Worldwide Pumped Hydro Storage Market Share, Size and Top Key Players Include Toshiba, Enel, Northland Power Inc., Sinohydro, DONGFANG ELECTRIC CORPORATION (DEC), Genex Power, J-Power, Eskom Holdings SOC Ltd, EDF, Voith Group, Alstom Power

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Pumped Hydro Storage Market will cross USD 390 Billion by 2024. Accelerating investments pertaining to the adoption of sustainable energy technologies coupled with favourable regulatory framework toward the upgradation and expansion of grid network will stimulate pumped hydro storage market. In 2016 the UN, reported an investment of USD 45 billion for strengthening & modernization of ageing grid infrastructure worldwide. In addition, upsurge in power consumption across the emerging economies along with increasing concerns toward energy security will positively influence the product adoption.

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Pumped hydro storage market is characterized by the active participation of major biggies which include Absaroka, EDF, Toshiba, Alstom, Northland Power, Voith, SinoHydro, and Schluchseewerk AG. Development of cost effective storage systems and technological incorporations in product design are two of the major strategies adopted by the leading industry players. With the ever-increasing demand for uninterrupted power supply, pumped hydro storage systems are set to witness a massive deployment rate in an extensive range of projects. A recent market speculation report put forward by Global Market Insights Inc., depicts pumped hydro storage market size to be pegged at a massive USD 390 billion by the end of the year 2024.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Enel
2. Eskom Holdings SOC Ltd
3. EDF
4. Voith Group
5. Alstom Power
6. Toshiba
7. Northland Power Inc.
8. Sinohydro

Open loop pumped hydro storage market size will grow on account of relatively lower capital requirement associated with its construction along with low cost of refilling the upper reservoir. In addition, compatibility with a hydroelectric power plant coupled with availability of natural source of water will positively impact the industry growth. However, strict environment regulations along with rigorous licensing parameters by FERC and other regulatory authorities may impede the business growth.

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China pumped hydro storage market capacity will surpass 46 GW by 2024. Increasing need for grid stabilization along with exponential rise in power consumption will propel the industry growth. Stringent government regulations pertaining to carbon emission coupled with renewable energy technology integration will encourage the product demand. The National Energy Administration announced an investment of USD 361 billion to develop flexible grid network and integration of renewable energy generation technologies by 2020.

Refurbishment and upgradation of existing grid network along with increasing demand for grid support systems and other ancillary services will positively impact the U.S. pumped hydro storage market. Advancement in distribution generation technologies coupled with incorporation of green energy technologies will accelerate the product adoption. China through its Sovereign Wealth Fund has planned to invest USD 800 billion for the development of infrastructure across the nation.

Spain PHS market will exceed 9 GW by 2024. Accelerating investments toward development of micro grid network along with propitious energy efficiency labelling & compliance plans will positively influence the product demand. The European Commission introduced directive (2012/27/EU) to provide a standardized regulation to promote energy efficiency in the EU countries.

Europe pumped hydro storage industry has also been depicting remunerative growth prospects, with countries like Spain, Germany, Austria, Italy and Switzerland actively participating in setting up several pumped storage projects around the country. In Switzerland, for instance, Repower received approval in 2015 to built its 572 megawatt pump storage plant near Naples. The European Commission has also been proactive in bringing forth energy efficient renewable power source to all the member countries.

Browse key industry insights spread across 164 pages with 144 market data tables & 29 figures & charts from the report, Pumped Hydro Storage Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/pumped-hydro-storage-market

Considering the humungous initiatives that are continuously being undertaken worldwide toward the expansion of micro grid infrastructure, pumped hydro storage industry is sure to embark on a profitable path in the forthcoming years. In this regard, it is prudent to note that Federal Energy Regulatory Commission (FERC) has authorized numerous pumped hydro storage projects, accounting for a mammoth installed production capacity of several megawatts. Expansion and upgradation of existing plants along with technological interventions in product design have incredibly upscaled pumped hydro storage market potential.

Technically, energy production and consumption do not always occur concurrently, as the daytime observes much more energy demand than nightfall. Pumped storage power plants effectively even out these fluctuations in electricity grid and level out the shortages and surpluses by supplying ample energy during daytime and using the surplus energy generated during the night to pump the water back into the upper reservoir. In consequence, pumped hydro storage market is winning against the wind and solar power industries in the renewable energy sector, as wind and solar powers are subject to strong natural fluctuations, while in a closed loop pumped hydro storage there is no such natural intervention.

Another factor that stimulates the pumped hydro storage industry is the product’s relatively long shelf life. Though the capital cost of setting up a pumped storage power plant can be daunting, its service life can offset the cost of installation and can prove to be far more economical than other renewable sources of energy.

Grid stability, energy efficiency and large-scale storage capacity are few features which will foster the pumped hydro storage market. In addition, the ability to black start coupled with ongoing PHS capacity expansion will positively influence the product demand. For Instance, the FERC has allotted 50 preliminary permits for energy storage expansion across the U.S.

Top Industry players across the pumped hydro storage industry includes Alstom Power, Voith Group, EDF, Absaroka, J-Power, Eskom Holdings SOC Ltd, Genex, Toshiba, Snowdonia, DONGFANG ELECTRIC CORPORATION (DEC), Sinohydro, Northland Power Inc., Schluchseewerk AG and, Enel.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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