Global Hydro-pumped Storage Plants Market: Overview
The ever-increasing global population and the limited availability of non-renewable energy resources make it mandatory to conserve as much energy as possible and use it efficiently. Hydro-pumped storage plants are used by the power industry for the purposes of peak shaving and load balancing. These facilities store energy in the form of water in an upper reservoir, pumped from another reservoir at a lower elevation. This enables the generation of power as and when required as well as conserve it during low demand intervals.
The players in the market for hydro-pumped storage plants generate maximum revenue from the sale of power during peak loads at a premium cost, thereby balancing the load on conventional energy sources. The report observes that hydro-pumped storage plants can be harnessed better when used alongside wind energy turbines. These wind turbines pump water back into the reservoir during lean demand, resulting in the better utilization of excess generation. According to the report, the global market for hydro-pumped storage plants is to expand at a healthy CAGR during the forecast period of 2014 to 2020.
Based on technology, the global market for hydro-pumped storage can be segmented into single reversible pump turbines and separate pump and turbine generators. Recent developments in this sector are giving rise to a few new technologies such as micro hydro-pumped storage plants, seawater hydro-pumped storage plants, and underground hydro-pumped storage plants. By application, this market can be segmented on the basis of the service they provide, such as energy balancing, stability, storage capacity, and ancillary grid services.
Global Hydro-pumped Storage Plants Market: Trends and Opportunities
The report finds that the increasing demand for energy storage systems and the emergence of ancillary services are two of the primary factors that are driving the global market for hydro-pumped storage plants. It has also been noted that hydro-pumped storage is gaining traction because of the increased importance of grid stability, along with the need for load balancing and energy storage. Moreover, the requirement of alternative energy sources with black start capability, reactive power generation, and an ability to operate as a spinning reserve are other factors that augur well for the future of this market during the forecast period.
Conversely, the most prominent restraint on the hydro-pumped storage plants market, according to the report, is the requirement of large bodies of water wherever these plants are set up. Additionally, not all locations are ideal for the height variation that is required between two reservoirs for the proper functioning of hydro-pumped storage plants. However, the report finds that the requirement of height variations can be easily overcome via manmade alterations to the topography, which results in a desired size and height measurement. As the pressure mounts on electrical grids globally to cater to the ever-growing demand for energy, the demand for ancillary services is increasing.
Global Hydro-pumped Storage Plants Market: Region-wise Outlook
The earliest development of hydro-pumped storage plants occurred in the central European region, especially in the U.K., Austria, Italy, and Switzerland. As a result, Europe served as the most prominent market for these energy storage plants in 2012, followed by Asia Pacific and North America. The report rates Japan as a significant market for hydro-pumped storage in Asia Pacific region while the U.S. accounted for over 95% of the installed pumped storage hydro generating capacity in 2012, with Canada occupying the remaining. Africa is rated as a relatively nascent market but a few countries in these regions are showing promising potential for the future.
Companies Mentioned in the Research Report
Some of the prominent players in the global market for hydro-pumped storage plants are Alstom, First Hydro, Exelon, Voith, and J-Power. To present a thorough evaluation of the competitive landscape, the report provides vital details of these players such as production, capacity, price, cost, gross, and segmented revenue.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.