Pumped Hydro Storage Market - Demand Estimation and Regional Share Report to 2026
The pumped hydro storage market growth is set to boost within the forecast time period due to the rising focus towards expanding the microgrid network and advancements in the field of distributed generation technologies
Factors like grid stability, energy efficiency, and high-power storage capacity would play an important role in fueling the demand PHS systems. Moreover, advancing strides taken by the developing economies such as the implementation of electrification programs in off-grid areas is increasing power consumption. This could help the PHS industry to penetrate various developing regional markets that focus on maximum efficiency.
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Pumped hydro storage market growth is set to showcase significant growth in coming years on account of the stringent federal regulations to reduce emission levels and growing inclination towards the adoption of sustainable energy technologies.
Spain pumped hydro storage market is projected to show a growth of more than 6% by 2026. Expanding on the use of PHS in Europe, growing demand for sustainable storage technologies to address increasing electricity demand and rapid digitalization of grid networks is projected to foster the Spain pumped hydro storage industry in forthcoming years.
The pumped hydro storage market was valued at more than USD 300 Billion in 2019. The PHS market is further expected to record a collective installation of 200 GW by 2026.
Spain has also seen a growing trend towards innovation in development and design of PHS systems. This can be attributed to various compliance plans that the region is implementing for the generation of clean energy. Reportedly, this shift comes as a response to the directive (2012/27/EU) announced by the European Union to promote energy efficiency among its member nations.
Besides, setting up these systems require minimal capital and are very easy to refill in the upper reservoirs. These attractive features would play a major role augmenting product adoption. However, it may endanger the existence of aquatic animals present in that area, which may further impact the pumped hydro storage market expansion.
Expansion of current grid infrastructure due to favorable regulatory norms may increase the usage of pumped hydro storage. Meanwhile, rising cases of power outages in developing nations would further fuel the need for better grid infrastructure.
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Based on the system segment, growing adoption of open-loop systems due to the easy availability of naturally flowing streams and minimal compatibility requirement with hydroelectric systems may fuel the demand for pumped hydro storages.
Citing an EASE report, it was revealed that PHS systems registered 70%-80% of average efficiency when compared to other storage technologies. Few of the major players driving this pumped hydro storage market include Voith, Schluchseewerk AG, Genex, SinoHydro, Northland Power, Toshiba, EDF, Abroska, RusHydro, Donfang Electric, GE Alstom, J-Power and Enel.
Lately, growing concerns over global warming and climate change have compelled various countries to reduce their carbon emissions. Several nations are now planning to integrate renewable sources of energy with traditional sources. To cite an instance, after considering Canada’s emission level in 2005, the Canadian government has vowed to cut 80% of its carbon emission levels by 2050.
Several nations have started to explore sustainable alternatives for energy generation. In fact, as per UNEP data, Europe invested USD 61.2 billion in terms of renewable energy investments in 2018. When compared to 2017 data, European renewable energy market has shown a growth of 39% in 2018.
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Rahul Varpe
Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...