Pumped Hydro Storage
Pumped Hydro Storage Market by Type (Closed-Loop, Open-Loop), Application (Energy Management, Frequency Control), End-Use - Global Forecast 2024-2030
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[182 Pages Report] The Pumped Hydro Storage Market size was estimated at USD 535.31 million in 2023 and expected to reach USD 589.68 million in 2024, at a CAGR 10.63% to reach USD 1,085.80 million by 2030.

Pumped Hydro Storage Market
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Pumped storage hydropower (PSH) is a well-established energy storage technology and is widely used due to its ability to store excess electricity generated from renewable sources when demand is low and release it at peak periods when there is a greater need for power. The rising need for efficient energy storage and the significant growth of large-scale grid energy infrastructure are leading to the escalated deployment of pumped hydro storage technologies. However, the high capital costs and specific topographic requirements may lead to reduced deployment of the hydro storage technology in the grid infrastructure. Moreover, the ongoing research and introduction of innovative pumped storage hydropower technologies, along with the inclination of governments worldwide toward renewable energy generation, are creating significant potential for the deployment of pumped storage technologies in the current and future grids.

Regional Insights

The potential for pumped hydro storage varies by country and geographic region, considering factors such as topography, access to water resources, and energy demand that help determine the feasibility and potential for pumped hydro storage. Mountainous regions with significant elevation differences in the landscape are most suited for pumped hydro storage. Countries such as China, Japan, and the United States have some of the largest pumped hydro storage facilities in the world due to their mountainous terrain. Asia and the United States have some of the largest pumped hydro storage facilities in the world. China currently has the largest pumped hydro storage capacity in the world, with several large facilities such as the Fengning plant and the Ludian plant. Japan also has a significantly pumped hydro storage capacity, with facilities such as the Okutataragi plant and the Kannagawa plant. Countries with abundant water supplies and good water management practices are more likely to have the capacity for pumped hydro storage. Countries with high energy demand, those with large populations or energy-intensive industries, have a greater need for pumped hydro storage.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Pumped Hydro Storage Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Establishment of large-scale grid energy infrastructure and need for energy storage
    • Growing shift to renewable energy worldwide focused on maintaining sustainable energy mix
  • Market Restraints
    • High capital costs and topographic limitations associated with the establishment of pumped hydro storage
  • Market Opportunities
    • Research and advancements in pumped hydro storage technologies
    • Strategic collaborations and partnerships to expand the use of pumped hydro storage technology
  • Market Challenges
    • Issues associated with site-specific negative environmental and ecological impacts and dam safety
Market Segmentation Analysis
  • Type: Closed-loop pumped hydro storage preferred for its reduced environmental impact

    Closed-loop PHS systems, known as off-river systems, do not have a natural body of water at either the upper or lower reservoir. These systems utilize man-made reservoirs to store water. This design minimizes environmental impact on natural waterways and ecosystems. Closed-loop systems are often preferred in areas where natural water bodies are not available for development and where environmental conservation is a priority. Open-loop PHS systems are directly connected to natural water bodies, including rivers, lakes, and the ocean. These systems leverage the natural topography to store and generate power, which can result in lower initial construction costs compared to Closed-Loop systems. However, the dependency on natural water bodies can create challenges related to environmental regulations, water rights, and seasonal water availability.

  • End-Use: Growing applications in hydroelectric dams for energy storage & power generation

