A pressing need to minimize the carbon footprint of the electricity generation industry has led to large-scale acceptance of renewable energy on a global level. Several policies such as subsidies, feed-in tariffs, power purchase agreements (PPA) and reduction of import/export tariffs that encourage the growth of the hydropower market have been introduced. Hydropower accounted for the bulk of renewable electricity generated worldwide in 2019 and this is expected to continue for the foreseeable future. The hydropower market has steadily shifted towards small hydropower in the past two decades. Small hydropower plants do not necessitate large landmasses to be flooded or river systems to be disrupted making them politically feasible. At present, small hydropower accounts for less than 10% of the total hydropower capacity, providing immense opportunities for key stakeholders in the small hydropower market.
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Government Should Prioritize Small Hydropower and Raise Awareness of Manifold Benefits
The hydropower market has been characterized by unprecedented growth due to huge demand in developing economies that have scarcely exploited their hydropower resources. Small hydropower ventures are driven by bold green recovery plans that require sizeable investments into green initiatives. A major advantage is the lower investment cost of smaller hydropower plants versus larger ones especially for drinking or wastewater networks. It is estimated that the share of renewable energy should be a fifth of the global energy generation by the end of this decade with small hydropower on track to play a prominent role. Despite the appeal of small hydropower, its limitless potential remains untapped. While policies and process optimisation frameworks have been introduced to promote small hydropower, more must be done for the small hydropower market to come into its own.
Shift Away from Europe and Towards Africa for Profitability in Small Hydropower Market
China, the US, Japan, Italy, Norway, and Turkey comprised approx. 3/5th of the global small hydropower market in 2020. In 2019, India overtook Japan to become the fifth largest hydropower producer in the world. Europe has a high percentage of small hydropower development with the vast majority of its capacity already developed.
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Small Hydropower is Highly Customizable Making it Perfect for Rural Off-the-grid Areas
Small hydropower has a relatively lower power delivering limit making it ideal for off-grid individual requirements. Off-grid small hydropower offerings have emerged as an important option to widen access to renewables in far-flung areas not connected to a central grid. Rural areas are often overlooked and better communication, communication, and reliable lighting is the need of the hour. Small hydropower can be utilized in different plans and can be customized as per individual communities making it highly desirable for infrastructure development.
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