Pumped Hydro Storage to surpass $350 billion in investment by 2024
Global Market Insights published its new report on global trends on Pumped Hydro Storage and revealed that by 2024, the total global market will exceed £350 billion in investment and 200GW in installed capacity.
The report analysed the Pumped Hydro Storage technology by region and by system, - open loop, closed loop and new technologies, taking into account major market actors, policies, and announced projects.
The report identifies different market forces for each region.
In North America, the two main market forces are increasing demand for grid storage technologies and growing demand for a more sustainable energy mix.
In Europe, the market is favoured by supporting government policies for storage, while regulations against emissions are becoming more and more stringent.
The drivers follow a different narrative in the Asia Pacific region, where the two main driving forces are the significant increase in future energy demand and energy security and reliability of power supply.
Due to lack of efficient monitoring system frequent supply outages being a common phenomenon in developing countries.
Internationally, the expansion of microgrids that followed the development of distributed energy systems will also make pumped hydro storage look more attractive.
Open loop systems account for over 90 percent of pumped hydro storage systems globally, and the ease of compatibility with a hydroelectric plant coupled with the availability of a free-flowing water source will keep favouring the technology.
Closed loop pumped hydro storage market will reach approximately 16 billion by 2024, with low impact on aquatic habitat along with technological advancements in turbine and generator design sparking the technology’s growth.
The report also analyses some distinguished industry players of the pumped hydro storage industry, such as SinoHydro, Eskom, Toshiba, EDF, Alstrom, Schluchseewerk AG, Snowdonia, Absaroka et al.
You can download the full report here.