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Pumped Hydro Storage to Exceed $350 Billion by 2024

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By Editors of Power Engineering

Utilities will continue to embrace pumped hydro storage, with the total worldwide market expected to exceed $350 billion by 2024, according to a new study by Global Market Insights.

The report indicated favorable regulations and growing adoption of renewable energy will drive pumped hydro adoption, as well as a lack of efficient monitoring systems and frequent supply outages in developing countries.

The expansion of microgrids following the development of distributed generation technology will also make hydro storage more attractive, as well as the desire to lower carbon emissions.

In particular, Japan’s pumped hydro storage market is set to surpass 30 GW by 2024 due to growing concerns toward energy security and an upsurge of renewable energy integration.

In the United States, pumped hydro use will grow as grid infrastructure becomes upgraded and refurbished with advanced grid support systems.

Open loop systems account for over 90 percent of pumped hydro storage systems, with three open-loop projects announced or under construction in the United States.

Key industry players in pumped hydro storage market includes Voith Hydro, EDF, Absaroka, Genex, Toshiba, Schluchseewerk AG, Dongfang Electric, Snowdonia, SinoHydro, Eskom, Enel, Northland Power and J-Power.

The full report can be accessed here.

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