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Global Pumped Hydro Storage Market to Soar at a CAGR of 4.4% by 2026 as Reduction of Carbon Footprints Gains Momentum
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The key players operating in the global pumped hydro storage market are EDF, Voith Hydro, Schluchseewerk, Toshiba, Dongfang Electric, Northland Power, SinoHydro, Eskom, J-Power, and Enel.
Demand for Increased Electricity to Boost the Pumped Hydro Storage Market
Soaring demand for electricity generation is expected to create a massive demand for reliable electric power system across the globe. The conventional technologies such as gas-fired and hydropower combustion turbines have limited ability to deliver whereas, pumped hydro storage is commercially and technologically proven to be provide better output. The demand for sustainable energy is rising as demand for power is increasing with rise in population. The demand for bulk storage is also rising to satisfy the existing demands. Government bodies are implementing stringent regulations and investing to improve and expand micro grid network. The plans of government bodies to work towards emission reduction by integrating renewable energy technologies will bring opportunities in the global market.
The market will further witness rise in demand due to energy efficient compliance and labelling plans along with innovations for developing technologically-advanced systems.
Continuous Water Access to Boost Open Loop Pumped Hydro Storage Segment
Open loop pumped hydro storage is expected to rise in demand during the forecast period as it will be directly and continuously connected with natural flowing water resources thus, making the access easier.
Technologically-developed North America to Lead the Global Market
North America is expected to lead the global market as this region is technologically advanced and has extensive investment for development of microgrid network with integration of advanced generation technology. This region also has promising regulatory measures such as water programs, subsidies, incentives, and fiscal & asset leveraging schemes that will be favourable for market growth.
Manufacturers of equipment sector play a pivotal role in value chain as it determines the overall price of PHS systems thus, these companies are engaging in research and development activities to design efficient and improved systems.
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