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Demand for Renewable Energy, Subsequently Boosting theGlobal Offshore Hydropower Market In 2024

Demand for Renewable Energy, Subsequently Boosting the “Global Offshore Hydropower Market ” In 2024
Demand for Renewable Energy, Subsequently Boosting the "Global Offshore Hydropower
Market " In 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.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
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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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative
insights, historical data, and verifiable projections about market size. The projections featured in
the report have been derived using proven research methodologies and assumptions. By doing so,
the research report serves as a repository of analysis and information for every facet of the market,
including but not limited to: Regional markets, technology, types, and applications.
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