The world’s biggest and most effective battery, hydroelectric pumped storage, is more in demand than ever. The technology that uses water in an upper and lower reservoir to store and provide energy on demand is proving an important player in the rapidly changing global energy market.
The biggest driver for energy storage is the need for a reliable clean energy source that can ensure the success of the global movement to reduce greenhouse gas emissions (GHGs). It is estimated that the pumped storage market size will surpass $390 Billion by 2024. The demand can be seen from Australia to California, the United Kingdom to China. Pumped hydro, which already accounts for 97% of installed energy storage capacity, is rapidly growing.