June 25, 2024

Pumped Hydro Storage Market is Estimated to Witness High Growth Owing to Opportunity Efficient Energy Storage

The Pumped Hydro Storage Market comprises of devices used for mobile communication, such as smartphones and feature phones. Mobile phones allow users to remain connected on the go through cellular networks and Wi-Fi networks. Advancements in technology have led to the development of multifunctional mobile phones with enhanced capabilities related to photography, gaming, productivity and more. The rise in data usage and connectivity needs has further fueled demand for high performance mobile phones.

The global Pumped Hydro Storage Market is estimated to be valued at US$ 401.19 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period of 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

To ensure cost-effective and long-lasting operation of mobile phones, efficient storage solutions are required. Pumped hydro storage is an effective approach for supplying power to the grid from renewable energy sources and addressing intermittent power supply issues associated with solar and wind energy generation. If incorporated within mobile phone designs, pumped hydro storage technology can enable longer battery life and reduce charging downtimes for users. This offers a significant value proposition and market opportunity over the forecast period. Development of micro-sized pumped hydro storage solutions suitable for integration within mobile devices can thus witness high demand and adoption.

Porter’s Analysis

Threat of new entrants: The pumped hydro storage market requires huge capital investments for building dams and reservoirs making the threat of new entrants low.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are no close substitutes for large-scale energy storage.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of multiple component suppliers and less differentiation in products.

Threat of new substitutes: New energy storage technologies like battery storage are emerging but lack the scale of pumped hydro storage.

Competitive rivalry: Intense due to the increasing investments in renewable energy and the need for bulk energy storage solutions.

SWOT Analysis

Strengths: Pumped hydro storage provides large-scale, low-cost energy storage and helps balance the intermittency of renewable energy sources.

Weaknesses: High initial infrastructure costs, restrictive geographical requirements and long lead times for development. Environmental concerns over building large dams.

Opportunities: Increasing renewable energy installations and the need for grid flexibility is driving the demand for pumped hydro storage. Developing small-scale PHS facilities.

Threats: Competition from emerging battery storage technologies and potential cost reductions over time. Regulatory hurdles and permitting delays.

Key Takeaways

The Global Pumped Hydro Storage Market Size is expected to witness high growth over the forecast period supported by the rapid installation of renewable energy. The global mobile phones Market is estimated to be valued at US$ 401.19 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.

The region of Asia Pacific currently dominates the market and is expected to continue its dominance during the forecast years due to high investments in renewable energy by China, India, and Japan. Europe is also a major regional market for pumped hydro storage driven by favorable government policies and incentives for grid storage solutions in countries like Germany, Italy, France, and Switzerland. The region’s focus on replacing conventional power with renewable sources like solar and wind is driving the adoption of pumped hydro storage plants to balance intermittent generation.

Key players operating in the pumped hydro storage market are AbbVie Inc. (Allergan), Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company. Major players are focusing on developing innovative storage solutions and acquiring other players to consolidate their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it