Pumped Hydro Storage Market is predicted to see lucrative gains over 2018-2024, U.S. Dominated the regional landscape | Top Venders are Alstom Power, Voith Group, EDF, J-Power, Eskom, Genex, Toshiba, DONGFANG ELECTRIC CORPORATION (DEC)
U.S. pumped hydro storage market growth will be stimulated by increasing incorporation of green energy systems along with exponential rise in power consumption. 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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China pumped hydro storage market is driven by the extensive deployment of open-loop systems. Free flowing water is the oldest and one of the most reliable sources of generating electricity across the world. In accordance with this fact, open-loop pumped hydro storage industry has apparently garnered mass popularity across myriad end-use sectors. In fact, this particular business sphere covered a commendable portion of the overall pumped hydro storage industry share in 2017.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:
1. Alstom Power
2. Voith Group
8. DONGFANG ELECTRIC CORPORATION (DEC)
10. Northland Power
11. Eskom Holdings SOC Ltd
12. Schluchseewerk AG Enel
Government entities across the world are taking vigorous efforts to unleash the commercial potential of pumped hydro storage market. With the globe treading on the path of sustainability trends, innumerable renewable energy projects have of late gained a momentum in response to the favorable tax incentives implemented for renewable energy consumption. For instance, the Chinese National Energy Administration (NEA) has recently announced its plan of investing USD 361 billion in renewable power generation by 2020. Growing global concern over the energy security and a subsequent increase in renewable power projects, has undeniably favored pumped hydro storage industry proliferation.
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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, 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.
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:
With the growing popularity of renewable energy sources and development of innovative battery technology, pumped hydro storage industry will follow quite a predictable growth trajectory that is estimated to surpass installation of 200 GW by 2024. From Italy to China, pumped hydro storage facilities are being embraced for their ability to balance power supply and demand across electric power grids. According to the US Department of Energy, there are 292 pumped storage hydro facilities across the globe that have a capacity of 142 GW. With 46 projects on the way that will have an additional 34 GW capacity, it goes without saying that pumped hydro storage market size will witness a major surge in the forecast period of 2018-2024.
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.
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