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Pumped Storage Hydropower Market will positively impact by adoption of sustainable energy technologies

Author : Ronak Bora | Published Date : 2019-03-12 

Pumped storage hydropower market is characterized by the active participation of major biggies which include Absaroka, EDF, Toshiba, Alstom, Northland Power, Voith, SinoHydro, and Schluchseewerk AG. Development of cost effective storage systems and technological incorporations in product design are two of the major strategies adopted by the leading industry players. With the ever-increasing demand for uninterrupted power supply, pumped hydro storage systems are set to witness a massive deployment rate in an extensive range of projects. A recent market speculation report put forward by Global Market Insights Inc., depicts pumped storage hydropower market size to be pegged at a massive USD 390 billion by the end of the year 2024.

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Global pumped storage hydropower market is predicted to exceed USD 390 billion by 2024. Favorable government regulations toward upgradation & expansion of existing electricity network coupled with growing adoption of sustainable technologies will augment the business landscape. Advancement in distributed generation technologies along with ongoing expansion of microgrid network will further propel the product penetration.

Growing incorporation of green energy systems along with exponential rise in power consumption will stimulate the U.S. pumped storage hydropower market growth. Stringent environment regulations and limited impact on marine habitat will fuel the business growth. Ongoing investment toward hydro power generation coupled with rapid advancement of generators and turbine designs will further boost the product demand.

Grid stability, large-scale storage capacity and energy efficiency are some of the prominent features which will stimulate the pumped storage hydropower market growth. Growing electricity demand from off grid remote areas primarily across emerging economies will positively influence the industry growth. As per the European Association for Storage of Energy, the average efficiency range for PHS systems is 70-80% when compared to other available counterparts.

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Spain pumped hydro storage market is predicted to exceed 9 GW by 2024. Stringent codes & standards coupled with ongoing investments toward the development of microgrid network will stimulate the product demand. As per 2012/27/EU directive, the European Commission has introduced the regulatory standards to promote energy efficiency across the region.

Open loop accounted for over 95% share of global pumped hydro storage market in 2017. Abundant availability of natural water stream coupled with easy compatibility with hydro power plant will positively impact the product demand. Limited cost of refilling the upper reservoir and low capital requirement for construction will further augment the industry landscape.

Rapid technological advancements coupled with surging demand for sustainable energy storage will stimulate the Japan pumped storage hydropower market. Increasing adoption of eco-friendly technologies along with growing concerns toward energy securities will encourage the product adoption.

Growing expansion and refurbishment of ageing power plants with an aim to improve operational flexibility will drive the pumped storage hydropower market. Ongoing R&D activities and innovations including network frequency control and variable speed technologies will complement the business outlook. Lack of effective monitoring systems along with increasing electricity outages primarily across emerging economies will further propel the product demand.

Browse Full Reports: https://www.gminsights.com/industry-analysis/pumped-hydro-storage-market

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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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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