The pumped hydro storage market is poised to be at the cusp of promising expansion on account of the increasing energy demand worldwide and the rising focus on various alternatives for renewable sources. These systems are known to deliver enhanced stability, energy-balancing, and storage capacity, along with ancillary grid services, including network frequency control and reserves. In fact, they can be touted as an important investment that caters to the escalating energy needs at peak times and storage.
The limitations of fossil-fueled power plants in terms of more reactivity & sustainability and cutting down CO2 emissions as well as the surging obligation for grid support services are also favoring the growth of the pumped hydro storage industry.
Apart from being considered a natural large-scale energy storage solution, this technology offers reactive power support services for frequency control, black-start capabilities and synchronous or virtual inertia.
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A large number of participants operating in this industrial avenue are placing persistent efforts on growth-driven marketing strategies and are taking up contracts and capacity expansions to accelerate their global presence. For instance, in January 2022, Genex Power Ltd commenced the construction activities across its 250-MW Kidston pumped-storage hydro project site located in Queensland, Australia.
In recent years, open-loop pumped hydro storage solutions are witnessing higher installation across the U.S. They employ a continuous source of downstream water which is pumped uphill to an upper storage reservoir. To generalize, these plants pump water that has already passed through the dam up to the storage reservoir over the dam. However, minimum water flow, water temperature, drought, and fish passages are some of the issues related to this technology.
In North America, the increasing requirement for various renewable energy sources is a major driver influencing the pumped hydro storage industry development. The high electricity demand in the region and the thriving need for cutting down greenhouse gas emissions have made way for several modes of cheap energy storage.
The increasing number of investments and the growing federal support inclusive of the U.S. Department of Energy (DOE) are other factors adding to the regional pumped hydro storage market growth. In fact, the U.S., in 2021, had 43 operating pumped hydro plants, accounting for a total generating capacity of around 22 gigawatts and over 553 gigawatt-hours in energy storage capacity.
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Closed-loop pumped hydro storage industry is expected to significantly expand in the coming years, on account of their larger preference as they pose lower environmental risks in comparison to their open-loop counterparts.
Apart from this, what makes these systems significantly favored is that they have fewer impacts, given that there is no water transfer from a free-flowing source apart from the potential need for evaporation make-up water, after the initial filing of the reservoir. This also leads to reduced aquatic issues, such as fish passage, and sediment migration.
Global pumped hydro storage market growth will be positively affected by the notable presence of reputed organizations, such as Schluchseewerk AG, Sinohydro Corporation, Genex Power Limited, J-POWER, Voith GmbH & Co., KGaA, Toshiba Energy System & Solutions Corporation, DEC
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