Pumped Hydro Storage Market To Be Dominated By Closed-Loop Segment Through 2028
Ensuring Grid Stability
& increasing awareness for renewable sources is expected to support the growth
of the Global Pumped Hydro Storage Market during the forecast period.
According to
TechSci Research report, Pumped Hydro Storage Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018–2028F, the Global Pumped
Hydro Storage market is anticipated to register a robust growth during the
forecast period, 2024-2028. Pumped Hydro
Storage use gravity to generate electricity from water that was
previously pumped from a lower source to an upper reservoir. The energy storage
capacity of a pumped storage plant depends on the size of its two reservoirs,
while the amount of electricity produced is related to the size of the turbine.
Pumped hydro is
the world's largest battery technology, accounting for over 94% of the world's
installed energy storage capacity, far outperforming lithium-ion, and other
types of batteries. The International Hydroelectric Association (IHA)
estimates that pumped storage plants store up to 9,000 gigawatt hours (GWh) of
electricity worldwide. The rapid growth
of Variable Renewable Energy sources (VRE), such as solar and wind, has
increased the need for stable and reliable storage solutions that can operate
at commercial scale. The flexibility pumped storage provides storage and
auxiliary grid services as seen becoming increasingly important in ensuring a
stable electricity supply. Pumped Hydro provides services inclusive of system
inertia, frequency control, voltage control, storage and reserve power, with
fast mode change and black start capabilities. These are essential to support
the changing share of renewable energy.
Browse over XX market data Figures spread through XX Pages
and an in-depth TOC on "Global Pumped Hydro Storage Market"
Global Pumped
Hydro Storage market is bifurcated based on system, application. Based
on system, the market is bifurcated into open-loop and closed-loop.
During the projected period, Closed-Loop segment is expected to
be the region with the largest market share during the forecast period. In a
circulation system, one or both reservoirs are artificially combined to create
a pumped storage plant with no natural water inflow in either reservoir. The
only way to store a significant amount of energy is to place a large body of
water relatively close to his second body of water, but as high as possible. In
some places this happens quite naturally. In other areas, one or both bodies of
water are man-made. The moderately low energy density of pumped storage systems
results in either height differences or high currents between reservoirs.
Closed pumped storage plants offer high flexibility, reliability and
performance. Closed-Loop pumped systems are not connected to existing river
water systems and therefore have less environmental impact than open-cycle
pumped systems. Plus, it doesn't have to be placed near existing rivers, as it
can be placed wherever mesh support is needed. Over the next few years,
closed-loop systems are likely to see significant growth as they do not
interfere with existing river systems or water flow and are more likely to
obtain operating licenses or permits. The increasing implementation of closed-loop
pumped storage projects in countries such as the United States may provide a
lucrative business case for developers to expand their market presence.
Based on region, the market is bifurcated into North America, Asia-Pacific, Europe,
South America, Middle East & Africa. During the projected
period, Asia-Pacific region is expected to be the region with the largest
market share during the forecast period. According to the International
Hydropower Association, the Asia-Pacific region had approximately 77.21 GW of installed
hydropower storage capacity in 2020, with China and Japan having the largest
share in the region. The ongoing shift to fossil fuels in the Asia-Pacific
region has led to the development of renewable energy, hydropower and pumped
storage, especially in China, Japan, ASEAN, South Korea and India. Moreover,
China has announced plans to become carbon neutral by 2060 and peak coal
consumption by 2025. This has led to increased investment in the renewable
sector, with around 13.76 GW of new hydropower installed in 2020. This includes
his 1.2 GW of pumped storage from his last four units on the Jixi project.
Key market
players in the Global Pumped Hydro Storage market are:
- Electricite de
France SA (EDF)
- Iberdrola SA
- EON SE
- General Electric Company
- Voith GmbH & Co. KGaA
- Mitsubishi Heavy Industries Ltd
- Toshiba Energy Systems & Solutions
Corporation
- Andritz Hydro GmbH
- Alstom SA
- Duke Energy Corporation
Download Free Sample Report
Customers can also request for 10% free
customization on this report.
“During
the forecast period, Asia-Pacific region as government policies favors the
pumped hydro storage market. Another reason why APAC shall dominate the market
is due to its population size than other regions favoring the growth of the
market. Closed-Loop segment is expected to dominate the market as it does not
interfere with existing network of rivers and provides higher flexibility &
output compared to Open-Loop. As the world is moving towards renewable sources
of energy, Pumped Hydro Storage shall see grow further.” said, Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Pumped Hydro Storage Market Segmented By System (Open-Loop, Closed-Loop), By Application (Natural
Reservoirs, Man-Made Reservoirs), By Region, Competition” has evaluated the future
growth potential of Pumped Hydro Storage Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Global
Pumped Hydro Storage Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com