Hydropower is power that form of energy that is extracted from the force of moving water. It is extensively utilized in the production of electricity, among many other significant uses. The global offshore hydropower market is likely to be driven by the several benefits that it has to offer; most important of it is controlling environmental pollution.

Hydropower refers to a flexible and versatile technology, which again favour the growth of the global offshore hydropower market. At its least, it can power one single home and at its largest, it is capable of supplying power to an entire industry. It is also capable of supplying public with renewable electricity. Considering capacity of power generation, it accounts for eight out of the 10 biggest power stations in the world.

There exist four different types of broad hydropower typologies:

  • Run-of-river hydropower – it is a set-up that channelizes free flowing water from a river through a penstock or canal in order to rotate a turbine. This type of technology comes with either little or no storage facility.
  • Storage hydropower – This is comparatively a large system making use of a dam for the storage of water in its reservoir. Electricity is generated by releasing water from the reservoir via a turbine, thereby activating a generator.
  • Pumped-storage hydropower - this is another technology that offers peak-load supply.
  • Offshore hydropower – it is a much less known technology but it is emerging as an important solution for harnessing electricity from tidal currents.

The global offshore hydropower market is forecasted to be driven by adverse effects of climate change such as frequent droughts and others. The promise of clean energy thus offered by offshore hydropower is anticipated to trigger growth of the global offshore hydropower market in times to come. In addition, it does not need any additional construction of structures like reservoir or a dam. As such, it is expected to come up as a highly preferable mode of power generation.

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.

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.

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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