New York, March 28, 2022 (GLOBE NEWSWIRE) -- Over the last decade, the world has been witnessing immense anomalies in surface temperature. According to the statistics by the National Centers for Environmental Information of the National Oceanic and Atmospheric Administration (NOAA), the year 2021 ranked 6th out of 10th in the list of warmest years between the period 1880 and 2021 by registering an anomaly of 0.84˚C or 1.51˚F. Moreover, the statistics also stated that North America had its 7th warmest year on record by registering a temperature that was 1.40˚C above average. Additionally, South America had the 6th warmest year, while Europe and Asia had their 9th and 6th warmest year respectively in the year 2021.
Kenneth Research has recently released a report on “Global Small Hydropower (SHP) Market” which is studied for the forecast period, i.e., 2022-2031. The market research report which is analyzed by using both primary and secondary research processes, includes the key market dynamics, i.e., the growth drivers, challenges, recent market trends, and the opportunities that are associated with the market growth in the coming years. In addition to this, the report also includes a brief on the impact of COVID-19 on the market growth and the competitive landscape of the key players who are operating in the market.
Climate change is a major concern amongst the government of nations worldwide as it can substantially increase the burden on health, agriculture, water, and sanitation. According to the statistics by the World Health Organization, climate change is projected to cause approximately 250000 additional deaths per year between 2030 and 2050. These deaths would primarily be caused due to malnutrition, diarrhea, heat stress, and malaria. Moreover, the statistics also stated that by 2030, the direct damage costs to health are estimated to be between USD 2 Billion/year and USD 4 Billion/year. Owing to such rising concerns, the regulatory bodies, such as the Intergovernmental Panel on Climate Change (IPCC), have concluded to limit the rise in temperature around the world to 1.5˚C so as to avert catastrophic health impacts and also to prevent millions of deaths caused due to climate change. The government of nations around the globe are therefore increasingly shifting their focus towards adopting solutions that can help them fight climate change. One of the major contributors to climate change is the use of non-renewable energy sources, such as coal, wood, oil, and others, as these are known to emit an enormous amount of greenhouse gas (GHG) emissions. As a result, there is a rising shift towards the adoption of renewable energy sources, such as solar, hydropower, and others across different end-use sectors. For instance, according to the International Renewable Energy Agency (IRENA), the total renewable energy capacity for electricity touched 2542035MW in the year 2019, up from 753288MW in the year 2000.
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The global small hydropower (SHP) market registered a revenue of USD 2497.6 Million in the year 2021 and is further expected to reach USD 3059.4 Million by the end of 2031, by growing with a CAGR of 2.1% during the forecast period. The growth of the market can primarily be attributed to the increasing adoption of renewable sources of energy, and the growing demand for electricity globally. According to the statistics by the International Energy Agency (IEA), the total electricity consumption around the globe increased from 14158.6 TWh in the year 2000 to 25027.3 TWh in the year 2019. Besides this, the growing need for providing electricity to rural areas and the rising preferences for hydropower, backed by its beneficial properties, such as high reliability and greater affordability, are also expected to create numerous opportunities for market growth in the coming years. According to the statistics by the United Nations Industrial Development Organization (UNIDO), it is estimated that 1.06 Billion people, of which the majority are the rural population, still did not have access to electricity in the year 2019. On the other hand, the increasing focus of the government of nations on building small hydropower projects in the rural areas is also expected to drive the demand for SHPs in the coming years. According to the report titled “World Small Hydropower Development Report (WSHPDR) 2019”, published by UNIDO, the global installed SHP capacity for plants up to 10MW was estimated at 78GW in the year 2019, an increase by around 10% from the year 2013. Moreover, the global SHP potential was estimated at 229GW, up from 177GW during the same period.
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The global small hydropower (SHP) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific generated the largest revenue of USD 1761.2 Million in the year 2021 and is further projected to touch USD 2123.1 Million by the end of 2031. The growth of the market in the region can primarily be attributed to the rising adoption of renewable energy for the production of electricity, especially in countries such as China, India, Vietnam, Japan, and others. In the other statistics by IRENA, the total renewable energy capacity for electricity in Asia registered to be the highest among all the other regions, and touched 1123348MW in the year 2019, up from 171471MW in the year 2000. Moreover, in the Oceania portion of the Asia Pacific region, the capacity increased from 13461MW to 36038MW during the same period. The market in the region is further segmented by country into China, India, Japan, Vietnam, and the Rest of Asia Pacific. Among the market in these countries, the market in China generated a revenue of USD 1511.4 Million in the year 2021 and is further expected to touch USD 1764.4 Million by the end of 2031. Moreover, the market in India is projected to generate the second-largest revenue of USD 125.1 Million by the end of 2031, up from a revenue of USD 85.5 Million in the year 2021.
On the other hand, the market in Europe is anticipated to garner the second-largest revenue of USD 507.9 Million by the end of 2031, up from a revenue of USD 389.6 Million in the year 2021. The market in the region is further segmented by country into Italy, Norway, France, Spain, Germany, Austria, Sweden, Switzerland, Russia, Bulgaria, and the Rest of Europe. Among the market in these countries, the market in Italy is anticipated to garner the second-largest revenue of USD 81.2 Million by the end of 2031, up from a revenue of USD 64.8 Million in the year 2021. Moreover, the market in Germany is anticipated to grow with the highest CAGR of 3.8% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global small hydropower (SHP) market is segmented on the basis of capacity into up to 1MW, 1-10MW, and others. Among these segments, the 1-10MW segment registered the largest revenue of USD 1955.3 Million in the year 2021 and is further expected to touch USD 2419.5 Million by the end of 2031. In the Asia Pacific, the segment is projected to grow with the highest CAGR of 2.0% during the forecast period and further gain the largest revenue of USD 1679.4 Million by the end of 2031, up from a revenue of USD 1378.8 Million in the year 2021. On the other hand, in Europe, the segment generated the largest revenue of USD 304.9 Million in the year 2021 and is further expected to grow with the highest CAGR of 2.8% during the forecast period.
The global small hydropower (SHP) market is further segmented on the basis of end-user into commercial, utility-scale, and others. Among these segments, the utility-scale segment generated the largest revenue of USD 1801.1 Million in the year 2021 and is further projected to touch USD 2182.7 Million by the end of 2031. The commercial segment, on the other hand, is anticipated to grow with the highest CAGR of 2.6% during the forecast period. In the Asia Pacific, the utility-scale segment is expected to garner the largest revenue of USD 1514.4 Million by the end of 2031, up from a revenue of USD 1269.8 Million in the year 2021, while in North America, the segment generated the largest revenue of USD 65.0 Million in the year 2021 and is further expected to grow with a CAGR of 2.1% during the forecast period.
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The global small hydropower (SHP) market is also segmented on the basis of type
Global Small Hydropower (SHP) Market, Segmentation by Type
- Micro Hydropower
- Mini Hydropower
Some of the prominent industry leaders in the global small hydropower market that are included in our report are Siemens Energy, Toshiba Energy Systems & Solutions Corporation, LITOSTROJ POWER d.o.o., General Electric Company, CORNELL PUMP COMPANY, Canyon Hydro, ANDRITZ AG, HARBIN ELECTRIC MACHINERY COMPANY LIMITED, Bharat Heavy Electricals Limited, Kirloskar Brothers Limited, JAG Energy Co., Ltd., NiX CO., LTD., Tokyo Electric Power Company Holdings, Inc., and others.
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