Pumped Hydro Storage Market Report by Growth, Trends and Demand Outlook 2027
The pumped hydro storage market is expected to demonstrate a rapid growth by 2027. Pumped hydro storage has garnered massive significance as a natural large-scale energy storage solution for accommodating the surging demand for storage and grid support services. It encompasses all services from reactive power support to frequency control, black-start capabilities, and synchronous or virtual inertia. It is a greener alternative for support that was earlier managed by fossil fuel-backed power plants, giving more reactivity in a sustainable way without releasing CO2, which has played a key role in fostering product outlook.
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The pumped hydro storage market is expected to witness exponential growth by 2027 owing to burgeoning need for electricity across the globe. In addition, soaring emphasis on leveraging effective and green solutions for power storage is likely to further augment market growth through the forecast period.
Technological advancements have improved pumped hydro storage market uptake considerably in recent years. Novel pumped hydro storage technologies, such as variable speed capability, provide plant owners with quicker response times as well as superior flexibility by giving grid frequency support in both directions, in pump and turbine modes.
Hydro storage technology is known to be a critical enabler of the transition and modernization of power generation in the 21st century. Rising awareness of the benefits of pumped hydro storage, including water management, have enhanced the popularity of pumped hydro storage as a vital component of clean energy systems. As a result, this has positively influenced pumped hydro storage market uptake in leading regions globally.
To that effect, in November 2021, a research team from the Chongqing University in China, along with Shaanxi Investment Group Co., Ltd, a major China-based investment company, proposed the use of unused coal mine goaves as underground and upper water reservoirs for building pumped hydro storage plants to be operated in combination with large-scale wind and solar facilities. The team depicted the solution as a feasible method for fulfilling the electricity requirements of the country.
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For extensive analysis, the pumped hydro storage market has been categorized in terms of system and region. From the system point of view, the market has further been divided into closed loop, open loop, and innovative. The pumped hydro storage industry share from the innovative system segment is anticipated to be valued at more than USD 0.7 billion by the end of 2027, progressing at a steady CAGR through the forecast timeframe.
Moreover, after the COVID-19 outbreak, an upsurge in climate consciousness, along with the notable volatility of oil prices, has bolstered the adoption of hydroelectric power. As a result, increasing prominence of pumped hydro storage as a cleaner and efficient energy storage solution as well as the booming need for power in varied industry verticals worldwide have been profitable for the pumped hydro storage market scenario during the pandemic.
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