Offshore Hydropower Market to Witness Comprehensive Growth by 2024
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.
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Report Overview @
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.
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.
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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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