Smart Micro Hydropower Systems Market Size, Share, Industry, Forecast and Outlook (2024-2031)
The Global Smart Micro Hydropower Systems Market reached US$ 1.2 billion in 2022 and is projected to reach US$ 1.5 billion by 2030, growing at a CAGR of 3.2% during the forecast period from 2024 to 2031.
Smart micro hydropower systems are experiencing significant growth due to the increasing demand for sustainable and decentralized energy solutions. These systems offer advantages such as improved efficiency, remote monitoring and control, and integration with smart grid infrastructure. Market growth is driven by favorable government initiatives, a rising focus on renewable energy, and technological advancements in micro hydropower technology.
The Asia-Pacific region is a dominant and rapidly growing market for smart hydropower systems. Rapid technological advancements, innovation, and government initiatives in Asia-Pacific countries are contributing to the growth of the smart hydropower market. For instance, the Chinese government has implemented the "Smart Grid Development Outline" and the "Hydropower Development Plan" to promote the deployment of smart micro hydropower systems across the country.
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Smart Micro Hydropower Systems Market Dynamics
Governments globally are implementing supportive policies and incentives to promote the development and deployment of renewable energy technologies, including smart micro hydropower systems. In 2022, the U.S. Department of Energy (DOE) committed over US$ 8 million in funding to enhance the flexibility of the nation’s energy fleet and improve grid reliability.
Similarly, the UK government allocated over US$ 35 million to support energy storage initiatives. The U.S. DOE's Water Power Technologies Office (WPTO) invested over US$ 16 million in new projects aimed at advancing hydropower and marine energy research and development. These awards, distributed across six laboratories, included US$ 5.6 million for hydropower projects and US$ 10.5 million for marine energy projects, underscoring the government’s commitment to advancing the sector and maximizing its benefits.
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Global Smart Micro Hydropower Systems Market is Segmented
By Component :Electromechanical equipment, Electrical Infrastructure, Civil Works, Others
By End-User :Residential, Industrial, Commercial, Others
By Application :Off-Grid Systems, Grid Connection Systems
Key players
The major global players include Andritz Hydro GmbH, Voith Hydro GmbH & Co. KG, General Electric Company (GE), Toshiba Corporation, Siemens AG, Wartsila Corporation, Harbin Electric Machinery Co., Ltd., Canyon Hydro, Gilbert Gilkes & Gordon Ltd., Nautilus Turbines Ltd..
Key Developments
On August 30, 2022, Japanese startup Yumes Frontier developed a 2.7 kW micro-hydropower system designed for use in buildings. This system can be combined with solar power to provide electricity for lights and surveillance cameras. Earlier, on March 25, 2022, Ricoh introduced a micro hydropower system aimed at remote locations, which can be used alongside solar-plus-storage. Constructed with 3D-printed sustainable materials, it generates electricity from small streams and can be linked with solar and storage to ensure a stable power supply. More recently, on February 16, 2023, VerdErg Renewable Energy launched VETT-in-a-Box, a ‘plug & play’ micro hydropower system capable of generating electricity from small rivers, wastewater outflows, lock gates, or canals with a head drop of just two meters.
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