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.
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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.