Hydro-Pumped Storage Plants Market: Covid-19 Impact, Trends, OpportunitiesPosted by mandar on April 6th, 2021 Global Hydro-pumped Storage Plants Market: Overview The ever-increasing global population and the limited availability of non-renewable energy resources make it mandatory to conserve as much energy as possible and use it efficiently. Hydro-pumped storage plants are used by the power industry for the purposes of peak shaving and load balancing. These facilities store energy in the form of water in an upper reservoir, pumped from another reservoir at a lower elevation. This enables the generation of power as and when required as well as conserve it during low demand intervals. The players in the market for hydro-pumped storage plants generate maximum revenue from the sale of power during peak loads at a premium cost, thereby balancing the load on conventional energy sources. The report observes that hydro-pumped storage plants can be harnessed better when used alongside wind energy turbines. These wind turbines pump water back into the reservoir during lean demand, resulting in the better utilization of excess generation. According to the report, the global market for hydro-pumped storage plants is to expand at a healthy CAGR during the forecast period of 2014 to 2020. Request PDF brochure https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3555 Based on technology, the global market for hydro-pumped storage can be segmented into single reversible pump turbines and separate pump and turbine generators. Recent developments in this sector are giving rise to a few new technologies such as micro hydro-pumped storage plants, seawater hydro-pumped storage plants, and underground hydro-pumped storage plants. By application, this market can be segmented on the basis of the service they provide, such as energy balancing, stability, storage capacity, and ancillary grid services. More Trending Reports
Global Hydro-pumped Storage Plants Market: Trends and Opportunities The report finds that the increasing demand for energy storage systems and the emergence of ancillary services are two of the primary factors that are driving the global market for hydro-pumped storage plants. It has also been noted that hydro-pumped storage is gaining traction because of the increased importance of grid stability, along with the need for load balancing and energy storage. Moreover, the requirement of alternative energy sources with black start capability, reactive power generation, and an ability to operate as a spinning reserve are other factors that augur well for the future of this market during the forecast period. Like it? Share it! More by this author |