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The India pumped hydro storage market is expected to exhibit a CAGR of 10.25% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Pumped hydro storage (PHS) refers to a type of hydroelectric energy storage that is used for load balancing in electric power systems. It is a configuration of two water reservoirs at different elevations that can generate power as water moves down from one to the other (discharge), passing through a turbine. Pumped storage hydro plants provide several benefits, such as peak shaving, frequency regulation, load balancing, backup reserve, black start capability, etc. Additionally, they offer very fast ramping up/down and peak/off-peak balancing support on account of their inherent flexibility. As a result, pumped hydro storage is widely recognized as an ideal supplier of regulation and contingency reserve ancillary services, thereby helping in managing renewable energy grid integration.
The rising concerns regarding energy security along with the escalating need for efficient energy storage are primarily driving the India pumped hydro storage market. In addition to this, the increasing requirement for load management of grid networks during peak hours to keep the grid frequency within the band required under India’s Electricity Grid Code is creating a positive outlook for the market. Furthermore, the launch of numerous schemes by the Indian government to encourage pump hydro storage establishments across the country is also propelling the market growth. For instance, the Government of India is providing budgetary support for the flood moderation component of hydroelectric storage projects and also introducing tariff rationalization measures to bring down hydropower tariffs. Apart from this, the emerging popularity of closed-loop pumped hydro storage systems on account of their minimal environmental impact across natural habitats is acting as a significant growth-inducing factor. Moreover, the introduction of favorable initiatives pertaining to the integration of clean energy storage systems, in confluence with the launch of energy-efficiency reforms, is also stimulating the product demand. Besides this, the inflating refurbishment of end-of-life dams and the increasing installation of PHS in existing water storage dams are further catalyzing the Indian market. Additionally, the rising focus on electrification of remote areas along with the continuous development of smart grid infrastructures is expected to drive the India pumped hydro storage market in the coming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the India pumped hydro storage market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on type and sources.
Breakup by Type:
Breakup by Sources:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Sources, Region|
|Region Covered||North India, West and Central India, South India, East India|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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