Pumped Hydro Storage Market growth will be driven by increasing expansion and refurbishment of ageing power plants with an aim to improve operational flexibility. Ongoing R&D activities and innovations including network frequency control and variable speed technologies will complement the business outlook. Lack of effective monitoring systems along with increasing electricity outages primarily across emerging economies will further propel the product demand.
China pumped hydro storage market is also driven by the extensive deployment of open-loop systems. Free flowing water is the oldest and one of the most reliable sources of generating electricity across the world. In accordance with this fact, open-loop pumped hydro storage industry has apparently garnered mass popularity across myriad end-use sectors. In fact, this particular business sphere covered a commendable portion of the overall pumped hydro storage market share in 2017.
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Considering the humungous initiatives that are continuously being undertaken worldwide toward the expansion of micro grid infrastructure, pumped hydro storage market 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 numerous pumped hydro storage projects, accounting for a mammoth installed production capacity of several megawatts. Expansion and upgradation of existing plants along with technological interventions in product design have incredibly upscaled pumped hydro storage market potential.
Grid stability, large-scale storage capacity and energy efficiency are some of the prominent features which will stimulate the pumped hydro storage market growth. Growing electricity demand from off grid remote areas primarily across emerging economies will positively influence the industry growth. As per the European Association for Storage of Energy, the average efficiency range for PHS systems is 70-80% when compared to other available counterparts.
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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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 by 2020. Growing global concern over the energy security and a subsequent increase in renewable power projects, has undeniably favored pumped hydro storage market proliferation.
Open loop accounted for over 95% share of global pumped hydro storage market in 2017. Abundant availability of natural water stream coupled with easy compatibility with hydro power plant will positively impact the product demand. Limited cost of refilling the upper reservoir and low capital requirement for construction will further augment the pumped hydro storage market landscape.
Major Point From Table Of Content:
Chapter 4 Pumped Hydro Storage Market, By System
4.1 Pumped hydro storage market share by system, 2017 & 2024
4.2 Open loop
4.2.1 Global market from open loop, 2014 – 2024
4.2.2 Global market from open loop, by region, 2014 – 2024
4.3 Closed Loop
4.3.1 Global market from closed loop, 2014 – 2024
4.3.2 Global market from closed loop, by region, 2014 – 2024
4.4.1 Global market from innovative, 2014 – 2024
4.4.2 Global market from innovative, by region, 2014 – 2024
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