According to the latest report by IMARC Group, titled “India Pumped Hydro Storage Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the India pumped hydro storage market size reached US$ 10.3 Billion in 2022. Pumped hydro storage (PHS) refers to a specialized energy storage system that involves pumping water from a lower reservoir to a higher one during periods of low electricity demand, and then releasing it back down via turbines for generating electricity during high demand. It is characterized by high efficiency, minimal energy losses, and high durability and capacity ranging from a few megawatts to several gigawatts. Pumped hydro storage helps stabilize the grid by offering a flexible and dependable source of electricity storage by facilitating the integration of variable renewable energy sources like wind and solar power. It can also provide a variety of ancillary services for effective grid management, including voltage control, frequency regulation, and black start capability. Some of the advantages of pumped hydro storage include large scale energy storage for extended periods of time, lower operation costs compared to other alternatives, and lower environmental impact.
India Pumped Hydro Storage Market Trends:
The market in India is majorly driven by the rapid utilization of energy storage solutions to effectively manage the intermittent supply of renewable energy. This can be attributed to a considerable rise in the production capacity and utilization of renewable energy sources across the country. In line with this, the escalating demand for energy due to the growing population and rapid industrialization is creating lucrative growth opportunities in the market. Moreover, the growing need for grid stability to reduce power outages and provide uninterrupted electricity supply to the consumers is providing an impetus to the market. Additionally, favorable government initiatives promoting the development of PHS projects to augment the share of renewable energy in the energy mix of the country are also resulting in a higher product uptake. Besides this, the abundance of hydro resources in India, with both natural and human-made reservoirs, is also acting as a significant growth-inducing factor for the market. The market is further fueled by an enhanced focus on energy security due to the rising geopolitical tensions resulting in the uncertainty surrounding the supply of fossil fuels. Apart from this, the rapid depletion of fossil fuels is also propelling the demand for reliable and cost-effective alternative source of electricity, which, in turn, is creating a positive market outlook. Some of the other factors contributing to the market include rapid urbanization, reduction in the cost prices of PHS, inflating disposable income levels, growing environmental concerns and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 18.0 Billion by 2028, exhibiting a CAGR of 9.75% during 2023-2028.
- Based on the type, the market has been segmented into open- and closed-loop.
- On the basis of the sources, the market has been divided into natural and man-made reservoirs.
- On the geographical front, the market has been segregated into North, West and Central, South, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
|Base Year of the Analysis
||Type, Sources, Region
||North India, West and Central India, South India, East India
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