December 19, 2019
According to the research report titled ‘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’, available with Market Study Report LLC, the global pumped hydro storage market surpassed USD 300 billion in 2019 and is estimated to register a cumulate installation of 200 GW during the period of 2019-2026.
Strict government policies towards reducing carbon footprint coupled with surging need for sustainable energy resources are driving the pumped hydro storage (PHS) market. Escalating investments in renewable energy technology along with increasing consumption of electricity across the globe are also aiding the market expansion. Favorable federal initiatives in amplifying existing grid infrastructure and rising adoption of innovative sustainable energy technologies are positively contributing towards the market outlook.
Development of distribution generation technology coupled with rising focus towards expanding microgrid networks will pave the way for market growth. Moreover, frequent power outages in emerging economies and lack of monitoring systems are also augmenting the demand for pumped hydro storage systems across the globe. However, strict environment policies and unfavorable effects on aquatic animals may hinder the growth of pumped hydro storage market.
As per type of system, open loop PHS market is projected to register decent growth over the forthcoming years, owing to its easy compatibility with hydroelectric systems and availability of natural flowing streams. Moreover, inexpensive cost of refilling upper elevated reservoir and low cost of construction will stimulate the segmental growth.
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Considering geographical landscape, the report cites that Spain pumped hydro storage market is estimated to grow by 6% through the year 2026. The regional growth is attributed to escalating investments towards grid network digitalization, rising energy demand, and surging need of sustainable & efficient energy storage techniques.
The prominent companies operating in pumped hydro storage market are J-Power, Enel, Donfang Electric, GE Alstorm, Abroska, RusHydro, Toshiba, EDF, SinoHydro, Genex, Northland Power, Voith, and Schluchseewerk AG.
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