    Decentralized pumped hydro storage systems refer to small-scale projects that serve local and community-level energy storage needs. These systems are highly beneficial in remote locations where connecting to larger grids is impractical. They offer flexibility, lower transmission losses, and improved energy accessibility. Hydroelectric dams equipped with pumped storage capabilities are among the most traditional and widely used systems for energy storage. They leverage elevation differences to store energy and generate power, offering significant capacity for peak shaving and load balancing on the grid. Seawater-pumped hydro storage is an innovative approach that uses the ocean as the lower reservoir, distinctly advantageous for countries with limited land resources but extensive coastlines. These systems reduce environmental impact and land use concerns associated with traditional reservoirs. Underground reservoirs for pumped hydro storage involve utilizing natural and excavated caverns to store water, offering an alternative where surface space is scarce and environmental conservation is paramount. This segment is less common but is growing in interest due to its minimal landscape impact and security advantages. Underwater reservoirs represent a cutting-edge development in the field of pumped hydro storage, utilizing flexible membranes and solid containers on the seabed. This novel approach minimizes visual impact and land use while also providing a potentially significant energy storage capacity.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Pumped Hydro Storage Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Pumped Hydro Storage Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Pumped Hydro Storage Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Pumped Hydro Storage Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Pumped Hydro Storage Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Pumped Hydro Storage Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Pumped Hydro Storage Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Pumped Hydro Storage Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Pumped Hydro Storage Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Pumped Hydro Storage Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Pumped Hydro Storage Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Pumped Hydro Storage Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Development Project

    TransAlta, an energy leader with operations in the U.S. and Canada, has announced the acquisition of a 50% interest in an early stage pumped hydro storage development project. Pumped hydro storage is an efficient way to store electrical energy on a large scale, by pumping water between two reservoirs located at different elevations. By storing power for later use, electricity generated during periods of low demand can be used during peak times of increased usage. This increased adaptability to different patterns of electricity usage allows for more reliable access to electricity and greater protection from interruptions. The pumped hydro storage project was acquired from a hydropower independent power producer group that had owned it since 2013. TransAlta will hold a 50% stake in the project going forward and work together with their partners to advance its development further. [Published On: 2023-02-16]

  • General Electric Switches on 1.2 GW Pumped Hydro Facility in China

    General Electric (GE) recently switched on a new 1.2-gigawatt pumped hydro storage facility in China, revolutionizing the way power sources can be stored and managed. This cutting-edge technology is a significant milestone in the renewables industry, processing over 12 billion kWh of electricity annually efficiently and cost-effectively. The facility combines six separate pump stations across four reservoirs throughout two provinces, showcasing GE's ability to integrate complex systems and exemplifying its commitment to developing clean energy solutions. This new facility is estimated to save more than 350,000 metric tons of coal equivalent each year, significantly reducing carbon emissions. With its battery storage capability, GE has hit an important milestone for renewable energy infrastructure. [Published On: 2023-02-01]

  • Greenko to Build INR 100 Billion Pumped Hydro Storage Project in Madhya Pradesh

    Greenko, a renewable energy company, has recently announced its plans to construct India’s first megawatt-scale pumped hydro storage project in Madhya Pradesh. This INR 100 billion initiative is among South Asia's largest hydro storage projects. This type of storage offers significant advantages compared to other forms of power batteries due to their capacity, long-term reliability, minimal environmental impact, and cost efficiency. Hydro reservoirs can store potential energy generated by renewable sources like solar or wind and use it for multiple days or weeks when demand fluctuations occur. With such large-scale investments into projects like these, Greenko is helping the energy industry move away from carbon-based resources towards a decarbonized future. [Published On: 2023-01-10]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Pumped Hydro Storage Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Pumped Hydro Storage Market, highlighting leading vendors and their innovative profiles. These include AGL Energy Ltd., Andritz AG, Black & Veatch Holding Company, Duke Energy Corporation, Electric Power Development Co., Ltd., Enel S.p.A., Eskom Holdings SOC Ltd., General Electric Company, Genex Power Limited, Greenko Group, Hitachi Energy, Hydro-Electric Corporation, Litostroj Power d.o.o., Nevada Hydro Corporation, Obermeyer Hydro, Inc., Schluchseewerk AG, Siemens AG, Stantec Inc., Sunshine Hydro, Tata Power Company Limited, Toshiba Corporation, and Voith GmbH & Co. KGaA.

