The global offshore hydropower market is likely to receive increasing demand in the coming years due to the government support being given to the development of alternative energy generation infrastructure, according to a new report from Transparency Market Research (TMR). The report provides a clear overview of the global offshore hydropower market’s historical trajectory and present statistics. Reliable predictions are made in the report regarding the effect of key dynamics on the demand for offshore hydropower in the 2016-2024 forecast period.
Offshore hydropower is an alternative power source that utilizes the kinetic energy of waves to generate electricity. The adoption of offshore hydropower is still slow due to its relatively recent emergence and the consequent lack of awareness about its potential. While offshore hydropower is not as efficient as run-of-river or storage hydropower systems, it has significant promise as a high-volume energy generation system.
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The growing concerns about the depletion of fossil fuels are the prime driver for the offshore hydropower market. The acknowledgment of the limited availability of fossil fuels has driven government investment into renewable energy in recent years. This has helped the rise of the offshore hydropower market, as the technological sophistication of offshore hydropower energy generation systems is higher than other types of hydropower systems and has benefited from the government incentives being provided to research in the field.
While offshore hydropower systems can be constructed far from settled areas, they can be problematic for the local wildlife. This has complicated the process of constructing offshore hydropower units, as numerous stringently monitored permits are required. This is likely to remain a leading constraint on the global offshore hydropower market in the coming years, as environmental protection is becoming a key aim of governments across the world.
Due to the advanced technology used in offshore hydropower systems, constructing large energy generation systems is expensive. While the steady government support has made it easier in some cases, small players are still unlikely to enter the offshore hydropower market in the coming years.
Regionally, TMR analysts have zeroed in on Asia Pacific as a key high-volume market for offshore hydropower in the coming years. The demand for offshore hydropower in Asia Pacific is mainly propelled by the rapid urbanization and growth of the industrial sector in India and China, which has led to a steady rise in the demand for electricity.
Europe and North America are also likely to be important in the global offshore hydropower market in the coming years due to the presence of several leading players and the consequently easy availability of advanced technology. Several European countries, particularly Scandinavian countries, derive a significant part of their total energy consumption from renewable sources. This is a key driver for the offshore hydropower market in Europe.
The report examines the market operations of leading players such as First Solar, China Yangtze Power, and Siemens. The competitive analysis provided in the report will help readers formulate winning strategies accounting for the current and expected nature of the offshore hydropower market’s economic dynamics.
