Ocean View, DE -- (SBWIRE) -- 05/19/2020 -- As countries continue to modernize their electricity systems along with expeditiously expanding microgrid networks, pumped hydro storage market prospects look promising. Intensifying demand for sustainable technologies has encouraged governments of multiple countries to include pumped hydro storage in their energy mix. In addition, moved by escalating concerns regarding environmental degradation and depleting resources of non-renewable energy options, the clean energy transition movement has assumed a greater posture. Within such a context, the technology is being progressively deployed across nations as a means to achieve decarbonization efforts.

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Key companies in pumped hydro storage market: - Voith, Absaroka, EDF, Genex, GE Alstom, J-Power, Enel, Eskom, Toshiba, Dongfang Electric, Schluchseewerk AG, Sinohydro, Northland Power, Nevada, RusHydro.

Against the backdrop of exponential rise in energy consumption, storage is likely to be a key component of sustainable development goals, which will further boost pumped hydro storage market. Towering energy requirement from off grid and remote locations in emerging economies are likely to induce pumped hydro power storage market demand. Besides, vigorous R&D activities coupled with significant innovations in the pumped hydro storage space including variable speed technologies and network frequency control are further pushing hydro power storage growth further.

Other factors favoring pumped hydro storage market growth include strict emission norms enacted by federal agencies. For instance, the government of Canada has set a target of achieving 80% reduction in its emission levels by 2050. Such government measures are accompanied by renewable energy integration reforms, which is pegged to trigger pumped hydro storage market growth.

Open loop by far is the most deployed pumped hydro storage system and had procured more than 95% of the global share in 2017. The system can be easily integrated within hydro power plant and is aligned with the advantages of low capital requirement and minimum cost of refilling the upper reservoir, which justifies its widespread deployment. The US is expected to emerge as a prominent growth window for open loop pumped hydro storage market with 3 projects underway.

Multiple governments across the globe committed to realizing environmental targets are turning towards the development of pumped hydro storage. For instance, the European Commission introduced the (2012/27/EU) directive as a part of its efforts to promote energy efficiency across EU countries.

In this regard, China is playing a key role in the development of pumped hydro storage, which can be evidenced by the investment of USD 326 billion by the NEA in 2017 towards expansion of renewable energy infrastructure in the country. Moreover, the country has planned to allocate USD 800 billion for infrastructure development in terms of renewable energy through its Sovereign Wealth Fund.

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Meanwhile, with a substantial number of pumped hydro storage projects ongoing in the country, the contribution of the US to pumped hydro storage market cannot be undermined.

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