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India Pumped Hydro Storage Market to Grow at 10.25% During 2022-2027, Impelled by Increasing Energy Consumption

Published on Sep 30, 2022

According to the latest report by IMARC Group, titled “India Pumped Hydro Storage Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India pumped hydro storage market is expected to grow at a CAGR of 10.25% during 2022-2027. Pumped hydro storage (PHS) refers to the process of storing energy that can be converted into hydroelectric power. It is a configuration of upper and lower water reservoirs at different elevations that can generate power as water moves down from one to the other (discharge), passing through a turbine. PHS is widely used to store excess energy generated by renewable sources, such as wind and solar power. It provides enormous storage capacity, reduces the gap between peak and off-peak periods,  and offers energy on demand. PHS assists in energy-balancing, leveling other power generation plants, and stabilizing the electricity grid.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

India Pumped Hydro Storage Market Trends:

The increasing energy consumption, coupled with the rising demand for uninterrupted power supply, is one of the key factors driving the market growth. PHS is widely used to store energy safely and efficiently and provide reliable power supply to end users by assisting in peak load management and grid balancing. Furthermore, the integration of renewable energy sources with PHS facilities due to the implementation of favorable policies is providing a considerable boost to the market growth. Apart from this, the recent initiative by the Ministry of Power (MoP), the Government of India (GOI), to make energy storage an integral part of power systems under the Electricity Act is acting as another growth-inducing factor. Additionally, the introduction of underground PHS systems that utilize abandoned mines and quarries as reservoirs, further helping reduce environmental impact, minimize flood risk, and lower construction costs, are creating a positive outlook for the market. Moreover, emerging trends of retrofitting hydropower plants to allow operations in PHS mode are providing an impetus to the market growth. Other factors, including rising concerns regarding energy security, the rapid development of smart grid infrastructure, increasing electrification of rural and remote areas, and the introduction of tariff rationalization measures by the government to reduce hydropower tariffs, are anticipated to drive the market growth.

Market Summary:

  • On the basis of the type, the market has been bifurcated into open- and closed-loop.
  • Based on sources, the market has been divided into natural and man-made reservoirs.
  • On a regional basis, the market has been categorized into North, West and Central, South, and East India.
  • The competitive landscape of the industry has also been examined along with the profiles of the key players.
     

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