Advancement in distributed generation technologies coupled with increasing investments toward expansion of microgrid network will propel the pumped hydro storage market growth. In addition, the increasing concerns pertaining to emission reduction along with government plans toward integration of renewable energy technologies will complement the business outlook. The government of Canada has pledged to reduce 80% emissions by 2050 in comparison to 2005 levels.
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Pumped Hydro Storage Market in 2019, exceeded USD 300 Billion and is anticipated to represent a cumulative installation of 200 GW by 2026. Increasing demand for sustainable energy mix on account of stringent government norms toward emissions will stimulate the PHS industry growth.
Favorable regulatory norms toward expansion of existing grid infrastructure coupled with ongoing deployment of sustainable energy technologies will propel the pumped hydro storage market growth. In addition, growing power outrages across the developing nations along with lack of effective monitoring systems will boost the industry growth. According to UNEP the renewable energy investments in Europe accounted for USD 61.2 billion in 2018 an increase of 39% when compared with 2017.
Spain pumped hydro storage market will witness a growth of over by 6% by 2026. Increasing demand for sustainable energy storage technologies to meet the accelerating electricity demand along with increasing investments toward digitalization of grid network will boost the industry growth. Furthermore, promising energy efficiency labelling and compliance plans and ongoing innovations toward design and development of systems will positively impact the product demand. The European Union has introduced directive (2012/27/EU) across the member nations for promotion of energy efficiency.
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Availability of natural flowing streams along with ease of compatibility with hydroelectric systems will stimulate the open loop system. Lower capital requirement for construction along with low cost of refilling upper elevated reservoir will further boost the product demand. However, stringent environmental regulation and adverse impact of aquatic animals may hinder the pumped hydro storage market growth.
High power storage capacity, grid stability and energy efficiency are some of the prominent features which will boost the product demand. The increasing power consumption from remote & off-grid areas on account of government backed electrification programs across the developing nations will propel the pumped hydro storage market growth. According to EASE, the PHS systems have an average efficiency of 70-80% when compared with other storage technologies.
Some major findings of the pumped hydro storage market report include:
- Demand for sustainable energy storage technologies is growing on account of exponential increase in electricity consumption.
- Stringent energy efficiency norms & regulations across the developed nations is anticipated to drive the industry growth.
- Increasing investments toward renewable energy technology
- Leading players in the pumped hydro storage market includes Voith, EDF, Genex, Enel and J-Power
- Industry players are opting for extensive research & development activities and innovations to enhance their industry presence.
- Government authorities are aiming toward energy efficiency and emission reductions which has led to a significant increase in the PHS installation.
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The key players operating across the pumped hydro storage market includes Schluchseewerk AG, Nevada, Voith, Northland Power, Genex, SinoHydro, EDF, Toshiba, RusHydro, Abroska, GE Alstom, Donfang Electric, Enel and J-Power.