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Released July 02, 2024 | NEW DELHI
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Researched by Industrial Info Resources (Sugar Land, Texas)--Nations worldwide are steadily increasing the share of renewables in the global energy mix to tackle climate change and the rising demand for energy. In the evolving landscape of energy transition, pumped storage hydropower (PSH), with its substantial potential energy and flexibility, is experiencing a notable resurgence and is attracting substantial global investments.
According to International Hydropower Association, pumped storage hydropower accounts for over 94% of installed global energy storage capacity, surpassing lithium-ion and other battery types.
A pumped storage hydropower plant involves storing energy by pumping water from a lower reservoir to a higher reservoir during periods of low electricity demand and releasing it through turbines to generate electricity during peak demand.
With an energy efficiency of around 80%, pumped storage hydropower outperforms other storage systems such as compressed air (60-65%), flow batteries (as low as 70%) and hydrogen (40-60%). A PSH plant can provide up to 10 hours of electricity, 40% more than lithium-ion batteries. Additionally, a PSH plant can operate from 50 to 100 years, making them a long-term investment with years of returns.
Industrial Info tracking more than 500 active capital-spending pumped storage hydropower projects, worth more than US$500 billion. The majority of the spending, with a share of 98%, is geared at grassroot projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of project reports.
Around 77% of the investment is in the initial planning stage and around 15% in the engineering phase, with the remainder undergoing construction and scheduled to reach completion by 2035.
By world region, Asia spearheads the global market with investments worth US$491 billion across 452 projects, accounting for a noteworthy 93% share of the global spending.
India leads all countries with investments nearing US$260 billion across more than 250 projects. NTPC Limited (New Delhi, India) and Adani Group (Gujarat, India) are driving the majority of the spending aimed at various pumped storage hydropower projects.
China follows with spending worth US$198 billion, including an investment worth more than US$9 billion aimed at constructing a grassroot 4,500-megawatt (MW) Jinsha River Yebatan Pumped Storage Hydropower Plant in Garze, China. Click here for the project report.
Europe's US$16 billion in pumped hydro storage investment is concentrated in Spain (70% of the total spending in the region.) Atalaya Generacion Eolica SL, Grupo Magtel and Capital Energy SA are the dominant players in Spain with a cumulative spending of around US$11 billion.
North America follows with investments worth US$7.93 billion driven completely by the U.S. across 10 projects. PacifiCorp (Portland, Oregon), US Renewables Group (USRG) (Santa Monica, California), and Absaroka Energy LLC (Bozeman, Montana) each plan to invest more than US$2 billion.
Despite being a mature and well-established storage technology, pumped storage hydropower does face hurdles such as high startup costs and impact on aquatic life and the surrounding environment of the water reservoirs. Also, massive droughts as a result of climate change can hamper these plants' efficiency as they depend on water for electricity generation. Nevertheless, in the face of the evolving energy landscape, pumped hydropower remains a crucial component of a fossil fuel-free future and is poised to grow in the coming years.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
According to International Hydropower Association, pumped storage hydropower accounts for over 94% of installed global energy storage capacity, surpassing lithium-ion and other battery types.
A pumped storage hydropower plant involves storing energy by pumping water from a lower reservoir to a higher reservoir during periods of low electricity demand and releasing it through turbines to generate electricity during peak demand.
With an energy efficiency of around 80%, pumped storage hydropower outperforms other storage systems such as compressed air (60-65%), flow batteries (as low as 70%) and hydrogen (40-60%). A PSH plant can provide up to 10 hours of electricity, 40% more than lithium-ion batteries. Additionally, a PSH plant can operate from 50 to 100 years, making them a long-term investment with years of returns.
Industrial Info tracking more than 500 active capital-spending pumped storage hydropower projects, worth more than US$500 billion. The majority of the spending, with a share of 98%, is geared at grassroot projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a full list of project reports.
Around 77% of the investment is in the initial planning stage and around 15% in the engineering phase, with the remainder undergoing construction and scheduled to reach completion by 2035.
By world region, Asia spearheads the global market with investments worth US$491 billion across 452 projects, accounting for a noteworthy 93% share of the global spending.
India leads all countries with investments nearing US$260 billion across more than 250 projects. NTPC Limited (New Delhi, India) and Adani Group (Gujarat, India) are driving the majority of the spending aimed at various pumped storage hydropower projects.
China follows with spending worth US$198 billion, including an investment worth more than US$9 billion aimed at constructing a grassroot 4,500-megawatt (MW) Jinsha River Yebatan Pumped Storage Hydropower Plant in Garze, China. Click here for the project report.
Europe's US$16 billion in pumped hydro storage investment is concentrated in Spain (70% of the total spending in the region.) Atalaya Generacion Eolica SL, Grupo Magtel and Capital Energy SA are the dominant players in Spain with a cumulative spending of around US$11 billion.
North America follows with investments worth US$7.93 billion driven completely by the U.S. across 10 projects. PacifiCorp (Portland, Oregon), US Renewables Group (USRG) (Santa Monica, California), and Absaroka Energy LLC (Bozeman, Montana) each plan to invest more than US$2 billion.
Despite being a mature and well-established storage technology, pumped storage hydropower does face hurdles such as high startup costs and impact on aquatic life and the surrounding environment of the water reservoirs. Also, massive droughts as a result of climate change can hamper these plants' efficiency as they depend on water for electricity generation. Nevertheless, in the face of the evolving energy landscape, pumped hydropower remains a crucial component of a fossil fuel-free future and is poised to grow in the coming years.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
