Press release
Pumped Hydro Storage Market to reach $350bn by 2024
Global Market Insights
Favorable regulatory framework pertaining to the upgradation and expansion of electrical infrastructure coupled with growing adoption of sustainable energy will drive the pumped hydro storage market size. Lack of efficient monitoring system and frequent supply outages across the developing economies will further stimulate the product demand. The China National Energy Administration in 2017 declared a funding of USD 326.4 billion toward the expansion of renewable electrical network by 2020.
Ongoing expansion of micro-grid networks favored by rapid development of distributed generation technology will propel the pumped hydro storage market size. Growing concerns toward reduction of carbon footprint along with upgradation and expansion of existing PHS system to enhance the operational flexibility will propel the business outlook. In 2016, the Government of Canada pledged to reduce emissions by 80% below 2005 levels until 2050.
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Japan pumped hydro storage market size is set to exceed 30 GW by 2024. Growing concerns toward energy security along with increasing investments toward deployment of grid network will propel the product landscape. Upsurge across the integration of renewable energy technologies will further stimulate the business outlook. The Japan Ministry of Economy, have announced investments worth USD 700 million in line with the integration of sustainable energy storage technology across the country.
High storage capacity, energy efficiency and grid stability are some of the key parameters that will drive the pumped hydro storage market. According to EASE, the PHS plants have an average efficiency of 70% – 80% when compared with other technologies. Increasing energy demand across emerging economies will further foster the business outlook.
U.S. pumped hydro storage market size will grow owing to upgradation and refurbishment of existing grid infrastructure along with rising adoption of advanced grid support system. Integration of clean energy technologies and expansion of micro grid networks will further embellish the product landscape. China under its sovereign wealth fund has proposed an investment of USD 800 billion across the U.S. infrastructure sector.
Open loop in 2016, accounted for over 90% of pumped hydro storage market share. Availability of free-flowing water source along with effective compatibility with a hydroelectric plant will embellish the product penetration. According to Department of Energy, there are three open-loop projects announced and in under construction phase in the U.S.
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Growing energy consumption along with ongoing investments toward modernization of electric grid infrastructure will embellish the South Korea pumped hydro storage market. Favorable government initiatives pertaining to sustainable energy mix will further stimulate the industry outlook. In 2017, The South Korea government has approved a plan to invest USD 1.67 billion toward development of renewable energy in the country.
Key industry players in pumped hydro storage market includes Voith Hydro, EDF, Absaroka, Genex, Toshiba, Schluchseewerk AG, Dongfang Electric, Snowdonia, SinoHydro, Eskom, Enel, Northland Power and J-Power.
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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