PUMPED HYDRO STORAGE MARKET ANALYSIS

Market Challenges And Opportunities

Global Pumped Hydro Storage Market- Restraints

• High Initial Investment Costs: Pumped hydro storage projects require substantial upfront investment, including the construction of reservoirs, tunnels, and powerhouses. These costs can be a significant barrier to entry for new projects, especially in regions with limited access to suitable topography and water resources. For instance, in 2020, the proposed Goldendale Energy Storage Project in Washington State, USA, was canceled due to financial challenges, highlighting the difficulties in securing funding for large-scale pumped hydro storage projects.

 Global Pumped Hydro Storage Market- Opportunities

• Increasing development of novel PSH technologies: The increasing development of novel PSH technologies is projected to provide significant growth opportunities for the market over the forecast period. For instance, the development of seawater-based PSH projects is a major development opportunity for the PSH market. Seawater-based PSH systems use ocean saltwater for pumped storage plants, with the ocean as the lower reservoir, minimizing consumption of freshwater.