03-15-2019 11:40 AM CET - Energy & Environment
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Pumped Hydro Storage Market growth in U.S. region will be stimulated by growing incorporation of green energy systems over 2018-2024 | Top Venders like Toshiba, Eskom Holdings SOC Ltd, EDF, Voith Group, Alstom Power, Enel, Northland Power Inc., Sinohydro

Press release from: Global Market Insights, Inc.
Pumped Hydro Storage Market
Pumped Hydro Storage Market
Pumped Hydro Storage Market in United States will be driven by increasing demand for reliable grid support and refurbishment of the existing grid infrastructure. The department of energy in the U.S. recognizes pumped storage hydroelectricity as a major source of clean renewable energy storage as it facilitates grid stabilization and enables penetration for existing electrical grids for other renewable energy like wind and solar.

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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.

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

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

As per estimates, China pumped hydro storage market is forecast to surpass a capacity of 46 GW by 2024. Pumped storage hydropower projects have been providing transmission ancillary benefits and energy storage capacity since ages. Grid stability, high storage capacity, and above all energy efficiency are the prime factors driving the China pumped hydro storage market share. As claimed by EASE (European Association for Storage of Energy), pumped hydro storage systems have an average efficiency of almost 70% to 80% which is much higher when compared to its other counterparts. Ongoing energy efficiency reforms toward the integration of clean storage system have also favored China pumped hydro storage market size.

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Europe pumped hydro storage market 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.

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.

Pumped Hydro Storage Market size 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.

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.

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:

www.gminsights.com/industry-analysis/pumped-hydro-storage...

Considering the humungous initiatives that are continuously being undertaken worldwide toward the expansion of micro grid infrastructure, pumped hydro storage market 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 market 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.

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.

Top players across the pumped hydro storage market 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.

Browse Related Reports: www.openpr.com/news/1628568/Marine-Emission-Control-Syste...

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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