New York , Oct. 19, 2023 (GLOBE NEWSWIRE) -- The pumped hydro storage market size is predicted to expand at 10% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 650 billion by the end of 2035, up from a revenue of USD 330 billion in the year 2022. The growth of the market is projected to be encouraged by rising demand for electricity. Over the previous 50 years, the amount of electricity consumed worldwide has increased steadily, and in 2022, it was projected to be about 25,499 terawatt hours. Therefore, there has been surge in market expansion. Moreover, since pumped hydro storage is considered to be renewable energy it has relatively less impact on the environment as compared to electricity generated through fossil fuel. The combustion of fossil fuels for the production of electricity is responsible for more than 39% of energy-related carbon dioxide (CO2) emissions. Hence, more emphasis is given on electricity produced through pumped hydro storage further influencing the market growth.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4909
Pumped Hydro Storage Market: Key Takeaways
- Market in North America region to garner the highest growth
- Electricity utilities segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Growing Population to Boost the Growth of Global Pumped Hydro Storage Market
From an estimated 2.5 billion people in 1950, the world's population surpassed 8.0 billion in mid-November 2022, having increased by 1 billion since 2010 and 2 billion since 1998. Energy usage rises in direct proportion to population size. Energy usage rises in direct proportion to population size. It has been proposed that the amount of energy available determines the size of the population that the planet can support. It is crucial to be cognizant about how population increase affects energy demand since the majority of conventional fuel sources have already reached their carrying capacity. As a result, the use of pumped hydro storage is projected to grow.
Pumped Hydro Storage Industry: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Number of Pumped Hydro Storage to Drive the Market Growth in North America
The North America pumped hydro storage market is poised to capture the highest share of about 38% over the given timeframe. The major element to dominated this growth is rising number of pumped hydro storage in this region. There were about 42 operational pumped storage facilities in the United States, with a combined capacity of approximately 20 GW. Additionally, the Federal Energy Regulatory Commission (FERC) announced about 26 licensed pumped storage projects with a combined installed capacity of almost 17 GW in May 2022.
Growing Initiatives by Companies to Influence the Market Expansion in Asia Pacific
The pumped hydro storage in Asia Pacific is estimated to have notable growth in the market over the coming years. The growth of the market in this is projected to be dominated by rising initiatives by different organizations in this region to influence the growth in installation and use of pumped hydro storage. For instance, the 1 GW/24 GWh Borumba PSH project near Gympie in the state's southeast is set to advance due to an additional about USD 12 million from the Queensland Premier's state budget for the acceleration of important technical investigations. Moreover, in terms of hydropower development worldwide, this region is in the forefront. As the global leader, China has an exploitable hydropower potential of about 300–700 GW, which is largely a result of its favorable geographic features, particularly in the southwest.
Make an Inquiry Before Buying this Report@ https://www.researchnester.com/inquiries-before-buying-4909
Pumped Hydro Storage Segmentation by End-User
- Government Agency
- Grid Operations
- Electrical Utilities
Pumped hydro storage market from the electrical utilities segment is anticipated to capture highest share of about ~40% over the projected period. The growth of the segment is estimated to dominated by growing demand for renewable energy. In 2022, hydroelectricity generation grew by over 69 TWh (nearly 3%), exceeding about 4 299 TWh, globally. A greater amount of electricity is still produced by hydropower in world compared with any other form of renewable energy considered in tandem.
Pumped Hydro Storage Segmentation by Type
- Open-Loop
- Closed-Loop
The closed-loop segment is poised to have the noteworthy growth in the marker over the given timeframe. This could be owing to the advantages offered by closed-loop over open-loop. Compared to open-loop systems, closed-loop pumped hydro storage projects are gaining popularity since they have more environmental advantages and are favored by locals, governments, and administrations. Additionally, about 616,817 places throughout the globe was been identified by an Australian research team in 2021 as potential sites for approximately 22 million GWh of closed-loop pumped-hydro storage capacity. As a result, the segment is expected to experience exponential growth.
A few of the well-known market leaders in the global pumped hydro storage market that are profiled by Research Nester are Nevada Hydro Corporation, GE Renewable Energy, Siemens Energy, Enel SpA, Duke Energy Corporation, Voith GmbH & Co. KGaA, Genex Power Limited, Toshiba Energy System & Solutions Corporation, Greenko Energy, Eskom Holdings SOC Ltd., and others.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4909
Recent Development in the Market
- The entire 1.2 GW Jinzhai pumped hydro storage power project in China was integrated by GE Renewable Energy. By serving as a sustainable massive energy storage system, the Jinzhai Pumped Storage Plant may save up to 120,000 tons of coal and reduce 240,000 tons of carbon dioxide emissions annually.
- In order to establish a pumped storage project (PSP) with a daily capacity of 11 GWh in the Neemuch region of Madhya Pradesh, India, the Greenko Group announced an investment of RS 10,000 crore. This programme is anticipated to result in the employment of around 4,000 individuals.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
