Pumped Hydro Storage Market Trends 2022-2028: Growth Drivers and Future opportunities

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Pumped Hydro Storage Market Trends 2022-2028
Growth Drivers and Future opportunities
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• Industry Insights

• The pumped hydro storage market is poised to be
  at the cusp of promising expansion on account of
  the increasing energy demand worldwide and the
  rising focus on various alternatives for
  renewable sources. These systems are known to
  deliver enhanced stability, energy-balancing, and
  storage capacity, along with ancillary grid
  services, including network frequency control and
  reserves. In fact, they can be touted as an
  important investment that caters to the
  escalating energy needs at peak times and
  storage.
• The limitations of fossil-fueled power plants in
  terms of more reactivity sustainability and
  cutting down CO2 emissions as well as the surging
  obligation for grid support services are also
  favoring the growth of the pumped hydro storage
  industry.
• Apart from being considered a natural large-scale
  energy storage solution, this technology offers
  reactive power support services for frequency
  control, black-start capabilities and synchronous
  or virtual inertia.
• A large number of participants operating in this
  industrial avenue are placing persistent efforts
  on growth-driven marketing strategies and are
  taking up contracts and capacity expansions to
  accelerate their global presence.

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• In recent years, open-loop pumped hydro storage
  solutions are witnessing higher installation
  across the U.S. They employ a continuous source
  of downstream water which is pumped uphill to an
  upper storage reservoir.
• To generalize, these plants pump water that has
  already passed through the dam up to the storage
  reservoir over the dam. However, minimum water
  flow, water temperature, drought, and fish
  passages are some of the issues related to this
  technology.
• Closed-loop pumped hydro storage industry is
  expected to significantly expand in the coming
  years, on account of their larger preference as
  they pose lower environmental risks in comparison
  to their open-loop counterparts.
• Apart from this, what makes these systems
  significantly favored is that they have fewer
  impacts, given that there is no water transfer
  from a free-flowing source apart from the
  potential need for evaporation make-up water,
  after the initial filing of the reservoir. This
  also leads to reduced aquatic issues, such as
  fish passage, and sediment migration.
• In a nutshell, pumped hydro storage offers a
  cost-effective way in terms of providing reliable
  large-scale balancing as well as grid services.
  The influx of new storage technologies with
  variable speed capability to offer plant owners
  more flexibility, quicker response times and grid
  frequency support in turbine and pump modes will
  also positively sway the industry outlook.

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• Regional Analysis

• In North America, the increasing requirement for
  various renewable energy sources is a major
  driver influencing the pumped hydro storage
  industry development. The high electricity demand
  in the region and the thriving need for cutting
  down greenhouse gas emissions have made way for
  several modes of cheap energy storage.

• Competitive Analysis

• Global pumped hydro storage market growth will be
  positively affected by the notable presence of
  reputed organizations, such as Schluchseewerk AG,
  Sinohydro Corporation, Genex Power Limited,
  J-POWER, Voith GmbH Co., KGaA, Toshiba Energy
  System Solutions Corporation, DEC

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