Pumped Hydro Storage Market Segmentation:
End-User Segment Analysis
The electricity utilities segment is estimated to hold 40% share of the global pumped hydro storage market in the coming years owing to the growing capacity of pumped hydro storage for producing more electricity. This allows for greater flexibility improves the grid stability, and enables the storage of more energy as a result more electricity can be produced to meet the high demand.
For instance, lately, there are more than 120 GW of PHS capacity operating globally, accounting for more than 90% of the world's power storage capacity and around 2% of global electricity generation.
Type Segment Analysis
The closed loop segment is set to garner a notable share shortly. Closed-loop pumped hydro storage is more flexible than open-loop and this is the primary reason for the segment’s growth. Closed-loop systems do not require a nearby natural water source, such as a river or lake, as the water is stored and reused within the system. This makes a closed loop suitable for a wider range of locations, including areas that are not in proximity of water bodies, this makes closed-loop easier to implement. Moreover, closed-loop systems are generally more environmentally friendly than open-loop systems. As these systems do not require natural sources hence, less impact is imposed on aquatic environments.
Our in-depth analysis of the global market includes the following segments:
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