Global Small Hydropower (SHP) Market to Grow with a CAGR of 2.1% During 2022-2031; Market to Grow on Account of Increasing Focus of Governments on Enhancement of Rural Electrification
Kenneth Research published a report titled “Small Hydropower (SHP) Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global small hydropower (SHP) market in terms of market segmentation by capacity, type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global small hydropower (SHP) market is anticipated to grow with a CAGR of 2.1% over the forecast period, i.e., 2022 – 2031. The market is segmented by capacity into up to 1MW, 1-10MW, and others, out of which, the 1-10MW segment is anticipated to garner the largest revenue of USD 2419.5 Million by the end of 2031. Moreover, in the year 2021, the segment generated a revenue of USD 1955.3 Million.
The global small hydropower (SHP) market is estimated to garner a revenue of USD 3059.4 Million by the end of 2031, up from a revenue of USD 2497.6 Million in the year 2021. Surge in the adoption of renewable energy worldwide, backed by the increasing concern for GHG emissions generated during the production of electricity from non-renewable resources, along with the growing number of initiatives of the government of nations worldwide that are focuses on enhancing rural electrification and for promoting the adoption of small hydropower, are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global small hydropower (SHP) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in the Asia Pacific is anticipated to garner the largest revenue of USD 2123.1 Million by the end of 2031. Moreover, in the year 2021, the market in the region generated a revenue of USD 1761.2 Million.
The research is global in nature and covers detailed analysis on the market 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). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Adoption of Renewable Energy Worldwide to Drive Market Growth
The total renewable energy capacity for electricity worldwide, according to the statistics by the International Renewable Energy Agency (IRENA), touched 2542035MW in the year 2019, up from 753288MW in the year 2000.
The adoption of renewable energy worldwide is increasing magnificently owing to the need to mitigate the negative impact of climate change. As a result, numerous small hydropower projects are set up worldwide, supported by the initiatives of the government of nations. The surge in the number of these hydropower projects is therefore anticipated to drive the demand for small hydropower (SHP) components, and in turn, contribute to the market growth in the coming years.
However, the availability of low-cost alternative forms of renewable energy, and the requirement of indigenous technologies and skilled workforce are expected to operate as key restraint to the growth of global small hydropower (SHP) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global small hydropower (SHP) market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global small hydropower (SHP) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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