Hydroelectric energy storage used by electric power systems are utilized for load balancing which are known as pump storage. The power generation segment is expected to expand rapidly. Gas turbines power plants are majorly used as medium-sized peak load plants for efficient functioning during short intervals of high electric power demand on electric systems. Pumped storage balances large steam power plants and have become increasingly important for storing renewable energy which is an emerging technology. The capacity ranges of pumped storage would become predominantly relevant for gas turbines. Moreover, pumped storage has exhibited excellent response for renewable power variability. Pump storage for gas turbines is used as renewable energy sources have emerged rapidly in the recent years.
The pumped storage for gas turbines market can be segmented based on types of sizes, applications, and region. Pumped storage is the largest form of grid energy storage available for gas turbines. Based on types of sizes, the pumped storage for gas turbines market can be divided into large storage pumps, small storage pumps, and micro storage pumps. Large storage pumps have the capacity of more than 30 megawatts (MW). Small storage pumps have the capacity of less than 10 megawatts (MW). Micro storage pumps have the capacity of less than 100 kilowatts (KW). Pumped storage for gas turbines is also used in hydro power generation. Pumped storages are used in storing and generating wind, solar, and tidal energy. They have the ability to store for generating electricity during water shortages. Usage of pumped storage for gas turbines is low in nuclear reactors.
Demand for pumped storage for gas turbines is high as gas turbines are clustered together. The fuel to run them should be abundantly available. Such power plants are usually employed for providing electricity grid relief and power supply during peak consumption hours. However, pumped storages are also now being used for supplying base loads due to technological advancements. A major advantage of using pumped storage for gas turbines is its ability to be operational in less time and its supply of power during peak consumption hours.
It is essential to reduce the high cost of production of pumped storage for gas turbines through adoption of new and emerging technologies. Furthermore, pumped storage for gas turbines requires special attention when it operates in high pressure and temperature, which is anticipated to restrain the market. Moreover, high frequency noise produced by the pumped storage are also a cause of concern while using pumped storage for gas turbines market.
In terms of geography, countries such as China, India, Japan, and Singapore are leading the pumped storage for gas turbines market in Asia Pacific due to the increase in demand for electricity and power generation for the purpose of developing smart cities in these countries. North America is the emerging market for pumped storage for gas turbines due to the newly discovered oil & gas fields in the region and the development of infrastructure. The pumped storage for gas turbines market in Europe, particularly in the countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization.
Key players operating in the gas turbine electrical power generation market include Siemens AG, Doosan Heavy Industries, General Electric, and Mitsubishi Power Systems Europe Ltd.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.