02 May Asia expected to be largest pumped hydropower storage market by 2023
The largest pumped hydropower storage market this year – Asia.
Asian Power, a publication for the power generation, transmission and distribution industry in the Asia Pacific (APAC) region, reported that APAC region is set to take the lead on the global stage in terms of installed capacity for pumped hydropower storage.
The pumped hydropower storage sector accounts for 90% of the total energy storage capacity, according to the International Hydropower Association. This is due to the global momentum in building renewable energy capacity, which necessitates addressing the intermittent nature of renewable energy sources.
Experts also estimated that global pumped hydropower capacity is projected to increase at an annual average rate of 3.5% in end-2021 at 165 gigawatts(GW) to reach 233GW in 2031. Asia is expected to outperform Western Europe and North America in this area, reaching 82GW in 2023 and 134GW in 2031. This is largely due to China’s developments to achieve government targets, and upcoming projects in the decade in countries which have existing capacity such as Japan.
Additionally, the attractiveness of projects that combine floating solar with pumped hydropower will increase in the coming years, as some floating solar projects have been built on pumped hydropower station reservoirs.
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