Pumped Hydro Storage Market size to exceed $400 bn by 2026
Published Date: October 25, 2019 Authors: Ankit Gupta, Abhishek Chopra
Pumped Hydro Storage Market size is expected to surpass USD 400 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
The pumped hydro storage market is witnessing a significant growth on account of favorable government policies toward integration of sustainable technologies. Over the past few years, there has been an increasing investments toward expansion & upgradation of conventional grid network. In addition, lack of effective monitoring system along with upsurge in electricity outrages across the developing nations has provided favorable scenario for business expansion. The vast availability of potential sites for technology installation across the U.S., Australia and Scandinavian areas has resulted in the adoption of these systems to meet the electricity demand. Therefore, the industry players are focusing on investing extensively toward the PHS deployment to ensure the reliable supply of power and energy security.
Extensive investments toward closed loop systems
The closed loop systems are located in the isolated reservoir with no direct connection to the natural water supply. These pumped hydro storage projects do not have difficulties related to the growth of marine structures on turbines, damage to the aquatic ecosystem, and stringent policy barriers toward construction activities across water bodies. The non-availability of fresh water sources and fossil fuels along with high hydropower potential across various geographies has marked a significant growth across the sector. In addition, nations including the U.S. and China have high energy storage requirements owing to the electricity generated during low demand times and added capacity from other generating sources. Furthermore, the increasing need for grid stabilization and load management along with ongoing innovations across components will propel the business growth.
Increasing investments toward sustainable energy technologies is driving the pumped hydro storage market growth
The increasing investments toward integration of renewable energy technologies along with ongoing norms toward energy efficiency will propel the industry growth. Large scale storage capacity, grid stability and ability to black start are some of the important features which will augment the pumped hydro storage market share. In addition, availability of potential sites, and favorable government policies with respect to PHS have provided opportunities for business expansion. For instance, there are over 22,000 potential sites that were found for the development of PHS technology across Australia.
Browse key industry insights spread across 150 pages with 144 market data tables & 29 figures & charts from the report, “Pumped Hydro Storage Market Size by System (Open loop, Closed loop, Innovative), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, UK, France, Austria, Spain, Portugal, Ukraine, Switzerland, China, Japan, South Korea, India, Rest of World) Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 –2026” in detail along with the table of contents:
Availability of abandoned mines will enhance the innovative systems deployment
The development of storage plants in the abandoned iron and coal mines has received huge acceptance across the pumped hydro storage industry. The availability of probable locations across the world along with the possibility of viable construction with necessary feasibility study has supported the innovative storage facilities. Moreover, the advent of integrated hybrid wind and PHS storage plants along with the government policies pertaining to the compulsion of generating renewable electricity will led to the product adoption. These systems are currently in a feasibility phase, but with the advancement of technology and growing R&D activities, it is anticipated that the systems will witness appreciable growth.
Favorable regulatory policies toward energy efficiency has fueled the Germany pumped hydro storage industry
Increasing demand for sustainable energy storage technologies along with ongoing energy efficiency compliance programs will complement the pumped hydro storage industry outlook. In addition, the accelerating electricity consumption on account of flourishing automotive and manufacturing industry will augment the industry growth. For instance, the European Union has introduced directives (2012/27/EU) to create a regulatory framework for promotion of energy efficiency programs across the member nations. In addition, the growing concerns pertaining to the energy security along with the ongoing measures to establish a sustainable electricity network will complement the business outlook.
Leading industry participants operating in the pumped hydro storage market includes Genex, EDF, Voith, Toshiba, Abroska, RusHydro, J-Power, GE Alstom, Enel, SinoHydro, Dongfang Electric, Northland Power, Schluchseewerk AG and Nevada.