Pumped hydroelectric energy storage (PHES) is a type of hydroelectric energy storage that is used for load balancing in electric power systems. Water pumped from a lower elevation reservoir to a higher elevation is used to store energy in the form of gravitational potential energy. Pumps are often powered by low-cost surplus off-peak electric power. Pumped-storage hydropower permits energy from intermittent sources like solar, wind, and other renewables, as well as excess electricity from continuous base-load sources, to be conserved for times when demand is higher. The reservoirs used with pumped storage are rather tiny, and production times are often shorter than half a day when compared to typical hydroelectric dams of comparable power output. Pumped-storage solutions could be developed on streams and within infrastructures like drinking water networks and artificial snowmaking infrastructures. In this sense, a storm-water basin has been utilised as a cost-effective water reservoir in a micro-pumped hydro energy storage system.
COVID-19 Impact analysis
- The COVID-19 epidemic is having a substantial impact on the global hydropower business due to disruptions in the worldwide supply chain and a reduction in investment for new projects.
- The impact on the fast-growing energy storage business has been less severe than on other industries, and project construction is still proceeding due to lengthier planning and permits, as well as probable component delivery wait times.
Top Impacting Factors
The pumped hydroelectric energy storage installation is growing in response to the urgent need to increase global energy storage capacity. The development of large-scale energy storage for electricity is becoming more important as the intermittent renewable energy infrastructure grows. The pumped hydroelectric energy storage technology has a great capacity for storing energy and can give grid flexibility. Since a result, the pumped hydroelectric energy storage industry is likely to see significant growth in the next years, as it is used for load-shifting and balancing inflexible sources of power supply. However, pumped hydroelectric energy storage projects have a long gestation and return duration, as well as large initial capital expenses, which limits market expansion.
Market Trends
- In the U.S., the "America's Water Infrastructure Act of 2018" was passed, which includes measures that ease the Federal Energy Regulatory Commission's (FERC) licencing procedure for closed-loop, pumped hydro storage projects.
- For the 1460 MW Luang Prabang hydropower project, the Lao Government will complete the MRC's previous consultation process. According to the Lao government, construction on the project would begin in 2020 and end in 2027. The energy generated might be sold to Thailand or Vietnam.
- The Luang Prabang project will include an 80-meter-high, 275-meter-long dam with a main powerhouse with seven 200-megawatt units and a 60-megawatt auxiliary unit. Luang Prabang Power Company, a joint venture between the Lao government and Petrovietnam Power Corporation, will build it under a Memorandum of Understanding agreed in 2007.
Key Benefits of the Report
- This study presents the analytical depiction of the pumped hydroelectric energy storage (PHES) industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Pumped hydroelectric energy storage (PHES) market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the pumped hydroelectric energy storage (PHES) market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Pumped hydroelectric energy storage (PHES) market analysis based on competitive intensity and how the competition will take shape in coming years
Pumped Hydroelectric Energy Storage (PHES) Market Report Highlights
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 Key Market Players | La Muela II Pumped Storage Power Station, Raccoon Mountain Pumped-Storage Plant, Mingtan Pumped Storage Hydro Power Plant, Guangdong Pumped Storage Power Station, Dinorwig Power Station, Huizhou Pumped Storage Power Station, Tianhuangping Pumped Storage Power Station, Grand'Maison Dam, Okukiyotsu Pumped Storage Power Station., Ludington Pumped Storage Power Plant, Okutataragi Pumped Storage Power Station, Bath County Pumped Storage Station |
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