Pumped Hydro Storage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By System (Open-Loop and Closed-Loop), By Application (Natural Reservoirs and Man-Made Reservoirs), By Region, Competition

Growing demand for Pumped Hydro Storage

Pumped Storage power generation is called "green battery". It is the only viable way to store energy on a large scale with such a low environmental impact. The whole idea relies on the water cycle powered by the sun and turbines. Therefore, it is a completely renewable source of energy production. Reservoirs are even more sustainable than conventional hydropower because they collect a fixed amount of water in most cases and use it to form independent cycles. Apart from the availability of abundant and sustainable raw materials, these pumped storage facilities provide a constant return on investment due to minimal maintenance requirements.

Another advantage of hydraulic accumulator systems is that they can be used in areas where spring water is scarcely found at giving nations suffering from water scarcity a reason to install pumped hydro storage. Also, upper or lower dams and reservoirs that retain generated water may be used as recreational facilities if water levels do not rise or fall rapidly or excessively in response to generation or pumping. This is expected to propel the market during the forecast peroid.

Availability of Power Plants

Pumped storage power plants (PSPPs) are one of the commercially proven grid-scale energy storage methods especially in areas with large installed capacity of wind farms and solar power plants. But limited PSPPs shall cause a hindrance to the growth of this market.

Latest Trends in

In 2021, the World Bank had approved a USD 380 million loan to build Indonesia's first pumped storage power plant, Upper Cisokan. The power plant is expected to be located between Jakarta and Bandung. The expected capacity of the plant is 1040 MW. The project aims to ensure the security of power generation during peak domestic demand and achieve decarbonisation goals.

In

The San Diego County Water Authority is seeking a private partner to build and operate a pumped storage power plant on the San Vicente Reservoir. The construction and development of the San Vicente Energy Storage Facility is estimated at USD 1.5 billion. California aims to get 100% of its electricity from carbon-free sources by 2045.

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Market Segmentation

Global

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Recent Developments

In April 2021, French power generation company EDF and Uzbekistan's state-owned utility Uzbekhydroenergo announced plans to build a 200 MW pumped storage power plant in the Bostanlik district of Uzbekistan's Tashkent region. In addition to the pumped storage power plant, the project also includes a floating solar power system. It will be the first time to install floating solar panels on a reservoir in Uzbekistan. The MoU is prepared for signature.