Global Pumped Hydroelectric Energy Storage (PHES) Market Size By Project Size, By Application, By Technology Type, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGlobal Pumped Hydroelectric Energy Storage (PHES) Market Size By Project Size, By Application, By Technology Type, By Geographic Scope And Forecast
Pumped Hydroelectric Energy Storage (PHES) Market Size And Forecast
Pumped Hydroelectric Energy Storage (PHES) Market size is valued at USD 348.24 Billion in 2023 and is projected to reach USD 554.22 billion by 2030, growing at a CAGR of 6.8% during the forecast period 2024-2030.
Global Pumped Hydroelectric Energy Storage (PHES) Market Drivers
One type of grid energy storage that is essential to integrating renewable energy sources, maintaining grid stability, and guaranteeing a steady supply of energy is pumped hydroelectric energy storage, or PHES. The following market factors support the expansion and uptake of PHES
- Integration of Renewable Energy With the growing use of variable renewable energy sources like solar and wind power, energy storage systems like PHES are required to store excess energy during periods of high demand and release it during periods of low demand or when renewable energy sources are not producing electricity.Â
- Grid Stabilization and Reliability By quickly adapting to changes in supply and demand, PHES systems can help to preserve grid frequency and reliability. As the system grows more decentralized and dependent on sporadic renewable energy sources, this is becoming increasingly important.
- Energy Security PHES can serve as a solid backup power source during emergencies and times of high demand, which improves energy security as the need for a resilient and predictable energy supply grows.Â
- Energy Transition & Decarbonization A lot of nations have made the decision to switch to a low-carbon energy system and cut back on greenhouse gas emissions. By enabling the effective use of sustainable energy sources and lowering the dependency on fossil fuels, PHES can aid in this transformation.
- Government regulations and incentives, such as tax credits, subsidies, and mandates for energy storage, can encourage investment in photovoltaic energy systems (PHES) projects and increase their economic viability for developers and financiers.
- Grid Modernization and Aging Infrastructure The electrical grid infrastructure in many areas needs to be updated. Plans for grid upgrades may include PHES, which would increase the capacity and dependability of the system.Â
- Growing energy Demand It is anticipated that as more industries, including heating and transportation, become electrified, the need for energy will grow. By storing extra energy and releasing it at peak hours, PHES can assist in meeting this increasing demand.
- Technological Advancements PHES technologies are still being researched and developed with the goal of increasing their environmental sustainability, lowering prices, and increasing efficiency. This will increase their appeal to utilities and investors.
- Environmental and Sustainability Goals Since PHES is a long-lasting, low-emission energy storage system, its implementation is encouraged by the emphasis on environmental sustainability and the reduction of carbon emissions.
- Market Competition and Innovation As new competitors enter the market and incumbent businesses innovate there, the PHES industry is getting more competitive. Both economic savings and technological advancements may result from this competition.
Global Pumped Hydroelectric Energy Storage (PHES) Market Restraints
Although the market for pumped hydroelectric energy storage (PHES) offers a lot of promise and benefits, there are a few obstacles that could prevent it from expanding and being widely used. The following are a few market constraints for PHES
- High Capital expenses The infrastructure, machinery, and building of a PHES facility come with hefty up-front expenses. These expenses may be an obstacle to admission, especially for start-up businesses in areas with tight budgets.
- Geographic and Topographical Restrictions PHES projects necessitate particular topographical and geographic features, such as the presence of two water reservoirs situated at varying elevations. The extensive implementation of PHES is limited by the unsuitability of certain regions for its installations.
- Environmental Concerns Extensive photovoltaic systems (PHES) projects may have an adverse effect on ecosystems, water quality, and habitats. Regulations pertaining to the environment and resistance from the community can impede or stop project progress.
- Regulatory and regulatory Challenges Because of land use and environmental constraints, the regulatory procedure for photovoltaic energy projects can be complicated and time-consuming. Regulatory obstacles may raise expenses and impede the progress of a project.
