Pumped Hydro Storage Market size is slated to surpass USD 640 billion by 2028, as reported in the latest study by Global Market Insights Inc.
Promising renewable energy policies and norms along with the ongoing integration of sustainable technologies is boosting the pumped hydro storage industry growth. Growing investments in the expansion and upgrade of existing grid infrastructures coupled with the lack of efficient & effective monitoring systems will further propel the market outlook. In addition, the wide availability of potential sites for the installation of PHS technologies across various geographies will accelerate product adoption to meet the rising electricity demand.
Rising concerns toward reducing GHG emissions and rapid adoption of renewables
Growing inclination toward the hydropower industry on account of the seasonal availability of wind & solar power will augment the pumped hydro storage market growth. However, the inability of several low carbon sources to adjust their output in accordance with the increasing power demand will complement the industry landscape. The introduction of various norms and schemes pertaining to the integration of clean energy storage systems followed by energy-efficiency reforms will further foster the market revenue. Moreover, the increasing requirement for grid stabilization in line with continuous innovations across system components will fuel the demand for closed-loop systems.
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Ongoing investments in the development of sustainable energy technologies
Rising investments in the integration of renewable energy technologies combined with the introduction of energy efficiency standards will enhance the market statistics. A large-scale storage capacity, grid stability, and cold start capability will further stimulate product deployment. Additionally, the availability of potential sites coupled with promising government policies for PHS units will drive the industry scenario.
Browse key industry insights spread across 250 pages with 215 market data tables & 33 figures & charts from the report, “Pumped Hydro Storage Market Size By System (Open Loop, Closed Loop, Innovative), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Stringent government norms to curbing carbon emissions
The Europe market is poised to grow at a rate of over 5% through 2028. The introduction of various schemes to encourage pump hydro storage establishments by regulatory authorities across the region will further spur industry trends. For instance, the Government of Scotland introduced the Water Environment Regulations (Controlled Activities) to monitor activities that affect water bodies along with providing sustainable arrangements for water in PHS operations. However, a paradigm shift toward renewable integration in line with stringent government measures to reduce carbon footprint will sway the industry outlook.
Initiatives by governments to restart commercial and industrial operations for effective management
Despite the pandemic, the pumped hydro storage market is expected to witness prominent growth owing to upcoming government objectives toward energy security and a large-scale deployment of power storage projects. The electricity sector is a necessity and the backbone of an economy, thereby the industry has not observed any significant impact due to the pandemic. Shifting inclination of regulatory body toward overcoming power outages for uninterrupted electricity supply will favor the market demand.
Ongoing partnerships combined with strategic collaborations and agreements among various companies
Strategic implications including joint ventures, agreements, and partnerships among various industry players will augment the business spectrum. For instance, in June 2021, Voith GmbH & Co. partnered with Mine Storage, a Swedish mine company, for decarbonization advancements. Through this partnership, the companies will utilize the concept of pumped hydropower in former mines to increase the energy storing capacity, thereby reducing the dependency on fossil fuel, primarily coal mines.
Prominent players functioning across pumped hydro storage market include Genex Power Limited, Schluchseewerk, J-POWER, Sinohydro Corporation, Toshiba Energy System & Solutions Corporation, Voith GmbH, DEC, EDF, General Electric, Northland Power, Nevada Hydro Corporation, Eskom Holdings, Enel Spa, RusHydro, Absaroka Energy, Obermeyer Hydro, Litostroj Power, Mitsubishi Heavy Industries, Greenko Energy, Andritz, and Tata Power.