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India Pumped Hydro Energy Storage (PHS) Plant Industry Analysis
The Pumped Hydro Energy Storage (PHS) Plant industry in India is currently experiencing a surge in construction of new projects. This is due to the increasing demand for renewable energy sources and the need for energy storage solutions to balance the intermittent nature of renewable energy generation.
The PHS technology involves pumping water from a lower reservoir to a higher reservoir during times of low energy demand and releasing it back down to generate electricity during peak demand periods. This technology has been in use for decades and is considered one of the most efficient and cost-effective energy storage solutions.
The major drivers of the PHS industry in India are the government's push towards renewable energy and the increasing demand for electricity. The Indian government has set a target of achieving 175 GW of renewable energy capacity by 222, which includes 1 GW of solar, 6 GW of wind, 1 GW of bioenergy, and 5 GW of small hydro. To achieve this target, the government has introduced various policies and incentives to promote renewable energy, including the National Wind-Solar Hybrid Policy and the KUSUM scheme.
The increasing demand for electricity in India is also driving the growth of the PHS industry. The country's population is expected to reach 1.7 billion by 25, and the demand for electricity is expected to triple by 24. This presents a significant challenge for the country's power sector, which is already struggling to meet the current demand.
To address this challenge, the Indian government is investing heavily in the power sector, including the construction of new PHS plants. The government has set a target of installing 1 GW of pumped hydro storage capacity by 23, which is expected to provide a significant boost to the PHS industry.
The outlook for the PHS industry in India is positive, with the increasing demand for renewable energy and the need for energy storage solutions driving the growth of the industry. The construction of new PHS plants is expected to continue in the coming years, providing opportunities for companies in the industry.
In conclusion, the PHS industry in India is experiencing a surge in construction of new projects due to the increasing demand for renewable energy and the need for energy storage solutions. The major drivers of the industry are the government's push towards renewable energy and the increasing demand for electricity. The outlook for the industry is positive, with the construction of new PHS plants expected to continue in the coming years.
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