The global market for pump hydro storage is rising as a result of factors like greater emphasis on guaranteeing grid stability and increasing integration of renewable energy sources. The International Renewable Energy Agency estimates that as of 2020, there were 2799.09 GW of installed renewable energy capacity worldwide, with 733.27 GW (26.2%) coming from wind energy and 713.97 GW (25.5%) from solar energy. Another factor that is anticipated to boost market expansion is that EST technologies have among of the lowest lifecycle costs. For instance, PHS projects had the lowest lifecycle cost per unit of energy generated among all other commercially viable ESTs as of 2020. Over the course of the forecast period, the market is expected to have considerable growth potential due to the rising development of novel PSH technologies. The creation of PSH projects based on seawater represents a sizable development opportunity for the PSH sector. With the ocean serving as the lower reservoir, seawater-based PSH systems utilise ocean saltwater for pumped storage plants to reduce the need for freshwater. The goal of becoming carbon neutral, which is anticipated to offer enormous prospects, is receiving more attention in emerging nations.
According to Coherent Market Insights, with a forecasted compound annual growth rate (CAGR) of 7.18% from 2022 to 2030, the global market for Pumped Hydro Storage is expected to reach a value of USD 330.00 billion in 2021.
Major Players in the Pumped Hydro Storage Industry:
Duke Energy Corporation
The company was started in 1904 and is based in North Carolina, United States. The energy firm Duke Energy Corporation, with its headquarters largely in the Americas, is the owner of a comprehensive network of energy assets. The company oversees a variety of trading, delivery, and supply operations for natural gas and electricity throughout the US and Latin America. Duke Energy started building two additional solar installations in north Florida in March 2023.
Enel SPA
The business was started in 1962 and is located in Rome, Italy. As a global power firm with a strong presence in the gas, electricity, and renewable energy sectors, Enel SpA conducts business. One of the biggest solar cell and panel production facilities in the US would eventually be located in the Tulsa Port of Inola, according to Enel subsidiary Enel North America, which made the announcement on May 22, 2023. Enel stated in August 2021 that they will pay 1 billion euros to buy ERG's hydropower facilities in Italy.