The latest research study “India Pumped Hydro Storage Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that The India pumped hydro storage market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.75% during 2023-2028.
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Pumped hydro storage (PHS) represents a type of hydroelectric energy storage that is extensively utilized for load balancing in electric power systems. It is a configuration of two water reservoirs at various elevations that can generate power as water moves down from one to the other, passing via a turbine. Pumped hydro storage plants offer several benefits, such as frequency regulation, load balancing, peak shaving, backup reserve, black start capability, etc. In line with this, they provide very fast ramping up and down and off-peak balancing support, as these plants have inherent flexibility. Consequently, pumped hydro storage is extensively recognized as an ideal supplier of regulation and contingency reserve ancillary services, thereby assisting in managing renewable energy grid integration.
India Pumped Hydro Storage Market Trends and Drivers:
The growing consumer concerns towards energy security are primarily driving the India pumped hydro storage market. Additionally, the inflating need for load management of grid networks during peak hours is further catalyzing the market growth. Besides this, the launch of numerous favorable policies by government bodies to encourage pump hydro storage establishments is acting as another significant growth-inducing factor. Moreover, they are also providing budgetary support for the flood moderation component of hydroelectric storage projects and introducing tariff rationalization measures, which is augmenting the market growth across the country. Apart from this, the rising popularity of closed loop pumped hydro storage systems, on account of their minimal environmental impact across natural habitats, is bolstering the market growth. Furthermore, the development of smart grid infrastructures is expected to fuel the India pumped hydro storage market over the forecasted period.
India Pumped Hydro Storage Market Analysis and Segmentation 2023-2028:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
The report has segmented the market on the basis of type and sources.
Breakup by Type:
Breakup by Sources:
- Natural Reservoirs
- Man-Made Reservoirs
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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