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.
Global Pumped Hydro Storage Market, Type( Open Loop, Closed Loop )By Region (North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa) as per Coherent Market Insights.
Driver
The Pumped Hydro Storage Market Is Growing
The pumped hydro storage market is growing on account of increasing government focus on reducing GHG (Greenhouse Gases)emissions and adopting sustainable energy technologies. The technology's flexibility in power output, low operational costs, and high storage capacity will further support its growth. Furthermore, government policies aimed at enhancing the grid infrastructure and adapting to climate change will also aid the industry's future prospects.
Market Opportunities
Surging electricity demand due to a growing population
Surging electricity demand due to a growing population is projected to provide major growth opportunities for key players in the near future. According to the United Nations, the world’s population is expected to increase by 2 billion people in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050, and could peak at nearly 11 billion around 2100.
Market Restraints
High initial investment required for setting up plant
Setting up a pumped hydro storage plant requires a significant initial investment, which can be a barrier to entry for new projects. The cost of building a pumped hydro storage plant depends on several factors, including the size of the plant, the location, and the complexity of the project. high initial investment required for setting up a pumped hydro storage plant can be a significant barrier to entry for new projects. The cost of building a pumped hydro storage plant can be substantial, and this can make it difficult for smaller companies or projects to secure funding. This can limit the growth of the market and slow down the adoption of pumped hydro storage technology.
Key Takeaways:
The open loop segment held a dominant position in the Global Pumped Hydro Storage Market in 2022, accounting for 68% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pumped-hydro-storage-market-5307
Market Trends
The Increasing Implementation of Closed-Loop Pumped Hydro Storage Projects
The increasing implementation of closed-loop pumped hydro storage projects by regional players in countries such as the U. S. to expand their market presence is another major trend observed in the market. For instance, Absaroka Energy, LLC, a U.S.based renewable energy company, is developing the Gordon Butte closed-loop pumped hydro storage project, which is located in Montana. The project was licensed in 2016, and construction was set to start in July 2020 but was extended due to the COVID-19 outbreak.
Competitive Section:
Company Names
Key Companies
- Duke Energy Corporation
- EON SE
- Enel SPA
- Electricite de France SA (EDF)
- Iberdrola SA
- General Electric Company
- Siemens AG
- Andritz AG
- Mitsubishi Heavy Industries, Ltd
- Voith GmbH & Co. KGaA
- Ansaldo Energia SpA
