Global Pumped Hydro Storage Market Size & Forecasting (2016-2028)

Pumped hydroelectric storage (PHS) facilities store energy in the form of water in an upper reservoir pumped from another reservoir at a lower elevation. During high electricity demand, power is generated in the same way as a conventional hydropower station by releasing the stored water through turbines. The upper reservoir is recharged during periods of low demand by using low-cost grid electricity to pump the water back to the upper reservoir. The main challenge in maintaining reliability is that there is no shelf life for electricity and when required, it must be produced. Electricity demand is constantly changing, particularly between daytime peak demand periods and night time periods. Due to the technology-cost gap of other storage technologies and factors, such as the growing penetration of renewables, the demand for pumped hydro is growing globally. With countries focusing on energy storage, pumped hydro storage has become the most sought after energy storage solution. Moreover, pumped hydro storage is now the only energy storage solution feasible to be deployed at a very large scale. Global initiatives towards harnessing renewable energy, supportive government policies, and increasing adoption of energy storage are expected to drive the market.

Based on type, the pumped hydro storage market has been segmented into open-loop and closed-loop. The open-loop type segment is leading the pumped hydro storage market. Ease of compatibility with a hydropower plant coupled with availability of natural flowing water stream will positively influence the product demand. As per DOE, the US has approximately 3 open-loop projects, which are under construction.

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North America is expected to be the fastest-growing market for pumped hydro storage during the forecast period. The PHS is the largest form of energy storage technology in North America, which majorly helps in providing load balance. There are 40 existing pumped storage projects in the US providing over 22,000 MWs of storage, with largest projects in Virginia, Michigan, and California (Bath County, Ludington, and Helms, respectively). At present, there are 51,310 MWs representing over 60 pumped storage projects in the FERC queue for licensing and permitting. Further, Canada, which ranks fourth in the world for hydropower development, with over 81.478 GW of installed capacity by the end of 2017 (including 174 MW of pure pumped storage), is one of the most potential global hotspots for the pumped hydro storage market. Canada’s only PHS facility is Ontario Power Generation’s Sir Adam Beck Pump Generating Station. The 174 MW facility pumps water from the Niagara River into a 300-hectare reservoir for energy storage. With more projects under construction, Canada is expected to witness a huge growth in PHS capacity during the forecast period.

The upcoming report from Quince Market Insights focuses on these key impact factors influencing the market, along with identifying major segments and companies operating in the market. The study is designed to provide a holistic view with a broad scope covering every possible segment influencing the demand for pumped hydro storage market.

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Major Companies Operating in the Market:

-ABB Ltd.
-General Electric Co.
-Doosan Corp.
-Mitsubishi Electric Corporation,
-Duke Energy Corp.
-Chubu Electric Power Company Inc.
-Électricité de France SA (EDF)
-Enel SpA
-Energia de Portugal SA
-Iberdrola SA
-Tokyo Electric Power Company Holdings

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Market Segmentation:
By Type:
-Open-Loop
-Closed Loop


This upcoming study will be published shortly with a focus on key stakeholders in the market. Regions covered in the study include North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World.

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Quince Market Insights
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About Quince Market Insights:

Quince Market Insights is a global market research and consulting company publishing syndicate studies as well as consulting assignments pertaining to market opportunities that promise high growth in the future. The company also provides information on different research practices such as competitive analysis, product mapping, value chain analysis, etc., assisting clients in strategic decision-making.

This release was published on openPR.