Pumped Hydro Storage Market to cross US$ 640 billion by 2028, Says Global Market Insights Inc.
The North America pumped hydro storage market revenue is poised to reach USD 72 billion by 2028 led by ongoing adoption of renewable solutions along with an increasing demand for storage mechanisms in the region
SELBYVILLE, Del., March 7, 2022 /PRNewswire/ -- The pumped hydro storage market is expected to surpass USD 640 billion by 2028, as reported in a research study by Global Market Insights Inc. Growing investments in capacity addition along with surging demand for energy security, water services enabling economic developments, and regional cooperation will augment the industry landscape. Moreover, the upsurge in electricity demand coupled with rising sustainable energy storage & sustainable practices will drive the business spectrum.
Growing electricity demand along with a shifting inclination toward curbing GHG emissions will foster market growth. In addition, minimal operational costs, power output flexibility, and high storage capacity will boost the product adoption. Favorable government regulations toward the expansion of grid infrastructure in line with rising investments for the sustainable energy technologies development will stimulate industry statistics.
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Increasing concerns pertaining to energy security along with the growing necessity for an efficient power network across regions with extreme climatic conditions will foster the industry spectrum. Additionally, efficient energy storage followed by adaptation toward climate changes and rising power demand will boost the pumped hydro storage market demand. Moreover, regulatory measures including subsidies, incentives, and water programs have instituted a favorable business scenario.
The open-loop PHS systems market will witness prominent growth through 2028 on account of their direct connection with natural water sources. Additionally, the increasing demand for load management of grid networks coupled with the robust development of renewable energy mix will sway the industry outlook. Furthermore, reduced costs related to water restoration in line with minimal capital costs will stimulate the product penetration.
The North America pumped hydro storage market is anticipated to generate USD 72 billion revenue by 2028. The ongoing adoption of renewable solutions along with an increasing demand for storage mechanisms will propel product deployment across the region. For instance, according to the IEA report, pumped hydro storage plants are set to experience progress by 2050 on account of the growing demand for cost-effective and sustainable energy storage provision.
Despite the COVID-19 impact, the majority of PHS projects were operational as scheduled along with the introduction of additional projects. Additionally, the power sector, the backbone of the economy, witnessed no decline in the commencement of PHS projects. Furthermore, the ongoing vaccination drives and resuming of economies have instituted a favorable market scenario.
Some prime findings of the pumped hydro storage market report include:
- Rising investments in capacity expansion in line with favorable regulatory policy frameworks will positively sway product deployment.
- Prominent players functioning across the pumped hydro storage market include Andritz, General Electric, J-POWER, Enel Spa, SinoHydro, Genex Power Limited, Voith, etc.
- The robust development of storage plants in abandoned iron & coal mines, followed by an ongoing feasibility study for innovation in storage facilities will fuel the industry scenario.
- The increasing adoption of renewable resources along with rising concerns to curb carbon emissions will accelerate the business outlook.
- The long-term benefits of PHS technology coupled with the rapid integration of renewables will enhance the product deployment.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Pumped hydro storage industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 System trends
2.1.3 Regional trends
Chapter 3 Pumped Hydro Storage Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Innovation & technology landscape
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.6 List of key projects
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 North America
3.7.1.1.1 Growing demand for a sustainable energy mix
3.7.1.1.2 Increasing demand for energy storage
3.7.1.2 Europe
3.7.1.2.1 Favorable government policies
3.7.1.2.2 Stringent government regulations toward emissions
3.7.1.3 Asia Pacific
3.7.1.3.1 Increasing concerns toward security of supply
3.7.1.3.2 Upsurge in electricity demand
3.7.1.3.3 Ongoing renewable energy integration reforms
3.7.2 Industry pitfall & challenge
3.7.2.1 High initial investments
3.8 Capital cost breakdown of pumped hydro storage project
3.9 Growth potential analysis
3.10 Porter's Analysis
3.11 Competitive landscape, 2021
3.12 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.
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