- Availability of Land and Water Resources It might be difficult to secure land and water resources for PHES facilities. Conflicts with other land uses may occur, and competition for good sites might be extremely strong.
- Long Development timetables From planning to commissioning, PHES projects usually have lengthy development timetables that last several years. Because of this, investors seeking for faster returns on their investments may find it less alluring.Â
- Upgrades to Transmission and Distribution Infrastructure PHES facilities may need to make significant investments in these areas in order to be connected to the grid. These modifications may come with extra expenses and logistical difficulties.
- Market Competition Lithium-ion batteries and other newer technologies, like flow batteries, are competitors for PHES in the energy storage market. The market share of PHES may be impacted by how energy storage choices change over time.
- Variability in Water Resources PHES depends on water availability, which can change because of things like seasonal variations, droughts, and climate change. The dependability of PHES systems may be impacted by variations in water resources.
- Energy Losses During the pumping and generation processes, PHES systems lose energy. Despite being relatively small, these losses have the potential to negatively impact the technology’s overall performance and cost-effectiveness.
Global Pumped Hydroelectric Energy Storage (PHES) Market, Segmentation Analysis
The Global Pumped Hydroelectric Energy Storage (PHES) Market is segmented on the basis of Project Size, Application, Technology Type, and Geography.
Pumped Hydroelectric Energy Storage (PHES) Market, By Project Size
- Small-Scale PHES These are smaller installations designed to provide localized energy storage and grid support. They may be suitable for distributed energy systems or remote areas.
- Medium-Scale PHES Medium-sized projects that provide a balance between storage capacity and power output. They can be deployed for regional grid support and renewable energy integration.
- Large-Scale PHES These are major installations with significant storage capacity and power output. Large-scale PHES projects are often integrated into national or regional energy grids to provide stability and flexibility.
Pumped Hydroelectric Energy Storage (PHES) Market, By Application
- Grid Support and Stabilization PHES systems are commonly used to stabilize electrical grids by balancing supply and demand, managing frequency fluctuations, and providing grid services.
- Renewable Energy Integration PHES plays a crucial role in integrating variable renewable energy sources by storing excess energy during periods of high generation and releasing it during low generation or peak demand.
- Peak Shaving PHES can be employed to smooth out peaks in electricity demand by storing excess energy during periods of low demand and releasing it during peak hours.
- Emergency Backup Some PHES installations are designed to act as emergency backup power sources, providing a quick and reliable supply of electricity during power outages or emergencies.
Pumped Hydroelectric Energy Storage (PHES) Market, By Technology Type
- Conventional PHES Traditional pumped hydroelectric systems involve two water reservoirs at different elevations and use reversible turbines to pump water to the higher reservoir during periods of low demand and generate electricity by releasing it during high demand.
- Advanced PHES Some variations of PHES, such as advanced or innovative designs, may include modifications to improve efficiency, reduce environmental impact, or enhance grid integration.
Pumped Hydroelectric Energy Storage (PHES) Market, By Geography
- North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
- EuropeAnalysis of the Pumped Hydroelectric Energy Storage (PHES) Market in European countries.
- Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
- Middle East and AfricaExamining market dynamics in the Middle East and African regions.
- Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the global Pumped Hydroelectric Energy Storage (PHES) Market include
- General Electric Company
- Siemens AG
- Andritz AG
- Mitsubishi Heavy Industries Ltd.
- Voith GmbH and Co. KGaA
- GE Hydro Solutions
- Harbin Electric International Company Limited
- Toshiba Energy Systems & Solutions Corporation
- PowerChina
- Hitachi Ltd.
- Alfa Laval AB
- Sulzer Ltd.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2020-2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries Ltd., Voith GmbH and Co. KGaA, GE Hydro Solutions, PowerChina, Hitachi Ltd., Alfa Laval AB |
| Segments Covered | By Project Size, By Application, By Technology Type, By Geography. |
| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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