Pumped Hydro Storage Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Pumped Hydro Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Type
    • Closed-Loop
    • Open-Loop
  • Application
    • Energy Management
    • Frequency Control
  • End-Use
    • Decentralised Systems
    • Hydroelectric Dams
    • Seawater
    • Underground Reservoirs
    • Underwater Reservoirs

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Pumped Hydro Storage Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Pumped Hydro Storage Market, by Type
  7. Pumped Hydro Storage Market, by Application
  8. Pumped Hydro Storage Market, by End-Use
  9. Americas Pumped Hydro Storage Market
  10. Asia-Pacific Pumped Hydro Storage Market
  11. Europe, Middle East & Africa Pumped Hydro Storage Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 286]
  16. List of Companies Mentioned [Total: 22]
Harnessing the power of pumped hydro storage: Energy storage at its best
July 18, 2023
INSIGHT
Harnessing the power of pumped hydro storage: Energy storage at its best
The century-old technology of pumped hydro storage (PHS) could be the key to unlocking America’s renewable energy future. New designs in PHS facilities regarding installed capacity and storage volume make them the most mature storage concept.

The opportunities for PHS have mostly lied in mountainous regions in Switzerland, Austria, Germany, Spain, the United States, China, India, and Portugal. According to the International Energy Agency (IEA), PSH offers 42% of the global expansion of electricity storage capacity.

Pumped-storage hydropower has built an upper hand in terms of cost-effectiveness, especially for very large capacity storage rather than battery storage. The Electric Power Research Institute stated that the installed cost for PHS varies between USD 1,700 and USD 5,000/kW, compared to USD 2,500/kW to 3,900/kW for lithium-ion batteries.

Modified PHS, such as hydraulic gravity storages and underfloor PHS systems, are currently under development and observe the potential for large commercialization. Due to their versatility, large-scale storage abilities, and grid operations advantages, PHS systems will allow utilities to efficiently balance the grid and expand their renewable energy portfolios better.

With various advanced existing and innovative PSH technologies ready for deployment as closed-loop power systems, PSH is emerging as the backbone that sustains the transition to carbon-free electricity generation to offer clean power to transportation, manufacturing, and other sectors of the economy.

Pumped Hydro Storage: The Sustainable Answer to Our Energy Needs
October 26, 2023
BLOG
Pumped Hydro Storage: The Sustainable Answer to Our Energy Needs
In today's world, the energy demand is increasing rapidly, and we cannot keep up with this ever-growing demand solely through non-renewable sources. The shift to renewable energy resources is growing worldwide, and we must find sustainable ways to store this power.

Pumped hydro storage is a simple yet effective way to store energy in large quantities. It uses excess energy produced by renewable sources such as wind or solar to pump water from a lower reservoir to a higher one, creating potential energy. This water can be released when required, generating electricity by driving turbines. This process creates clean and sustainable energy that can be used for houses, industries, and other commercial sectors.

This technology provides various benefits, including flexibility, reliability, and cost-effectiveness. Compared to other utility-scale battery storage systems, pumped hydro storage can store large amounts of energy for significantly lower costs, reducing the cost of renewable energy. This method also delivers a stable and consistent energy supply for extended periods. It is more flexible than other storage solutions that respond to changing energy demands in real-time.

Pumped hydro storage capacity worldwide has been growing over the years, and today, this technology has a global installed capacity of around 170 GW, equivalent to 94% of all utility-scale energy storage systems.

Another significant advantage of pumped hydro storage is its potential to help counterbalance the challenges of variable renewable energy sources. However, to ensure long-term sustainability, there must be a sustainable and diverse source of low-cost renewable energy power to provide the excess energy required for pumping the water uphill, reducing the use of non-renewable resources.

Pumped hydro storage has the potential to transform the renewable energy sector, and its adaptability in a changing world can offer reliable support to enhance the global transition towards clean and renewable energy. Its cost-effectiveness, flexibility, and technology milestones can drive sustainable solutions to mitigate energy challenges. The development and integration of pumped hydro storage are crucial in developing a sustainable and integrated energy system to help meet the world's growing energy demands.

Frequently Asked Questions
  1. How big is the Pumped Hydro Storage Market?
    Ans. The Global Pumped Hydro Storage Market size was estimated at USD 535.31 million in 2023 and expected to reach USD 589.68 million in 2024.
  2. What is the Pumped Hydro Storage Market growth?
    Ans. The Global Pumped Hydro Storage Market to grow USD 1,085.80 million by 2030, at a CAGR of 10.63%
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