According to a new report published by UnivDatos Markets Insights, the Pumped hydro storage Market was valued at USD 300 billion and is expected to grow at a CAGR of 8% from 2022-2028. The analysis has been segmented into System (Open Loop, Closed Loop, Innovative); Region/Country.
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The pumped hydro storage market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the pumped hydro storage market. The pumped hydro storage market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the pumped hydro storage market at the global and regional levels.
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Market Overview
Pumped storage hydropower (PSH) is a type of hydroelectric energy storage. It is a configuration of two water reservoirs at different elevations that can generate power as water moves down from one to the other (discharge), passing through a turbine. According to the U.S. Energy Information Administration (USEIA) more than 97% of all installed capacity of energy storage, is provided by pumped storage hydropower, with thermal storage, batteries, and other storage technologies making up the remaining mix of grid managing solutions.
Moreover, factors such as the growing need for reliable and clean energy sources coupled with the perks of hydrogen energy storage like high reliable power generation & reduced carbon emissions will boost market growth over the forecast period. In addition, the integration of variable renewable energy sources and ensuring grid stability coupled with increasing government targets to phase out fossil fuels is likely to aid the market’s growth during the forecast period.
Sinohydro Corporation, General Electric, Northland Power, Inc., Eskom Holdings SOC Ltd, Nevada Hydro Corporation, Enel Spa, Greenko Energy, Tata Power, Toshiba Energy System & Solutions Corporation, and Absaroka Energy.
COVID-19 Impact
During Coronavirus Pandemic in 2020, the pumped hydro storage market was also impacted. It is mainly owing to the shutdown of the manufacturing industry and restriction by the government to maintain social distancing that has disrupted the production of the ongoing project of pumped hydro storage which in turn had disrupted the market growth of the market.
The global Pumped hydro storage market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the system, the pumped hydro storage market is segmented into open loop, closed loop, and innovative. The closed-loop segment caters substantial share of the market. Closed loop pumped hydro storage provides high flexibility, reliability, and high-power output. Since the closed-loop pumped-hydro systems are not connected to existing river systems, their impact on the environment is less compared to open-loop pumped hydro storage systems. Moreover, closed loop can easily position where support to the grid is required and therefore does not need to be positioned near an existing river.
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Pumped hydro storage Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the continued disinvestment in fossil fuels in the region has led to the development of renewable energy, hydropower, and pumped hydro storage facilities in China, Japan, and other Asian Countries. Moreover, in 2021 new FIDs for large-scale dispatchable low-carbon generation reached their highest level in three years, both for nuclear and hydropower.
China has a dominant position in these areas, accounting for more than 50% of all FIDs committed to nuclear and hydropower since 2015. This leadership is even higher for pumped-hydro storage, with China accounting for more than 80% of all project FIDs.
The major players targeting the market include
· Sinohydro Corporation
· General Electric
· Northland Power, Inc.
· Eskom Holdings SOC Ltd
· Nevada Hydro Corporation
· Enel Spa
· Greenko Energy
· Tata Power
· Toshiba Energy System & Solutions Corporation
· Absaroka Energy
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the pumped hydro storage market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the pumped hydro storage market?
• Which factors are influencing the pumped hydro storage market over the forecast period?
• What are the global challenges, threats, and risks in the pumped hydro storage market?
• Which factors are propelling and restraining the pumped hydro storage market?
• What are the demanding global regions of the pumped hydro storage market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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