Pumped Hydro Storage Market: Current Analysis and Forecast (2022-2028)

Pumped Hydro Storage Market: Current Analysis and Forecast (2022-2028)

Pumped storage hydropower (PSH) is a type of hydroelectric energy storage. It is a configuration of two water reservoirs at different elevations that can generate power as water moves down from one to the other (discharge), passing through a turbine. According to the U.S. Energy Information Administration (USEIA) more than 97% of all installed capacity of energy storage, is provided by pumped storage hydropower, with thermal storage, batteries, and other storage technologies making up the remaining mix of grid managing solutions.

Moreover, factors such as the growing need for reliable and clean energy sources coupled with the perks of hydrogen energy storage like high reliable power generation & reduced carbon emissions will boost market growth over the forecast period. In addition, the integration of variable renewable energy sources and ensuring grid stability coupled with increasing government targets to phase out fossil fuels is likely to aid the market’s growth during the forecast period.

• Based on the system, the pumped hydro storage market is segmented into open loop, closed loop, and innovative. The closed-loop segment caters substantial share of the market. Closed-loop pumped hydro storage provides high flexibility, reliability, and high-power output. Since the closed-loop pumped-hydro systems are not connected to existing river systems, their impact on the environment is less compared to open-loop pumped hydro storage systems. Moreover, closed-loop can easily position where support to the grid is required and therefore do not need to be positioned near an existing river.
• For a better understanding of the market adoption of the pumped hydro storage market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the continued disinvestment in fossil fuels in the region has led to the development of renewable energy, hydropower, and pumped hydro storage facilities in China, Japan, and other Asian Countries.
• Some of the major players operating in the market include Sinohydro Corporation, General Electric, Northland Power, Inc., Eskom Holdings SOC Ltd, Nevada Hydro Corporation, Enel Spa, Greenko Energy, Tata Power, Toshiba Energy System & Solutions Corporation, and Absaroka Energy.