Pumped Hydro Storage Is Estimated To Witness High Growth Owing To Increasing Adoption Of Renewable Energy

 

Pumped Hydro Storage Market

Pumped hydro storage uses renewable energy sources such as solar and wind to pump water from a lower elevation reservoir to a higher elevation reservoir. When energy is needed, the stored water is released through turbines to generate electricity. It is a large-scale renewable energy storage solution used for balancing power grids.

The global Pumped Hydro Storage Market is estimated to be valued at US$ 348.25 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:


Increasing adoption of renewable energy sources such as solar and wind power globally is expected to drive growth of the pumped hydro storage market during the forecast period. According to the International Renewable Energy Agency (IRENA), renewables are estimated to account for 30% of global power generation capacity by 2030. However, intermittent nature of renewable sources creates challenges in terms of energy storage and grid stability. This is increasing focus on developing large-scale renewable energy storage facilities like pumped hydro.

Moreover, growing emphasis on replacing conventional power plants with green alternatives is also fueling market growth. Pumped hydro storage helps in integrating more renewable energy by ensuring grid reliability even during periods of low renewable power supply. Growing investments by governments and private players in modernizing existing facilities and building new pumped hydro storage plants further support the market growth.

SWOT Analysis

Strength: The pumped hydro storage provides a cost effective means of energy storing on a large scale. It has an energy storage capacity of thousands of megawatt hours. Pumped hydro storage power plants have an operational lifespan of over 100 years with minimal maintenance requirements.

Weakness: Setting up new pumped hydro storage power plants require suitable geography such as hilly or mountainous terrain near water sources which limits expansion. High initial investment cost for constructing dams, pipelines, and power station units pose challenges.

Opportunity: Increasing shares of renewable sources in overall energy mix and need for large scale electricity storage provides growth opportunity. Supportive government policies and initiatives towards green energy adoption can boost the market.

Threats: Climate change causing unpredictable weather conditions can impact the consistent generation and storage of hydroelectric power. Technical faults or lack of water resources during dry seasons pose risks.


Key Takeaways:

The Global Pumped Hydro Storage Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing installation of renewable energy power plants and need for reliable energy storage solutions. Asia Pacific dominates the market with China, Japan, and India being major markets on account of growing power demands and supportive government policies towards renewableIntegration of energy storage with wind and solar power projects is encouraging adoption of pumped hydro storage across regions.

Regional analysis

The Asia Pacific region dominates the global pumped hydro storage market with a share of over 45% in 2023 owing to presence of major markets like China, Japan and India. China had over 27 GW of installed pumped hydro storage capacity in 2021 and is focusing on expanding its capacity further. Europe is the second largest regional market led by countries including France, Switzerland, Austria and Norway. North America is another attractive market led by U.S. where operators are upgrading the existing infrastructure and commissions new storage projects.


Key players

Key players operating in the pumped hydro storage market are Operators (Duke Energy Corporation, EON SE, Enel SPA, and Electricite de France SA, and Iberdrola SA) Technology Providers (General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries, Ltd, Voith GmbH & Co. KGaA, and Ansaldo Energia SpA. Major players are focusing on developing innovative storage technologies and solutions to gain more projects in wind and

For more insights, Read-

https://www.pressreleasebulletin.com/pumped-hydro-storage-market-demand-share-analysis/

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