Global Market Insights reports that pumped hydro storage market to surpass $350 billion by 2024

Powered by the rising penetration of renewable energy in the power sector, pumped hydro storage market has

Pumped hydro requires the right terrain but then allows enormous storage potential.

witnessed a massive surge globally. In fact, the worldwide electricity & power domain has stood as one of the strongest beneficiaries of the clean energy drive. This clean & green portfolio has been widely acclaimed and endorsed by not only the pumped hydro storage industry players but also the government sector. Citing an instance – recently, the Victorian government in Australia announced its plan to convert some of its gold mines into pumped hydro storage resources. The move was based on a study which depicted strong potential of Victoria to store cost-effective energy, in turn boosting the local power grid reliability and integrate a higher level of renewable energy sources. Add to it, reliable studies also quote that there are more than 20,000 potential PHS sites across Australia, which allegedly can balance the grid with any amount of solar & wind power, up to 100%.

Speaking along similar lines, another major trend prevalent across this fraternity is the collaborative approach of the government as well as private entities. Allegedly, China has been at the fore to implement this strategy. A recent move validating the statement is the recently signed deal between the Chinese government and a renowned pumped hydro storage market giant, Alstom. Under the contract, the Hainan Pumped Storage Power Generation Co. Ltd granted a $71.14 million contract to Alstom for establishing a 600 MW, pumped storage hydropower plant. The instance goes on to prove that China will indeed emerge as a pivotal growth avenue for this PHS industry with a target capacity of 45 GW by 2024.

In yet another instance witnessed recently across PHS market, the Israel government signed a contract with GE Renewable Energy to construct a hydro pumped storage station of 344 MW capacity. Under the deal, GE Renewable Energy will design, develop, supply, and install all hydro-mechanical and electro-mechanical equipment required for the plant. In addition, GE has also signed a long-term agreement for maintaining and covering all power plant operations.

Given the extensive demand for renewable energy sources across myriad geographies, numerous companies have been undertaking initiatives to set up operational PHS plants. The trend is particularly rampant in the U.S., where industry players and the government alike, have been working tirelessly to enhance the nation’s renewable energy deployment. The American power and energy company, Dominion Energy, recently made it to the headlines while searching for a potential location to establish a pumped hydro storage plant in Virginia.

Elaborating further on this project, it would be prudent to mention that the Tazewell County Planning Commission has officially provided approval to Dominion Energy to conduct bore drillings on a 4,100-acre site in the Tazewell County, Va., U.S. The project is being conducted as a part of a study for a pumped hydro storage plant worth $2 billion. The facility-to-be presents a larger picture demonstrating that in the years to come, energy companies would spare no expense or effort when it comes to renewable energy adoption. This shifting focus across the nation is almost certain to augment the regional pumped hydro storage market share.

It is rather overt that heavy investments in renewable energy across various countries for minimizing the ongoing energy crisis will have a major influence on the product demand. Investments indeed, are being made at an exponential level across the globe so as to increase the dependency on fossil fuel-based energy. Furthermore, the increasing need for a stable and pollution free environment will continue to encourage regional governments to implement advanced power generation projects. In effect, the commitment depicted by regulatory organizations, product manufacturers, and regional governments toward maintaining clean and green environment is likely to extensively drive pumped hydro storage market share over the years ahead. As per estimates by Global Market Insights, Inc., this fraternity is projected to surpass $350 billion by 2024.

 

Source: https://www.gminsights.com/industry-analysis/pumped-hydro-storage-market

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