San Francisco, California, May 12, 2017: As most of our contemporary day-to-day conveniences depend on power, the increscent demand for electricity has opened a window of opportunity for the global market for pumped-storage hydroelectricity. The report, titled “Pumped-Storage Hydroelectricity Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2017 – 2025” offers key insights into the competitive landscape, growth drivers, and challenges faced by the market.
A pumped-storage hydroelectric system is deployed in the power industry for load balancing and peak saving. Water is transferred from one reservoir to another, which are at different elevations. When the demand for electricity is low, the surplus energy can be used to pump water to an upper reservoir. Moving water back uphill, the turbine functions as a pump. When there is a high demand for electricity, the stored water can be released through turbines.
With growing inclination towards the adoption of solar and wind power, the need for pumped-storage hydroelectricity is escalating. An extensive numerous ancillary services such as voltage control and load balancing are offered by pumped storage hydroelectricity. These systems can not only function as suitable spinning reserves, but also restoring an electric power station to operation by eliminating the need to rely on an external transmission network.
As more people tend to prefer stable supplies of energy, the demand for pumped-storage hydroelectricity is slated for significant growth. The pressing need for alternative energy sources that are more reliable and feature black start capabilities has also been fueling the market. Technological advancements, necessity of spinning reserves, and demand for reactive power generation are some other factors driving the growth of the market.
On the contrary, the presence of large water bodies and the variation in heights of the two reservoirs can restrict the growth of the global market for pumped-storage hydroelectricity. Nevertheless, the impact of these restraints can be reduced by incorporating man-made alterations as to the topography, achieving the desired height and size measurements.
Geographically, the global market for pumped-storage hydroelectricity could be segmented into Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Europe is expected to emerge as the leader of the global market for pumped-storage hydroelectricity. Italy, the U.K, Austria, and Switzerland are some of the major contributors of the European market.
Asia Pacific bears considerable opportunities for growth, thanks to the growing consumer base, insatiable need for electricity, and rapid growth in industrialization and urbanization. Latin America, backed by the growth of Brazil, and the Middle East and Africa are also slated for promising growth. A number of governments are encouraging the deployment of pumped-storage hydroelectricity via investments and policies. Currently, more than 290 pumped-storage hydroelectricity plants are in operation worldwide, with a capacity of almost 150 GW.