(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinkerannounces the release of the report "Pumped Hydro Storage Global Market Report 2023" -
, Ansaldo Energia SpA, Toshiba Energy System & Solutions Corporation, Hitachi Energy Ltd., Greenko Group, Alstom Pvt Ltd., and Genex Power Limited.
The global pumped hydro storage market is expected to grow from $347.80 billion in 2022 to $378.79 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pumped hydro storage market is expected to reach $526.71 billion in 2027 at a CAGR of 8.6%.
The pumped hydro storage market includes revenues earned by entities by constructing dam and reservoir based pumped hydro storage plant.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Pumped hydro storage refers to structures that transfer water-based energy from one reservoir to another at a lower height. It is one of the few large-scale, cost-effective ways to store and distribute electricity to increase grid dependability.
Asia-Pacific was the largest region in the pumped hydro storage market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in pumped hydro storage report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main pumped hydro storage types are open-loop, and closed-loop.Open-loop pumped hydro storage refers to a type of PSH that has a continuhydrologic connection to a natural body of water.
The varisources are natural reservoirs, and man-made reservoirs used by government agency, grid operators, electricity utilities, and others.
The rising electricity demand is expected to boost the growth of the pumped hydro storage market going forward.Electricity refers to the transmission of electrical power or charge.
Due to rising prosperity and increased commercial activity, electricity demand is growing annually.Electricity is produced by allowing water to flow through a turbine generator in a pumped hydro storage facility.
Hence, the rising electricity demand is expected to boost the pumped hydro storage market.For instance, in February 2022, according to the report published by the International Energy Agency (IEA), a France-based inter-governmental organization that collects and distributes authoritative energy data, the global economic recovery is expected to drive an increase in worldwide electricity demand of close to 5% in 2021 and 4% in 2022.
Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the totalelectricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, rising electricity demand is driving the growth of the pumped hydro storage market.
Technological advancement is the key trend gaining popularity in the pumped hydro storage market.Major companies operating in the pumped hydro storage market are focusing on developing new technologies to sustain their position in the market.
For instance, in February 2023, Hitachi Energy Ltd., a US-based power technology company, launched SFC, the static frequency converter solution using modular multi-level technology for a pumped hydro storage plant in Europe. This technology's unique feature is its capacity to reduce power losses, boost revenue, and enable grid integration of additional solar and wind power for a more sustainable energy future. Through improved plant efficiency and grid stabilization, this technology and application are transforming the world's energy system into one that is more secure, adaptable, and sustainable.
In February 2023, TransAlta Corporation, a Canada-based electricity power generator, acquired a 50% stake in Montem Resources Limited's 4.8GWh pumped hydro energy storage development project for an undisclosed amount. This acquisition is expected to support the reliability of the Alberta grid with a larger capacity and duration and complement TransAlta with a share of Tent Mountain's land rights, fixed assets, and intellectual property. Montem Resources Limited is an Australia-based developer of renewable energy, including pumped hydro storage related projects.
The countries covered in the pumped hydro storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pumped hydro storage market research report is one of a series of new reports that provides pumped hydro storage market statistics, including pumped hydro storage industry global market size, regional shares, competitors with a pumped hydro storage market share, detailed pumped hydro storage market segments, market trends and opportunities, and any further data you may need to thrive in the pumped hydro storage industry. This pumped hydro storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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