The global Pumped Hydro Storage Market is estimated to be valued at US$ 348.25 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pumped hydro storage plants utilize excess generation from renewable energy sources like solar and wind to pump water from a lower elevation reservoir to a higher elevation reservoir. When energy is needed, the stored water is released through turbines to generate electricity. This allows renewable energy to be stored and dispatched as baseload power.
Market key trends:
The adoption of IoT solutions in pumped hydro storage facilities allows real-time monitoring and remote operations & maintenance of assets. IoT connectivity provides insights into equipment performance and helps predict failures through predictive maintenance. This improves plant availability and reduces downtime. IoT also aids in integrating pumped hydro storage with smart grids to optimize charging/discharging cycles based on demand and supply patterns in the grid. The use of IoT solutions is gaining ground as it enhances the flexibility, reliability and viability of these large-scale energy storage facilities.
Segment Analysis
The pumped hydro storage market can be segmented into reservoirs and underground storage. Reservoirs account for the major share as they are the most commercially proven technology for large-scale energy storage. They provide advantages such as operational flexibility and lower levelized cost of storage over long discharge time. Reservoirs held over 90% share of the global pumped hydro storage market in 2022.
Key Takeaways
The global Pumped Hydro Storage Market Share is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand for grid stability and renewable energy integration.
Regional analysis: Asia Pacific dominates the global market with over 35% share and is expected to maintain its lead over the forecast period as well. Rising emphasis on renewable energy and need for energy storage in countries like China, India, and Japan is driving growth. Europe is another major region with many countries having ambitious renewable and decarbonization targets.
Market size: The global pumped hydro storage market size for 2023 is US$ 348.25 Bn. The market is expected to grow substantially due to massive investments in grid stabilization projects worldwide. Utilities are increasing investments in grid modernization to integrate more renewable energy into the electricity grid.
Key players: Key players operating in the pumped hydro storage market are Operators (Duke Energy Corporation, EON SE, Enel SPA, and Electricite de France SA, and Iberdrola SA) and Technology Providers (General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries, Ltd, Voith GmbH & Co. KGaA, and Ansaldo Energia SpA). Operators are engaging in strategic partnerships for business expansion to diverse geographies.
Read More,
https://www.insightprobing.com/pumped-hydro-storage-market-trends-size-and-share-analysis/
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