The escalating modernization of existing grid infrastructure across myriad geographies is certain to stimulate pumped storage hydropower market. Given the massive requirement of electricity across developing countries, grid expansion has emerged as a prime necessity, enabling regional governments to make heavy investments to strengthen their energy security and energy storage capacity through grid upgradation. Additionally, governments have also been implementing initiatives to minimize the potential impact of carbon emissions, which would majorly impel pumped hydro storage market. In fact, with regards to carbon emissions, several regulatory bodies have also deployed stringent legislative norms to develop clean energy storage systems. For instance, in 2017, the International Finance Corporation (IFC) declared a USD 1.2 billion investment in India for clean energy development.
The shifting trends towards the robust adoption of renewable energy systems on account of the depleting fossil fuel resources are slated to massively boost pumped storage hydropower market share. Companies have also been developing advanced technologies for improving the operational efficiency of pumped hydro storage systems and reduce CO2 emissions. Taking into account the environmental benefits of lowering carbon emissions, many governments have inked strategic collaborations with pumped storage hydropower market firms. For instance, recently, Austrian plant engineering group, Andritz received a product demand order from the Moroccan government to establish new pumped storage hydropower plant.
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Elaborating further on the initiatives taken by regional governments to increase the dependency on sustainable energy solutions, it would be prudent to mention that the Chinese government has framed numerous regulatory policies to integrate renewable energy facilities in its energy grid infrastructure. In fact, it has planned to invest USD 361 billion by the end of 2020 to accomplish the escalating need for electric energy. For the record, by the end of 2024, China pumped hydro storage market is poised to generate energy more than 45GW, owing to the rapid development of grid infrastructure across this region.
In order to comply with the EU regulatory framework about energy efficiency, the Spanish government has also made investments in the development of micro-grids. Not to mention, a few years back, Iberdrola, a leading Spanish multinational electricity utility company, had taken an initiative to modernize 45 small hydropower plants in Spain. This strategic initiative indeed helped this European country to enhance the efficiency and lifespan of hydropower plants, where it has installed modern and efficient technologies. With the increasing investment in the refurbishment of existing grid infrastructure, Spain pumped hydro storage market will record a CAGR of more than 3% over the years ahead. In addition to European countries, nations across MEA are also looking forward to constructing new hydropower plants for their energy needs. For instance, a few days before, the Egypt government decided to build its first pumped storage hydropower plant in order to minimize energy crisis. In order to construct the same, the firm has collaborated with the Chinese State-owned construction company, Sinohydro.
The involvement of regional governments and energy developers & suppliers in the development of advanced grid infrastructure has been steadily increasing in the recent years. In consequence, this would have a massive impact on pumped storage hydropower industry size. The growing adoption of sustainable energy sources for curbing carbon footprints will also boost the product demand over the years ahead. With the rise in the number of hydropower projects across the globe, companies in pumped storage hydropower industry may be able to avail innumerable growth opportunities. For the record, by the end of 2024, pumped hydro storage market will surpass a revenue collection of USD 350 billion.