Pumped Hydro Storage Market Trend to 2024 Profiling Voith Hydro, EDF, Absaroka, Genex, Toshiba, Schluchseewerk AG, Dongfang Electric, Snowdonia, SinoHydro, Eskom, Enel

MarketStudyReport.com adds a new Pumped Hydro Storage Market research report for the period of 2017-2024 that focuses on the major drivers and restraints for the Global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market. The report spread across 390 pages with tables and figures in it.

The 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 in the next five years. Growing global concern over the energy security and a subsequent increase in renewable power projects, has undeniably favored pumped hydro storage market proliferation. Speaking of China, the regional pumped hydro storage market is forecast to surpass a production capacity of 45 GW by 2024.

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Pumped storage hydropower projects have been providing transmission ancillary benefits and energy storage capacity in Europe and America since ages. Grid stability, high storage capacity, and above all energy efficiency are the prime factors driving the pumped hydro storage industry 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 pumped hydro storage industry size. For instance, recently the International Finance Corporation has proclaimed to invest USD 1.2 billion in India’s clean energy sector.

Pumped hydro storage is mainly categorized into open loop system, close loop system, and innovative system. Free flowing water is the oldest and one of the most reliable sources of generating electricity across the world. In accordance to this fact, open-loop pumped hydro storage market has apparently garnered mass popularity across myriad end-use sectors. In fact, this particular business sphere covered almost 90% of the overall pumped hydro storage industry share in 2016. As reported by the Department of Energy (DOE), there are presently 34 open loop storage plants operational in China. However, low environmental profile of these systems is prompting some of the end-use sectors to incline toward close loop pumped hydro storage systems. As per estimates, Closed-loop pumped hydro storage industry is forecast to surpass a revenue of USD 16 billion by the end of 2024. Technological advancements in generator and turbine design along with a comparatively lesser effect on aquatic habitat are the two chief factors that propelled the business outlook.

Considering the humungous initiatives that are continuously being undertaken worldwide toward the expansion of micro grid infrastructure, pumped hydro storage industry 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 24 pumped hydro storage projects, accounting for a total installed production capacity of 16.5 MW. Expansion and upgradation of existing plants along with technological interventions in product design have incredibly upscaled pumped hydro storage market potential. Speaking along the similar lines, U.S. holds a prominent position in the global business space, subject to the extensive initiations by the U.S. government toward the refurbishment of grid infrastructure. The U.S. Department of Energy in its 2015 report claimed that there are almost 40 pumped storage plants operational in the country, accounting for almost a total capacity of 22 GW.

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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. depicts pumped hydro storage market to surpass a revenue of USD 350 billion by 2024.

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Related Reports: -
Global and Chinese Pumped Hydro Storage Industry, 2018 Market Research Report
The 'Global and Chinese Pumped Hydro Storage Industry, 2013-2023 Market Research Report' is a professional and in-depth study on the current state of the global Pumped Hydro Storage industry with a focus on the Chinese market. The report provides key statistics on the market status of the Pumped Hydro Storage manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
https://www.marketstudyreport.com/reports/global-and-chinese-pumped-hydro-storage-industry-2018-market-research-report/?utm_source=RR-SP

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