Renewable Energy Storage is fastest growing segment fueling the growth of Pumped Hydro Storage Market
Pumped hydro energy storage uses renewable energy sources like wind and solar to pump water from a lower elevation reservoir to a higher elevation reservoir. When energy is needed, the stored water is released through turbines to produce electricity. This method provides renewable baseload energy and promotes grid stability.
Pumped hydro storage involves using surplus electricity, often from renewable sources like solar and wind, to pump water to a higher reservoir. During periods of high demand, the stored water is released to turbines which generate electricity. It acts as a large-scale electricity storage solution and helps integrate more renewables into the energy grid by offsetting intermittencies in solar and wind power.
The global Pumped Hydro Storage Market is estimated to be valued at US$ 348.25 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing share of renewable energy in the power mix is necessitating energy storage solutions to balance demand-supply variations. Global initiatives toward clean energy transitions and carbon neutrality targets have upscaled investments in large-scale battery storage technologies including pumped hydro. Countries worldwide are undertaking projects to construct new pumped storage plants as well as increase capacity of existing facilities. Furthermore, the reducing costs of renewable power and evolving revenue streams like ancillarygrid services have improved the economic feasibility of these projects.
Segment Analysis
The global pumped hydro storage market is segmented on the basis of type, capacity, implementation type, and regional distribution. By type, closed-loop and open-loop are the dominating sub-segments. Within these, closed-loop energy storage is dominating as it is more efficient and has lower environmental impacts compared to open-loop systems. By capacity, large-scale projects with more than 1000 MW capacity are dominating currently due to their ability to store and dispatch large volumes of energy.
Key Takeaways
The Global Pumped Hydro Storage Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing deployment of renewable energy. The global pumped hydro storage market size is expected to reach US$ 348.25 Bn by 2023.
Regional analysis - Asia Pacific region is currently dominating the global market and is expected to continue its dominance during the forecast period. This is due to rapid industrialization and growing investments in pumped hydro projects in countries like China. Countries in Europe and North America are also significant contributors to the global market.
Key players operating in the pumped hydro storage market are Operators (Duke Energy Corporation, EON SE, Enel SPA, and Electricite de France SA, and Iberdrola SA) and Technology Providers (General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries, Ltd, Voith GmbH & Co. KGaA, and Ansaldo Energia SpA). These companies are focusing on development of advanced renewable energy storage solutions and strategic partnerships to strengthen their positions in the market.
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