The Global Pumped Hydro Storage Market was valued at US$ 348.25 Bn in 2023, exhibiting a CAGR of 6.9% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 554.21 Bn by 2030. The market for pumped hydro storage systems is growing at a fast rate. The increasing demand for flexible energy sources is driving the installation of new projects. In addition, the demand for renewable energy is growing rapidly. As renewable energy sources become more prevalent, more governments are implementing programs to support them. Stringent government regulations are also driving the renewable energy market’s growth, which, in turn, augments PHS (Pumped hydro storage )market growth. Other factors contributing to the market’s growth include the implementation of new government targets that aim to reduce carbon emissions. These initiatives will further boost the market's adoption of PHS technology.
COVID-19 Impact on Global Pumped Hydro Storage Market
The COVID-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by the government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risk. Additionally, various companies shutdown their manufacturing units, which had an adverse impact on the pumped hydro storage market.
Global Pumped Hydro Storage Market- Drivers
Global Pumped Hydro Storage Market- Restraints
Global Pumped Hydro Storage Market- Segmentation
Based on type, the market is segmented into open-loop and closed-loop. Out of which, open-loop is expected to dominate the global market over the forecast period, and this is attributed to the high adoption of open-loop pump projects across developed countries. According to the International Hydropower Association, by the end of 2020, Europe had a significant number of open-loop pumped hydro storage projects, and India had a total of eight operational open-loop pumped hydro storage projects with a total power generation capacity of more than 2.5 GW. The closed-loop segment is also expected to witness significant growth in the near future, owing to its high reliability, flexibility, and power output.
Figure 1: Global Pumped Hydro Storage Market, By Application, 2023
Global Pumped Hydro Storage Market- Opportunities
Pumped Hydro Storage Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 348.25 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.9%||2030 Value Projection:||US$ 554.21 Bn|
Operators (Duke Energy Corporation, EON SE, Enel SPA, and Electricite de France SA, and Iberdrola SA) Technology Providers (General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries, Ltd, Voith GmbH & Co. KGaA, and Ansaldo Energia SpA)
|Restraints & Challenges:||
Global Pumped Hydro Storage Market- Trends
Global Pumped Hydro Storage Market- Regional Insights
Asia Pacific is projected to hold a leading position in the global pump hydro storage market over the forecast period owing to the increasing installment of pumped hydro storage capacity in the region. According to the Coherent Market Insights analysis, as of 2022, North America has 23.03 GW of pumped hydro storage capacity, most of which is concentrated in the U.S.This is primarily attributed to the nation’s large hydropower capacity, around 102 GW as of 2022. Though Canada also sits on a massive 82 GW of hydropower capacity, the country has yet to fully utilize its pumped hydro storage capacity since it only has 117 MW of the discussed technology. Europe is projected to hold the second-leading position in the global market over the forecast period owing to the increasing developments associated with pumped hydro storage in the region. Moreover, the 2022 years presented a key milestone toward decarbonization in the European Union, as all renewable sources together generated more electricity than conventional fuels for the first time.
Figure 2: Global Pumped Hydro Storage Market, By Region, 2023
Global Pumped Hydro Storage Market- Key Developments
Global Pumped Hydro Storage Market- Key Players
Major players operating in the global pumped hydro storage market are Operators (Duke Energy Corporation, EON SE, Enel SPA, and Electricite de France SA, and Iberdrola SA) Technology Providers (General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries, Ltd, Voith GmbH & Co. KGaA, and Ansaldo Energia SpA)
Definition: Pumped hydro storage uses water to store energy. A pumped hydro system's effective energy storage capacity is measured in GWh, or gigawatt hours. The volume of water required for a single GWh of energy storage is about a gigalitre. An off-river pumped hydro system can store as much as 20 GWh of energy.
Frequently Asked Questions