PM EST
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Small Hydropower Market Value to Reach US$ 3.2 Bn by 2026
Global Small Hydropower Market value is expected to reach around US$ 3.2 bn by 2026 and growing at a CAGR of around 3.3% over the forecast period 2019 to 2026.
LOS ANGELES, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Small Hydropower Market (By Capacity: Up to 1 MW, 1–10 MW, Others; By Type: Micro Hydropower, Mini Hydropower, Pico Hydropower; By Components: Electromechanical Equipment, Electric infrastructure, Civil Works, Others) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026”.
Asia Pacific region is projected to witness a major share of the global small hydropower market during the forecast period. The region is primarily gaining growth due to increasing investment in renewable energy development in developing nations of the region. For instance, Japan International Cooperation Agency (JICA) is providing training to young Indian leaders on building renewable energy sector by its Knowledge Co-Creation Program. Moreover, the major economies of the region including China, India, and Vietnam are majorly contributing to the regional market growth.
By capacity, the 1–10 MW segment is expected to contribute to the major share in the small hydropower market. The segment is primarily gaining positive growth due to the increasing installation of small hydropower projects in developing economies. For instance, a 9MW solar-hydro hybrid project in development in Burundi was awarded $990,000 by the African Development Bank-managed Sustainable Energy Fund for Africa (SEFA) in 2019.
On the basis of type, mini hydropower segment is projected to register maximum share during the forecast period. The increasing installation of mini-hydropower plants in various economies across the globe is expected to support the segment market value. The developed economies including the US and Norway are investing in the small hydropower projects to increase the renewable energy share in the nation’s energy mix.
Some of the leading competitors are Voith (Germany), ANDRITZ (Austria), GE Renewable Energy (France), Siemens (Germany), Toshiba (Japan), BHEL (India), SNC-Lavalin (Canada), HNAC Technology (China), Gilbert Gilkes & Gordon Ltd (UK), Mavel (Czech Republic), HM Hydro (Japan), Ganz EEM (Hungary), Kolektor Turboinstitut (Slovenia), Canyon Hydro (US), CKD Blansko (Czech Republic), Canadian Hydro Components (Canada), ATB Riva Calzoni (Italy), Flovel (India), B Fouress (India), and Global Hydro(Austria).
Small Hydropower companies have announced strategic partnerships to expand their position in the small hydropower industry. Major players are also moving into new regions with advanced technologies.
Some of the key observations regarding small hydropower industry include:
Azerbaijan’s Azerenerji OJSC has commissioned a new small hydropower plant in the territory of Shimla-2 in the year 2019. The new plant is incorporated in Baku with the 400-megawatt power which is the highest efficiency in the South Caucasus region.
Voith Hydro has opened its new office in Kathmandu, Nepal in 2019. The company is supplying hydropower equipment in Nepal since 1968 and this expansion is expected to increase its customer base with assured quality services. Voith’s subsidiary VolgaHydro has opened its new production plant in Balakovo, Russia in the same year. This new investment is intended to supply equipment to large and small hydropower plants in the region.
In 2019, GE Renewable Energy with its partnership with Energy has started offering modular turbines for micro hydropower. The new hydropower units are available in 10kW and 15kW sizes and can offer up to 1MW.
The Minister of Energy, Science, Technology, Environment and Climate Change of Malaysia under section 63 of the Renewable Energy Act 2011 (‘REA’) has issued the Renewable Energy Order 2019 for biomass and small hydropower installations. The new order specifies feed-in-tariff rate for small hydropower where feed-in-tariff rate ranges from RM0.2300 to RM0.2599 per kilowatt-hour for the installation capacity less than 30MW with the net head of more than 10 meters and feed-in-tariff rate range from RM0.2900 per kilowatt-hour for installations capacity of less than 30MW with the net head less than 10 meters.
European Commission has announced an initiative of €18 million and a consortium of 19 partners at the climate change conference (COP25) 2019 in Madrid, Spain. The new energy innovation project is named XFLEX HYDRO (Hydropower Extending Power System Flexibility), which can deliver low-carbon, reliable and resilient power to help meet the renewable energy targets of the countries.
The U.S. Department of Energy (DOE) has announced US$24.9 Mn funding in 2019. The funding is intended to drive innovation and technology-based solutions for the marine and hydrokinetics industry to increase hydropower’s ability to serve as a flexible grid resource.
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