Growing electricity demand along with a shifting inclination toward curbing GHG emissions will foster market growth. In addition, minimal operational costs, power output flexibility, and high storage capacity will boost the product adoption. Favorable government regulations toward the expansion of grid infrastructure in line with rising investments for the sustainable energy technologies development will stimulate industry statistics.
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Increasing concerns to energy security along with the growing necessity for an efficient power network across regions with extreme climatic conditions will foster the industry spectrum. Additionally, efficient energy storage followed by adaptation toward climate changes and power demand will boost the pumped rising hydro storage market demand. Moreover, regulatory measures including subsides, incentives, and water programs have instituted a favorable business scenario.
The open-loop PHS systems market will witness prominent growth through 2028 on account of their direct connection with natural water sources. Additionally, the increasing demand for load management of grid networks coupled with the robust development of renewable energy mix will sway the industry outlook. Furthermore, reduced costs related to water restoration in line with minimal capital costs will stimulate the product penetration.
The North America pumped hydro storage market is anticipated to generate USD 72 billion Revenue by 2028. The ongoing adoption demand of renewable solutions along with an increasing for storage mechanisms will propel product deployment across the region. For instance, according to the IEA report, pumped hydro storage plants are set to experience progress by 2050 on account of the growing demand for a cost-effective and sustainable energy storage provision.
Despite the COVID-19 impact, the majority of PHS projects were operational as scheduled along with the introduction of additional projects. Additionally, the power sector, the backbone of the economy, will witness no decline in the commencement of PHS projects. Furthermore, the ongoing vaccination drives and resuming of forests have established a favorable market scenario.
Some prime findings of the pumped hydro storage market report include:
- Rising investments in capacity expansion in line with favorable regulatory policy frameworks will positively sway product deployment.
- Prominent players functioning across the pumped hydro storage market include Andritz, General Electric, J-POWER, Enel Spa, SinoHydro, Genex Power Limited, Voith, etc.
- The robust development of storage plants in abandoned iron & coal mines, followed by an ongoing feasibility study for innovation in storage facilities will fuel the industry scenario.
- The adoption of increasing renewable resources along with rising concerns to curb carbon emissions will accelerate the business outlook.
- The long-term benefits of PHS technology coupled with the rapid integration of renewables will enhance the product deployment.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Pumped hydro storage industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 System trends
2.1.3 Regional trends
Chapter 3 Pumped Hydro Storage Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Innovation & technology landscape
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.6 List of key projects
3.7 Industry impact forces
3.7.1 Growth drivers
188.8.131.52 North America
184.108.40.206.1 Growing demand for a sustainable energy mix
220.127.116.11.2 Increasing demand for energy storage
18.104.22.168.1 Favorable government policies
22.214.171.124.2 Stringent government regulations toward emissions
126.96.36.199 Asia Pacific
188.8.131.52.1 Increasing concerns toward security of supply
184.108.40.206.2 Upsurge in electricity demand
220.127.116.11.3 Ongoing renewable energy integration reforms
3.7.2 Industry pitfall & challenge
18.104.22.168 High initial investments
3.8 Capital cost breakdown of pumped hydro storage project
3.9 Growth potential analysis
3.10 Porter’s Analysis
3.11 Competitive landscape, 2021
3.12 PESTEL Analysis
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