Ocean View, DE -- (SBWIRE) -- 06/17/2020 -- 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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Expansion of current grid infrastructure due to favorable regulatory norms may increase the usage of pumped hydro storage. Meanwhile, rising cases of power outages in developing nations would further fuel the need for better grid infrastructure.

Company profiled in pumped hydro storage market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Alstom Power
- Voith Group
- EDF
- Eskom Holdings SOC Ltd
- Toshiba
- Sinohydro
- Northland Power Inc.
- Enel

Pumped hydro storage market was valued at more than USD 300 Billion in 2019. The pumped hydro storage market is further expected to record a collective installation of 200 GW by 2026.

Today, government authorities across the world are focusing on the integration of renewable energy technologies to generate clean energy. For instance, the Government of Canada has committed to reducing 80% emissions by 2050 as compared to 2005 levels. Meanwhile, according to UNEP statistics, investments in the renewable energy sector of Europe were accounted around USD 61.2 billion in 2018, an increase of 39% as compared to 2017.

Technological advancements in distributed generation technologies and increasing investment in the microgrid network are expected to seemingly propel pumped hydro storage market growth in the forthcoming time. Furthermore, upgradation of the existing grid network along with rising investment in the renewable energy sector may complement PHS business outlook.

Expanding on the use of PHS in Europe, growing demand for sustainable storage technologies to address increasing electricity demand and rapid digitalization of grid networks is projected to foster the Spain pumped hydro storage market in forthcoming years. Reports suggest that the region is projected to show a growth of more than 6% by 2026.

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Spain has also seen a growing trend towards innovation in development and design of PHS systems. This can be attributed to various compliance plans that the region is implementing for the generation of clean energy. Reportedly, this shift comes as a response to the directive (2012/27/EU) announced by the European Union to promote energy efficiency among its member nations.

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