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Advancement in distributed generation technologies coupled with increasing investments toward expansion of microgrid network will propel the industry growth. In addition, the increasing concerns pertaining to emission reduction along with government plans toward integration of renewable energy technologies will complement the business outlook. The government of Canada has pledged to reduce 80% emissions by 2050 in comparison to 2005 levels.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/568796/
Pumped Hydro Storage Market in 2019, exceeded USD 300 Billion and is anticipated to represent a cumulative installation of 200 GW by 2026. Increasing demand for sustainable energy mix on account of stringent government norms toward emissions will stimulate the PHS industry growth.
High power storage capacity, grid stability and energy efficiency are some of the prominent features which will boost the product demand. The increasing power consumption from remote & off-grid areas on account of government backed electrification programs across the developing nations will propel the industry growth. According to EASE, the PHS systems have an average efficiency of 70-80% when compared with other storage technologies. According to UNEP the renewable energy investments in Europe accounted for USD 61.2 billion in 2018 an increase of 39% when compared with 2017.
Spain PHS industry will witness a growth of over by 6% by 2026. Increasing demand for sustainable energy storage technologies to meet the accelerating electricity demand along with increasing investments toward digitalization of grid network will boost the industry growth. Furthermore, promising energy efficiency labelling and compliance plans and ongoing innovations toward design and development of systems will positively impact the product demand. The European Union has introduced directive (2012/27/EU) across the member nations for promotion of energy efficiency.
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The key players operating across the PHS industry includes Schluchseewerk AG, Nevada, Voith, Northland Power, Genex, SinoHydro, EDF, Toshiba, RusHydro, Abroska, GE Alstom, Donfang Electric, Enel and J-Power.
Some major findings of the pumped hydro storage market report include:
- Demand for sustainable energy storage technologies is growing on account of exponential increase in electricity consumption.
- Stringent energy efficiency norms & regulations across the developed nations is anticipated to drive the industry growth.
- Increasing investments toward renewable energy technology.
- Leading players in the pumped hydro storage market includes Voith, EDF, Genex, Enel and J-Power.
- Industry players are opting for extensive research & development activities and innovations to enhance their industry presence.
- Government authorities are aiming toward energy efficiency and emission reductions which has led to a significant increase in the PHS installation.
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