APAC Market Forecast
Asia Pacific industry is predicted to hold largest revenue share of 34% by 2037. The increasing demand for sustainable energy production sources to reduce the dependency on other countries for fossil fuels owing to their rising prices is augmenting the investment in small hydropower projects in the region. The rising need for electricity as a result of the increasing population across the region and the growing electrification of villages in China, India, and Vietnam is also attributed to the increasing adoption of hydroelectricity in the APAC region. As per the data by the International Hydropower Association (IHA), 14,446 MW of new hydropower capacity was added in 2019, in East Asia and the Pacific, while 1609 MW capacity was installed in South and Central Asia.
The increasing government subsidies and incentives for manufacturers and consumers and the number of hydro turbines installed across the coastline of the region to improve the electricity generation capacity in the local regions to meet the demands in rural areas and improve economic growth are also expected to boost the market growth.
North American Market Statistics
The North America small hydropower market is estimated to be the second largest, registering a share of about 27% by 2037. The increasing adoption of hydropower in the United States and Canada, backed by the presence of key market players and the increasing private investment in hydropower with an interest to develop new ways to increase production and decrease the cost of maintenance and installation is estimated to create new opportunities for market growth in the region.
Further, an increase in the adoption of renewable energy to reduce the environmental pollution caused by the emission of greenhouses together with the rising construction of dams and reservoirs is anticipated to rise the demand for market growth. As per research, the U.S. Department of Energy announced USD 8 million in funds to carry out projects that will build the flexibility of the U.S. hydropower fleet, improving electric grid credibility.
Author Credits: Dhruv Bhatia
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