Pumped Hydro Storage Plant Market: Introduction

  • Pumped hydro storage plants are employed to meet the peak load energy requirements and for load stabilization of the grid. A pumped hydro storage system consists of two water reservoirs located at different elevations. During times with peak demand, the water stored in the upper reservoir is utilized to run turbines in order to generate electricity. During times with low demand (generally, at night when the price of electricity is low), electricity from the grid is utilized to pump the water back, restoring the upper reservoir.
  • The system manages excess generation capacity, supporting the integration of renewables along with efficient and reliable functioning of the grid
  • With countries across the globe focusing on energy storage, pumped hydro storage has become a highly sought-after energy storage solution. Moreover, pumped hydro storage is currently the only energy storage solution feasible for deployment at a very large scale.

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Key Drivers and Restraints of Pumped Hydro Storage Plant Market:

  • Demand for renewable energy sources is gaining momentum across the globe. Several governments across the globe have already implemented programs and policies that are designed to support renewable energy. Additionally, stringent government regulations regarding greenhouse gas emissions and targets set for renewable energy installation are also driving the market.
  • Rising investments in developing sustainable storage technologies along with ongoing energy efficiency norms are also expected to augment the market in the next few years
  • However, ecological constraints including disturbance and damage to the aquatic ecosystem and habitat loss near the site of installation may hinder the pumped hydro storage plant market in the near future

Open-loop Pumped Hydro Storage Plant and Peak Shaving Segments to Witness Attractive Opportunities:

  • The global pumped hydro storage plant market can be segmented in terms of system, application, and region
  • Based on system, the market can be divided into open-loop pumped hydro storage plant and closed-loop pumped hydro storage plant. In closed-loop plants, power is produced only from the water that has been previously pumped to the upper reservoir. There is no significant inflow of water into either of the reservoir. In the other system, the upper or lower reservoir is continuously connected to a naturally flowing water. Some open-loop projects can have significant natural inflows into the upper reservoir, implying that electricity can be generated without the requirement for pumping, as in case of a storage hydropower facility without pumping ability.
  • In terms of application, the global pumped hydro storage plant market can be classified into peak shaving, load balancing, and others. The peak shaving segment dominated the global pumped hydro storage plant market in 2018. These plants can be used for peak generation to meet the highest demand in a short period of time.

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Asia Pacific to Hold a Major Share of Global Pumped Hydro Storage Plant Market:

  • Based on region, the global pumped hydro storage plant market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific dominated the global pumped hydro storage plant market in 2018. In 2017, China installed more number of new hydropower facilities than any other country, putting 9.1 GW of electricity into operation, including 1.8 GW of pumped storage. According to the China Energy Storage Alliance, China’s total operational energy storage capacity totaled 28.9 GW by the end of 2017. Pumped hydro energy storage plants in the country made up a majority of this capacity i.e. nearly 99%.
  • In India, pumped hydro storage plants of around 2.6 GW are already operational, with additional 3.1-GW plants being under construction
  • Europe is the second-largest market, with 57 GW of pumped storage capacity in operation in the region. The region accounts for approximately 33% share of the global market. Opportunities are mostly concentrated in mountainous areas in Switzerland, Austria, Germany, Spain, and Portugal. With the common target of 20% of renewable energy use by 2020, several EU member countries have introduced economic support programs for renewable energy generation, such as feed-in tariffs. This drives the pumped hydro storage plant market in Europe.
  • North America is expected to contribute significantly to the global pumped hydro storage plant market during the forecast period. In the U.S., currently, there are 40 pumped storage projects providing over 22,000 MW of storage, with the largest projects being located in Virginia, Michigan, and California.

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Key Players Operating in the Market:

A few of the key players operating in the global pumped hydro storage plant market are:

  • Duke Energy Corp.
  • EON SE
  • Chubu Electric Power Company Inc.
  • Electric Power Development Co., Ltd.
  • Korea Electric Power Corp. (KEPCO)
  • Sulzer AG
  • Voith GmbH & Co.
  • Andritz Hydro GmbH

Key Developments:

In January 2018, San Diego County Water Authority assessed the potential to develop 500-MW hydropower energy storage project at the San Vicente Reservoir near Lakeside in San Diego County. Black & Veatch had been selected to serve as owner’s representative for this energy storage facility. The pumped hydro energy storage solution would support power grid operations and enable significant and sustained integration of renewable wind and solar energy with the power supply mix.

Global Pumped Hydro Storage Plant Market: Research Scope

Global Pumped Hydro Storage Plant Market, by Feedstock

  • Open-loop Pumped Hydro Storage Plant
  • Closed-loop Pumped Hydro Storage Plant

Global Pumped Hydro Storage Plant Market, by Application

  • Peak Shaving
  • Load Balancing
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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