Offshore Hydropower Market Set for Rapid Growth and Trend, by 2024
Hydropower is power that form of energy that is extracted from the force of moving water. It is extensively utilized in the production of electricity, among many other significant uses. The global offshore hydropower market is likely to be driven by the several benefits that it has to offer; most important of it is controlling environmental pollution.
Hydropower refers to a flexible and versatile technology, which again favour the growth of the global offshore hydropower market. At its least, it can power one single home and at its largest, it is capable of supplying power to an entire industry. It is also capable of supplying public with renewable electricity. Considering capacity of power generation, it accounts for eight out of the 10 biggest power stations in the world.
There exist four different types of broad hydropower typologies:
- Run-of-river hydropower – it is a set-up that channelizes free flowing water from a river through a penstock or canal in order to rotate a turbine. This type of technology comes with either little or no storage facility.
- Storage hydropower – This is comparatively a large system making use of a dam for the storage of water in its reservoir. Electricity is generated by releasing water from the reservoir via a turbine, thereby activating a generator.
- Pumped-storage hydropower – this is another technology that offers peak-load supply.
- Offshore hydropower – it is a much less known technology but it is emerging as an important solution for harnessing electricity from tidal currents.
The global offshore hydropower market is forecasted to be driven by adverse effects of climate change such as frequent droughts and others. The promise of clean energy thus offered by offshore hydropower is anticipated to trigger growth of the global offshore hydropower market in times to come. In addition, it does not need any additional construction of structures like reservoir or a dam. As such, it is expected to come up as a highly preferable mode of power generation.
Global Offshore Hydropower Market: Overview
The global offshore hydropower market is substantially gaining from the rising demand for clean energy. Concerns pertaining to the depleting resource of fossil-based fuels and the increasing carbon footprint are fuelling demand for renewable energy, subsequently boosting the global offshore hydropower market.
Offshore hydropower plants can be classified based on their production capacity into large, small, micro, and Pico-hydro power plants. Plants exhibiting a production capacity of more than 30 MW are categorized as large plants. On the other hand plants with a production capacity between 100 KW and 30 MW belong to the small-scale category. Hydropower generation plants having a production capacity of less than 100 KW are included in the category of Pico or micro power plants.
The large systems segment is further categorized into pumped storage, impoundment plants, and diversion plants. Among these, the demand for pumped storage mainly arises during the times of peak demand. Diversion plants are also referred to as run-of-river hydro. While, pumped storages require construction of a reservoir, diversion plants have no such requisites and are thus considered to be the most preferred technology for offshore hydropower generation.
The report presents insights into the growth drivers and restraints influencing the market’s trajectory. The impact of these factors across the various segments is studied in detail. Some of the leading enterprises operating in the market are also profiled in the report to provide a holistic analysis of the prevailing competitive trends.
Global Offshore Hydropower Market: Key Opportunities and Threats
The growing demand for energy derived from renewable sources is helping the market for offshore hydropower gain momentum. On the flip side, the negative effects of the construction of large production systems on wild life and environment are inhibiting the market to an extent. The construction of a large production system requires several permits. Such stringent regulations pose a serious challenge to the market. In addition, high initial investment required for the installation of these systems also threatens the market’s growth
Nevertheless, the market is expected to significantly gain from the energy storage advantages offered by pumped hydropower storage. However, during the report’s forecast period, the small and micro hydro power plants are expected to report the highest CAGR. The increasing demand for decentralized electricity worldwide will give significant impetus to the global offshore hydropower market.
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Global Offshore Hydropower Market: Region-wise Outlook
Regionally, Asia Pacific is expected to exhibit attractive opportunities for the global offshore hydropower market. The surging demand for electricity in India and China will aid the expansion of the offshore hydropower market in Asia Pacific. The market will also gain from the widespread adoption of green technologies in the region and favorable government initiatives.
Furthermore, due to the presence of a large number of industry powers in the region, Europe is expected to emerge as a lucrative market for offshore hydropower. Favorable regulatory policies encouraging the construction of these systems will boost the market for hydropower in Europe between 2016 and 2023. North America is also likely to witness a considerable surge in demand for energy derived from hydropower, which in turn will boost offshore hydropower market in the region.
Global Offshore Hydropower Market: Competitive Insight
To present an in-depth analysis of the prevailing competitive landscape, the report also profiles companies such as Calpine Corp, First Solar, Siemens, China Yangtze Power, and others. The strengths and weaknesses of these companies are analyzed in detail. The report also examines the threats and opportunities that these companies are expected to witness over the forecast period.
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