Selbyville, Delaware, Nov. 30, 2021 (GLOBE NEWSWIRE) --
The pumped hydro storage market revenue is anticipated to record a valuation of USD 510 billion by 2027, according to the most recent study by Global Market Insights Inc. Surging electricity demand coupled with increasing sustainable energy storage will boost the industry spectrum. The ongoing investments for capacity addition along with upsurge in energy security demand, water services facilitating economic developments, and regional co-operation will propel the business landscape.
Flexibility in power output, minimal operational cost, and high storage capacity will propel the product adoption. The paradigm shift toward curbing carbon emissions coupled with growing power demand will augment the business growth. In addition, government regulations for expanding grid infrastructure along with ongoing investments toward the development of sustainable energy solutions will accelerate the industry growth.
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The adaptation toward climate changes, efficient energy storage along with rising electricity demand will drive the pumped hydro storage market growth. Ongoing concerns related to energy security coupled with the requirement for sustainable electricity network in regions with extreme climatic conditions will fuel the business spectrum. In addition, regulatory measures including incentives, subsidies, and water programs will institute favorable business trends.
The open loop pumped hydro storage industry is anticipated to grow across multiple geographies owing to direct link with natural water resources along with ease of construction and power production. The rising demand for grid network load management along with the advent of renewable energy generation will complement the industry outlook. Minimal cost associated with water restoration combined with low capital costs will further positively influence the product penetration. In addition, ongoing R&D activities by major industry players to enhance the electric energy capacity will positively stimulate the industry outlook.
Isolated water reservoirs along with reduced environmental effects across aquatic habitats will augment the growth of the closed loop pumped hydro storage systems. High energy storage coupled with growing electricity demand will encourage the product deployment. For instance, in December 2020, General Electric signed an agreement with BE Power for the development and setup of the Big-T pumped hydro storage project in Toowoomba, Australia. The project will offer power output corresponding to the rising demand for approximately 200,000 households in the state of Queensland.
The North America pumped hydro storage market is expected to surpass over USD 68 billion by 2027. The ongoing rise in auxiliary renewables along with growing storage mechanisms demand will foster product deployment. For instance, according to the International Energy Agency (IEA), the PHS plants are set to witness a progression by 2050 across the region owing to the demand for sustainable and cost-effective energy storage provision.
Despite the pandemic impact, major pumped hydro storage projects were operational according to the schedule and introduction of new projects was witnessed. In addition, the power sector being the necessity, had no decline in the commencement of pumped hydro projects. Moreover, ongoing vaccination drives and reopening of the economies have created a favorable business scenario.
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Some key findings of the pumped hydro storage market report include:
- Rapid renewable integration combined with related long-term benefits of PHS technology will foster the product trends.
- Sustainable policy frameworks coupled with ongoing investments for capacity expansion will positively influence the technological deployment.
- Eminent players operating across the pumped hydro storage industry include General Electric, Enel Green Power, J-POWER, Genex Power, Toshiba Energy System & Solutions Corporation, Voith, etc.
- Development of storage plants across abandoned coal & iron mines in line with necessary feasibility study for innovation storage facilities will complement the business scenario.
- Rising adoption of renewables combined with growing concerns to reduce carbon emissions will stimulate the pumped hydro storage market statistics.
Partial chapters of report table of contents (TOC):
Chapter 3 Pumped Hydro Storage Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor Matrix
3.3 Innovation & technology landscape
3.3.1 Obermeyer Hydro, Inc.
3.3.2 General Electric
3.4 Regulatory landscape
3.4.1 U.S.
3.4.1.1 HydroWIRES Initiative
3.4.1.1.1 Functions under HydroWIRES Initiative:
3.4.1.2 Hydropower Regulatory Efficiency Act
3.4.1.3 Federal Energy Regulatory Commission (FERC)
3.4.1.4 National Hydropower Association (NHA)
3.4.1.5 Federal Power Act (FPA) (1935)
3.4.1.6 National Environmental Policy Act (NEPA) (1970)
3.4.1.7 Clean Water Act (CWA) (1972)
3.4.1.8 Coastal Zone Management Act (CZMA) (1972)
3.4.1.9 Rivers and Harbors Act (1899)
3.4.1.10 HR 267: The Hydropower Regulatory Efficiency Act (2013)
3.4.2 Europe
3.4.2.1 Horizon 2020 Program
3.4.2.2 Climate policies
3.4.2.3 UK
3.4.2.3.1 Energy Act 2008
3.4.2.3.2 Climate Change Act, 2008
3.4.2.3.3 National Renewable Energy Action Plan
3.4.2.4 France
3.4.2.5 Netherlands
3.4.2.6 Scotland
3.4.2.7 Czech Republic
3.4.3 China
3.4.3.1 Renewable Energy Law
3.4.3.2 Laws on Domestic Dam Building
3.4.3.3 International Hydropower Association
3.4.3.3.1 Emission Trading Scheme
3.4.3.3.2 Green bonds
3.4.4 Japan
3.4.4.1 Regulatory reforms in Electricity
3.4.4.2 Renewable Portfolio Standard, 2003
3.5 COVID- 19 impact on the industry outlook
3.5.1 Top 10 countries impacted by COVID- 19
3.5.2 Overall view
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 North America
3.6.1.1.1 Growing demand for a sustainable energy mix
3.6.1.1.2 Increasing demand for energy storage
3.6.1.2 Europe
3.6.1.2.1 Favorable government policies
3.6.1.2.2 Stringent government regulations toward emissions
3.6.1.3 Asia Pacific
3.6.1.3.1 Increasing concerns toward security of supply
3.6.1.3.2 Upsurge in electricity demand
3.6.1.3.3 Ongoing renewable energy integration reforms
3.6.2 Industry pitfall & challenge
3.6.2.1 High initial investment
3.7 Growth potential analysis
3.8 Porter’s Analysis
3.8.1 Bargaining power of suppliers
3.8.2 Bargaining power of buyer
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.9 Competitive landscape, 2021
3.9.1 Strategy dashboard
3.9.1.1 Sinohydro Corporation
3.9.1.1.1 Installation/supply
3.9.1.2 Genex Power Limited
3.9.1.2.1 Agreement
3.9.1.2.2 Business expansion
3.9.1.3 J-POWER
3.9.1.3.1 Agreement
3.9.1.3.2 Plant expansion
3.9.1.4 Voith GmbH & Co.
3.9.1.4.1 Partnership
3.9.1.4.2 Installation/supply
3.9.1.4.3 Project development
3.9.1.5 Toshiba Energy System & Solutions Corporation
3.9.1.5.1 Agreement
3.9.1.6 General Electric
3.9.1.6.1 Plant expansion
3.9.1.6.2 Agreement
3.9.1.7 EDF
3.9.1.7.1 Expansion
3.9.1.7.2 Investment
3.9.1.7.3 Agreement
3.9.1.8 Enel Spa
3.9.1.8.1 Acquisition
3.9.1.9 Absaroka Energy LLC
3.9.1.9.1 Investment
3.9.1.10 RusHydro
3.9.1.10.1 Agreements
3.9.1.10.2 Project development
3.9.2 Voith
3.9.2.1.1 Contract
3.9.2.1.2 Project development
3.9.3 Nevada Hydro
3.9.3.1.1 Project development
3.10 PESTEL Analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
