Press release
Pumped Hydro Storage Market Growth Analysis On Top Key Players - Voith Hydro, Schluchseewerk AG, Toshiba, Dongfang Electric, Toshiba, SinoHydro, Northland Power
Growing incorporation of green energy systems along with exponential rise in power consumption will stimulate the U.S. pumped hydro storage market growth. Stringent environment regulations and limited impact on marine habitat will fuel the business growth. Ongoing investment toward hydro power generation coupled with rapid advancement of generators and turbine designs will further boost the product demand.
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Pumped Hydro Storage Market is predicted to exceed USD 390 billion by 2024. Favorable government regulations toward upgradation & expansion of existing electricity network coupled with growing adoption of sustainable technologies will augment the business landscape. Advancement in distributed generation technologies along with ongoing expansion of microgrid network will further propel the product penetration.
Grid stability, large-scale storage capacity and energy efficiency are some of the prominent features which will stimulate the pumped hydro storage market growth. Growing electricity demand from off grid remote areas primarily across emerging economies will positively influence the industry growth. As per the European Association for Storage of Energy, the average efficiency range for PHS systems is 70-80% when compared to other available counterparts.
Spain pumped hydro storage market is predicted to exceed 9 GW by 2024. Stringent codes & standards coupled with ongoing investments toward the development of microgrid network will stimulate the product demand. As per 2012/27/EU directive, the European Commission has introduced the regulatory standards to promote energy efficiency across the region.
Open loop accounted for over 95% share of global pumped hydro storage market in 2017. Abundant availability of natural water stream coupled with easy compatibility with hydro power plant will positively impact the product demand. Limited cost of refilling the upper reservoir and low capital requirement for construction will further augment the industry landscape.
Rapid technological advancements coupled with surging demand for sustainable energy storage will stimulate the Japan pumped hydro storage market. Increasing adoption of eco-friendly technologies along with growing concerns toward energy securities will encourage the product adoption.
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Growing expansion and refurbishment of ageing power plants with an aim to improve operational flexibility will drive the pumped hydro storage market. Ongoing R&D activities and innovations including network frequency control and variable speed technologies will complement the business outlook. Lack of effective monitoring systems along with increasing electricity outages primarily across emerging economies will further propel the product demand.
Notable industry players operating across the pumped hydro storage market include Genex, EDF, Absaroka, Voith Hydro, Schluchseewerk AG, Toshiba, Dongfang Electric, Toshiba, SinoHydro, Northland Power, Snowdonia, J-Power, Eskom and Enel.
Complete report for 2018-2024 on Pumped Hydro Storage market is now available at https://www.marketstudyreport.com/reports/pumped-hydro-storage-market
Related Report:
Pumped Hydro Storage Market Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Global Pumped Hydro Storage Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2024 to its research database. This research study is segmented on the bases of applications, technology, geography and types.
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