North America Pumped Hydro Storage Market trends growth & Analysis
The North America pumped hydro storage market is to generate the highest revenue by the end of 2035. This growth is anticipated by the growing demand for electricity in the region. This is expected to increase the demand for pumped hydro storage since it is a structure of two water reservoirs at various altitudes where the stored water is released through turbines during times of high electrical demand to generate electricity. In the United States, overall electricity consumption will increase from roughly 3,850 TWh in 2016 to more than 5,200 TWh in 2050.
Research Nester assesses the growth and market size of global pumped hydro storage market which is anticipated to be on account of the growing demand for energy and growing adoption of renewable energy sources
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New York — August 28, 2023 — Research Nester’s recent market research analysis on “Pumped Hydro Storage Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global pumped hydro storage market in terms of market segmentation by type, end-user, and by region.
Growing Government Initiatives to Promote Global Market Share of Pumped Hydro Storage
The global pumped hydro storage market is estimated to grow majorly on account of the increasing government initiatives to reduce the use of fossil fuels. Lately, some governments are beginning to impose bans and limitations on the discovery and production of fossil fuels, and the government policy is geared at supporting more renewable energy sources. This has resulted in higher demand for pumped hydro storage since it can ensure a stable power supply by using renewable sources of energy such as wind and solar.
Some of the major growth factors and challenges that are associated with the growth of the global pumped hydro storage market are:
Growth Drivers:
· Surge in Initiatives to Increase the Pumped Hydro Storage Capacity Globally
· Rising Technological Developments
Challenges:
The rising environmental concern associated with pumped hydro storage, and the absence of suitable sites are some of the major factors anticipated to hamper the global market size of pumped hydro storage. The disadvantages of pumped hydropower generation include high potential site-specific negative environmental and ecological impacts such as destruction of natural habitats, and changes to water flow and quality.
By end-user, the global pumped hydro storage market is segmented into government agencies, grid operators, and electricity utilities. The electricity utilities segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth can be attributed to the increasing capacity of pumped hydro storage. For instance, by 2030, it is anticipated that pumped hydropower storage capacity will have increased by more than 45%. Additionally, more than 90% of the world’s bulk storage capacity is currently provided by pumped storage, which also has the highest energy storage capacity on the grid.
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In addition, by type, the market is segmented into open loop and closed loop. Out of which, the closed loop segment is expected to garner a notable share since they offer more chances to minimize environmental effects on aquatic and terrestrial habitats.
In addition, the growing number of pumped hydro storage projects in the North American region may significantly drive market growth. In the United States, pumped storage hydropower has a long history of successful development since the first PSH factory was built almost a century ago. For instance, the United States currently has more than 40 pumped hydro storage plants and also can add enough new plants. Furthermore, for long-term energy storage, pumped storage hydropower has emerged as America’s most practical option since more than 90% of the bulk energy storage capacity in the United States is provided by pumped storage.
Also, the market in Asia Pacific is estimated to hold the second-largest share by the end of 2035. The growth can be attributed to growing investments in the development of pumped hydro storage. For instance, Torrent Power, an integrated utility in the private sector of India has agreed to create three pumped storage hydro projects which is expected to cost over USD 3 billion. Additionally, India is on track to take the top spot in the world for pumped hydro storage and has determined that more than 18 GW of hydropower with pumped storage is required to sustain the anticipated integration of wind and solar into India’s grid by 2032.
This report also provides the existing competitive scenario of some of the key players of the global pumped hydro storage market which includes company profiling of GE Renewable Energy, Siemens Energy, Enel SpA, Duke Energy Corporation, Voith GmbH & Co. KGaA, Genex Power Limited, Toshiba Energy System & Solutions Corporation, Greenko Energy, Eskom Holdings SOC Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Hitachi, Ltd., Fuji Electric Co., Ltd., and others.
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