Pumped Hydro Storage Market Insights
The global Pumped Hydro Storage market is forecasted to grow at a significant CAGR over the forecast period. The market is driven by growing awareness about energy storage and initiatives taken by the Government to move towards sustainable energy. High storage capacity, energy efficiency, and grid stability are some important features of pumped hydro systems.
Moreover, pumped hydro storage is the only energy solution which can be deployed at a large scale. This is further expected to generate opportunities in the pumped hydro storage market. Upgradation of existing plants with advanced technology in order to improve operational efficiency is one of the major market opportunities in the pumped hydro storage market.
Pumped Hydro Storage Market: Type Insights
The global Pumped Hydro Storage market can be segmented into open-loop pumped hydro storage and closed-loop pumped hydro storage. Open-loop pumped hydro storage are easily compatible with hydroelectric plants. However, closed-loop pumped hydro storage has a lower environmental impact, which is expected to have a positive impact on the segmental growth. Closed-loop pumped hydro storage has a low impact on aquatic habitat. Further, technological advancements in turbine and generator design are likely to boost growth in the pumped hydro storage market.
Pumped Hydro Storage Market: Regional Insights
China is expected to lead the market for pumped hydro storage during the forecast period. China has deployed pumped hydro storage to a great extent during the past few years. North America is expected to register moderate growth rate during the forecast period owing to Government initiatives to harness energy and optimize operations. Canada is expected to be a major contributor to market growth in North America.
Pumped Hydro Storage Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Pumped Hydro Storage over the coming years. Some leading consumers of Pumped Hydro Storage are State Grid Corporation of China, Enel, Korea Electric Power Corporation’s (KEPCO), and ATCO Electric among others.
Pumped Hydro Storage Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Pumped Hydro Storage Market Share & Competitor Analysis
Some of the players operating in the global Pumped Hydro Storage market include Duke Energy Corp, Chubu Electric Power Company Inc., Enel SpA, Iberdrola SA, Mitsubishi Electric Corporation, Hitachi Ltd., Toshiba Corp., Alstom SA, and Siemens AG.among others.
In January 2018, San Diego County Water Authority announced that it will develop a 500 MW hydropower energy storage project at the San Vicente Reservoir in San Diego County. The hydro storage solution is expected to support power grid operations and integrate renewable and solar energy in power supply.
In 2017, China installed the most hydropower capacity than any other country in the world.
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