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Pumped Hydro Storage Market Size By System (Open Loop, Closed Loop, Innovative), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI2019
  • Base Year: 2020
  • Report Format: PDF

Industry Trends

Pumped Hydro Storage Market size exceeded USD 313 billion in 2020 and is set to surpass cumulative installation of around 259 GW by 2027. Stringent regulatory norms to curb carbon emissions along with ongoing capacity expansion to cater to the rising power demand will accelerate the industry growth.
 

Pumped Hydro Storage Market

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Increasing investments in sustainable energy technologies and government efforts to expand grid infrastructure is likely to foster the market demand. Ongoing renewable integration coupled with associated long-term benefits has strengthened the interest toward PHS technology. Additionally, ability to provide lower operational cost, high storage capacity, and flexibility in power output will boost the product demand. The upsurge in investments for capacity addition and sustainable energy expansion will further propel the technological deployments.
 

Minimal construction cost and rising investments toward upcoming projects

Open loop pumped hydro storage market is poised to account for USD 362 billion revenue by 2027. Direct connection with natural water resources combined with majority of operational projects will spur the product spectrum. Growing initiatives toward renewable energy generation coupled with favorable policies & regulations pertaining to environmental emissions will complement the business outlook. Moreover, countries including the U.S. and China with high energy storage requirements owing to the electricity generated during low demand times as well as added capacity from the nuclear plants will augment the product penetration.
 

Closed loop hydro storage systems will witness significant growth impelled by the availability of non-connected water streams and minimal ecological impacts across natural habitats. Isolated reservoir with no direct connection with natural water supply will encourage the product deployment. However, the non-availability of fresh water sources as well as fossil fuels and high hydropower potential across various geographies will stimulate the industry prospects. Continuous requirement for grid stabilization and load management will fuel the closed-loop systems market revenue.
 

Upsurge in electricity demand combined with ongoing reforms for renewable energy integration in Asia Pacific

Asia Pacific Pumped Hydro Storage Market, By Country

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The Asia Pacific pumped hydro storage market is expected to showcase an annual installation of over 138 GW by 2027, at a rate of nearly 8%. Rising concerns toward security of electricity supply and rapid integration of PHS systems to ensure power quality will positively influence the industry statistics. Escalating economic growth in line with favorable regulatory body initiatives toward the sustainable electrical network’s deployment will enhance the market growth. Moreover, continuous expansion of renewable networks to cater to the areas with limited grid access combined with growing investments from financial institutions including the IFC and Asian Development Bank will positively influence the renewable energy deployment.
 

China is anticipated to rise significantly on account of growing demand for electricity from industrial establishments and the favorable regulatory policies. Moreover, rapid commercialization and investments across the residential and utility-based electrification units will drive the Chinese PHS industry size. Positive inclination toward electrification program combined with expansion of power infrastructure will further encourage the technological adoption. The expansion of microgrid network in line with ongoing investments in renewable energy integration will complement the business scenario.
 

Ongoing initiatives by the government to restart industrial operations

Despite the COVID- 19 pandemic, the industry has not witnessed any decline in the commencement of pumped hydro projects followed by no prohibitions by the regulatory body toward restoration of hydropower systems. For instance, in 2020, Genex Power signed an agreement with the federal government to build a 250 MW/2,000 MWh pumped hydro energy storage facility in North Queensland. However, majority of pumped hydro projects were operational as per the schedule, and new project launches were witnessed. Rapid government efforts to effectively deal with the situation in line with ongoing vaccination drives and reviving of the economies across the globe will positively influence the industry outlook.
 

Strategic partnerships, collaborations, and ongoing agreements of various eminent players

The prominent players pumped hydro storage market include Schluchseewerk AG, Sinohydro Corporation, Genex Power, J-POWER, Voith GmbH & Co. KGaA, Toshiba Energy System & Solutions Corporation, DEC, General Electric, EDF, Northland Power, Inc., Eskom Holdings SOC Ltd., Nevada Hydro Corporation, Enel Spa, Absaroka Energy, LLC, RusHydro, Obermeyer Hydro, Inc., and Tata Power.
 

Inorganic growth ventures, strategic implications, joint ventures, mergers, and contracts among eminent players will spur the market statistics. Companies are focusing on acquisitions, joint ventures, collaborations, business expansion, and product innovations. For instance, in October 2020, Obermeyer Hydro launched a new design for the pumped hydro system that forces water to add more wind & solar power against the grid. The company in a collaborative effort with the National Renewable Energy Laboratory (NREL) and various other players designed & deployed a time-efficient pumped hydro system that reduces the overall project costs and optimizes energy storage requirements.

 

This market research report on pumped hydro storage includes in-depth coverage of the industry with estimates & forecast in terms of ‘GW’ & ‘USD’ from 2017 to 2027 for the following segments:

Market, By System

  • Open Loop
  • Closed loop
  • Innovative

The above information has been provided for the following regions and country:

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Switzerland
    • Austria
    • Portugal
    • Ukraine
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India

 

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of pumped hydro storage exceeded USD 313 billion in 2020 and is anticipated to surpass a cumulative installation of 259 GW between 2021 and 2027, says this GMI report.

Open loop hydro storage market is expected to cross USD 362 billion through 2027 impelled by increasing initiatives towards the generation of renewable energy and favorable regulations & policies pertaining to environmental emissions.

Asia Pacific market will record an annual installation of more than 138 GW up to 2027 propelled by the surging integration of PHS systems and increasing concerns towards the security of electricity supply.

Major participants across the industry include EDF, Toshiba Energy System & Solutions Corporation, Nevada Hydro Corporation, J-POWER, Enel Spa, Tata Power, and others.

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Premium Report Details

  • Published Date: Nov 2021
  • Companies covered: 17
  • Tables & Figures: 158
  • Countries covered: 15
  • Pages: 148

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