Hydro-pumped storage plants are being increasingly utilized in the stability, energy balancing, ancillary grid services, and storage capacity services. Due to rise in the global population, the demand for energy is being increasing around the world in the recent years. However due to the limited availability of non-renewable energy sources, government authorities of several nations across the globe are investing heavily in projects focused on the development of power generation using renewable energy sources. This factor is leading to revenue-generation opportunities in the global hydro-pumped storage plants market.
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The popularity of hydro-pumped storage services is being increasing around the world in the recent years owing to many factors including a rise in the understanding on the grid stability, together with the increase in the requirement for the energy storage and load balancing. Furthermore, the need for alternative energy sources with reactive power generation, black start capability, and a capability to work as a spinning reserve is being increasing globally.
Latest Trends:
- Several trends are shaping the hydro-pumped storage plants market:
- Small-Scale Hydro-Pumped Storage: The development of smaller, modular hydro-pumped storage plants is gaining traction. These projects can be deployed in a wider range of locations, including urban areas.
- Repurposing Abandoned Sites: Some old, non-operational hydroelectric dams are being repurposed for hydro-pumped storage, capitalizing on existing infrastructure.
- Hybrid Systems: Combining hydro-pumped storage with other energy storage technologies, such as batteries, is a promising trend, enhancing the flexibility and performance of these systems.
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