Pumped Hydro Storage Market To Be Dominated By Closed-Loop Segment

According to TechSci Research report, Pumped Hydro Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, the Global Pumped Hydro Storage market is anticipated to register a robust growth during the forecast period, 2024-2028. Pumped Hydro Storage use gravity to generate electricity from water that was previously pumped from a lower source to an upper reservoir. The energy storage capacity of a pumped storage plant depends on the size of its two reservoirs, while the amount of electricity produced is related to the size of the turbine.

Pumped hydro is the world's largest battery technology, accounting for over 94% of the world's installed energy storage capacity, far outperforming lithium-ion, and other types of batteries. The International Hydroelectric Association (IHA) estimates that pumped storage plants store up to 9,000 gigawatt hours (GWh) of electricity worldwide. The rapid growth of Variable Renewable Energy sources (VRE), such as solar and wind, has increased the need for stable and reliable storage solutions that can operate at commercial scale. The flexibility pumped storage provides storage and auxiliary grid services as seen becoming increasingly important in ensuring a stable electricity supply. Pumped Hydro provides services inclusive of system inertia, frequency control, voltage control, storage and reserve power, with fast mode change and black start capabilities. These are essential to support the changing share of renewable energy.

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Global Pumped Hydro Storage market is bifurcated based on system, application. Based on system, the market is bifurcated into open-loop and closed-loop. During the projected period, Closed-Loop segment is expected to be the region with the largest market share during the forecast period. In a circulation system, one or both reservoirs are artificially combined to create a pumped storage plant with no natural water inflow in either reservoir. The only way to store a significant amount of energy is to place a large body of water relatively close to his second body of water, but as high as possible. In some places this happens quite naturally. In other areas, one or both bodies of water are man-made. The moderately low energy density of pumped storage systems results in either height differences or high currents between reservoirs. Closed pumped storage plants offer high flexibility, reliability and performance. Closed-Loop pumped systems are not connected to existing river water systems and therefore have less environmental impact than open-cycle pumped systems. Plus, it doesn't have to be placed near existing rivers, as it can be placed wherever mesh support is needed. Over the next few years, closed-loop systems are likely to see significant growth as they do not interfere with existing river systems or water flow and are more likely to obtain operating licenses or permits. The increasing implementation of closed-loop pumped storage projects in countries such as the United States may provide a lucrative business case for developers to expand their market presence.

Based on region, the market is bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa. During the projected period, Asia-Pacific region is expected to be the region with the largest market share during the forecast period. According to the International Hydropower Association, the Asia-Pacific region had approximately 77.21 GW of installed hydropower storage capacity in 2020, with China and Japan having the largest share in the region. The ongoing shift to fossil fuels in the Asia-Pacific region has led to the development of renewable energy, hydropower and pumped storage, especially in China, Japan, ASEAN, South Korea and India. Moreover, China has announced plans to become carbon neutral by 2060 and peak coal consumption by 2025. This has led to increased investment in the renewable sector, with around 13.76 GW of new hydropower installed in 2020. This includes his 1.2 GW of pumped storage from his last four units on the Jixi project.

Key market players in the Global Pumped Hydro Storage market are:

• Electricite de France SA (EDF)
• Iberdrola SA
• EON SE
• General Electric Company
• Voith GmbH & Co. KGaA
• Mitsubishi Heavy Industries Ltd
• Toshiba Energy Systems & Solutions Corporation
• Andritz Hydro GmbH  
• Alstom SA
• Duke Energy Corporation

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“During the forecast period, Asia-Pacific region as government policies favors the pumped hydro storage market. Another reason why APAC shall dominate the market is due to its population size than other regions favoring the growth of the market. Closed-Loop segment is expected to dominate the market as it does not interfere with existing network of rivers and provides higher flexibility & output compared to Open-Loop. As the world is moving towards renewable sources of energy, Pumped Hydro Storage shall see grow further.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Pumped Hydro Storage Market Segmented By System (Open-Loop, Closed-Loop), By Application (Natural Reservoirs, Man-Made Reservoirs), By Region, Competition” has evaluated the future growth potential of Pumped Hydro Storage Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Pumped Hydro Storage Market.

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