Pumped Hydro Storage Market is Anticipated to Exceed USD 390 Billion by 2024

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China pumped hydro storage market is also driven by the extensive deployment of open-loop systems

Pumped Hydro Storage Market is predicted to exceed USD 390 billion by 2024. Favorable government regulations toward upgradation & expansion of existing electricity network coupled with growing adoption of sustainable technologies will augment the business landscape. Advancement in distributed generation technologies along with ongoing expansion of microgrid network will further propel the product penetration.

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With government policies placing increased emphasis on the generation of clean, green and renewable energy, pumped hydro storage market is expected to witness extensive growth over the next few years. Deemed as one of the most effective renewable sources of energy due to its grid facility and high storage ability, pumped storage hydroelectricity has experienced escalating demand worldwide, which has indeed propelled pumped hydro storage industry.

Grid stability, large-scale storage capacity and energy efficiency are some of the prominent features which will stimulate the pumped hydro storage market growth. Growing electricity demand from off grid remote areas primarily across emerging economies will positively influence the industry growth. As per the European Association for Storage of Energy, the average efficiency range for PHS systems is 70-80% when compared to other available counterparts.

Spain pumped hydro storage market is predicted to exceed 9 GW by 2024. Stringent codes & standards coupled with ongoing investments toward the development of microgrid network will stimulate the product demand. As per 2012/27/EU directive, the European Commission has introduced the regulatory standards to promote energy efficiency across the region.

China pumped hydro storage market is also driven by the extensive deployment of open-loop systems. Free flowing water is the oldest and one of the most reliable sources of generating electricity across the world. In accordance with this fact, open-loop pumped hydro storage industry has apparently garnered mass popularity across myriad end-use sectors. In fact, this particular business sphere covered a commendable portion of the overall pumped hydro storage market share in 2017.

Open loop accounted for over 95% share of global pumped hydro storage market in 2017. Abundant availability of natural water stream coupled with easy compatibility with hydro power plant will positively impact the product demand. Limited cost of refilling the upper reservoir and low capital requirement for construction will further augment the industry landscape.

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Pumped hydro storage market is characterized by the active participation of major biggies which include Absaroka, EDF, Toshiba, Alstom, Northland Power, Voith, SinoHydro, and Schluchseewerk AG. Development of cost effective storage systems and technological incorporations in product design are two of the major strategies adopted by the leading industry players. With the ever-increasing demand for uninterrupted power supply, pumped hydro storage systems are set to witness a massive deployment rate in an extensive range of projects.

Some Points From Table Of Content: -

Chapter 4 Pumped Hydro Storage Market, By System
4.1 Pumped hydro storage industry share by system, 2017 & 2024
4.2 Open loop
4.2.1 Global market from open loop, 2014 – 2024
4.2.2 Global market from open loop, by region, 2014 - 2024
4.3 Closed Loop
4.3.1 Global market from closed loop, 2014 – 2024
4.3.2 Global market from closed loop, by region, 2014 - 2024
4.4 Innovative
4.4.1 Global market from innovative, 2014 – 2024
4.4.2 Global market from innovative, by region, 2014 - 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/pumped-hydro-storage-market

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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
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