Pumped-Storage Hydroelectricity Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
The global pumped storage hydroelectricity market is set to see a steady CAGR (Compound Annual Growth Rate), generating ample opportunities of growth and contributing to market worth considerably.
The growth will owe to rise in population leading to rise in demand for electricity. Also, as environmental concerns rise, need for renewable grows manifold. For instance, in Spain, there was over supply of wind energy and that created a need to store it. Thus, the utilities moved to pumped-storage facilities.
Some of the most critical factors driving growth in the global pumped storage hydroelectricity marked are outlined below:
Pumped-storage hydroelectricity is growing at a significant pace across the globe, thanks to the world’s rising appetite for electricity and the vast surge in renewables. To help accommodate the rising supply of wind energy, for instance, utilities in Spain, where the production of wind energy has increased from about 6% of the country’s total energy production in 2004 to more than 20% presently, utilities have turned to pumped-storage facilities. Pumped-storage hydroelectricity is playing a key role in the field of energy storage today and a massive portion of world’s installed storage capacity is pumped hydro.
As the world embraces wind and solar power, pumped-storage hydroelectricity will witness a huge surge in the next few years. Power generators and utilities are building new pumped-storage hydroelectricity facilities across Europe and Asia Pacific countries as a way of striking a balance between power supply and demand across grid networks. Presently, over 290 pumped-storage hydroelectricity plants are operational globally, with a capacity totaling nearly 150 GW. According to the U.S. Department of Energy’s (DOE) Global Energy Storage Database, more than 45 projects with total capacities of more than 30 GW are under development across the globe.
Countries across the globe have ambitious plans to increase the share of renewables in their energy mixes and several government regulations and incentives are encouraging developments in the fields of renewables such as solar and wind power. To accommodate the potential hyper growth of renewables in the near future, the storage capacity of pumped-storage hydroelectricity market will also significantly rise.
Pumped-storage hydroelectric (PSH) refers to a system of hydroelectric energy storage, which is utilized by the power industry for peak saving and load balancing. In this system, water is transferred from a lower elevation to a reservoir at higher elevation, and stored. Low cost off-peak electric power is used for this transfer, whereas during the peak demand, the stored water is utilized to run turbines and generate energy. As the cost of electric energy fluctuates, these pumped-storage hydroelectricity systems generated electricity is sold at premium prices and thereby balancing the load on conventional energy sources.
Pumped storage hydropower plants can be exploited better when used alongside wind energy turbines. The wind turbines pump water back into the reservoir during lean demand times thus resulting in better utilization of excess generation. Pumped storage hydro is capable of supplying a large number of ancillary services ranging from load balancing to voltage control. These plants can also serve as ideal spinning reserves and are useful for black start services to utility grids. Overall, these plants are an integral part of any robust energy generation mix and satisfy the requirement of ample backup power in times of grid failures or other supply related emergencies.
With the ever escalating demand for electric energy, the global pumped-storage hydroelectricity market is projected for a healthy growth rate during the forecast period of 2017 to 2025. This report is a comprehensive analysis of the market for the same in current scenario, and based on several prominent factors that are expected to influence the growth rate, it presents figurative opportunities available. The report also profiles some of the key companies currently operational in the global pumped-storage hydroelectricity market, including their market share and strategic developments. By technology, the market can be segmented into single reversible pump turbine and separate pump and turbine generators. The end use application of pumped storage hydroelectricity can be segmented on the basis of the service they provide. Some of the services provided by pumped storage hydro are energy balancing, stability, storage capacity and ancillary grid services.
The increasing demand for energy storage systems and the emergence of ancillary services are two of the primary driving factors of the pumped-storage hydroelectricity market. In the recent times, increased importance has been given to stable form of energy, and technological advancements has made pumped-storage hydroelectricity serve the demand efficiently. Other factors favoring the global pumped-storage hydroelectricity market include the need for alternative energy sources with black start capabilities, reactive power generation, and the assurance to operate as a spinning reserve. Conversely, the availability of large bodies of water along with a height variation between the two reservoirs are noted by the report as two primary restraining factors over the market. However, this barrier can be overcome via man-made alterations to the topography, which also helps in desired size and height measurements.
Europe currently serves the maximum demand, especially from the country-wide markets of the U.K., Switzerland, Austria, and Italy. Asia Pacific market is driven by Japan while the U.S. contributes nearly 95% of the demand from the North American region.
Alstom, First Hydro, Exelon, Voith and J-Power are some of the key players in pumped-storage hydroelectricity market.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
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Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
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Which factors will hinder the growth of the market?
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