Pumped Hydro Storage Global Market Size, Share Report, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033

Overview and Scope
Pumped hydro storage refers to structures that transfer water-based energy from one reservoir to another at a lower height. It is one of the few large-scale, cost-effective ways to store and distribute electricity to increase grid dependability.

Sizing and Forecast
The pumped hydro storage market size has grown strongly in recent years. It will grow from $378.79 billion in 2023 to $412.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%.  The growth in the historic period can be attributed to need for energy storage solutions, grid stability and reliability, renewable energy integration, electricity market dynamics, hydropower expansion.

The pumped hydro storage market size is expected to see strong growth in the next few years. It will grow to $579.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.  The growth in the forecast period can be attributed to growing renewable energy capacity, focus on decentralized energy systems, energy transition and electrification, integration with variable renewable sources, hybrid energy storage systems. Major trends in the forecast period include advancements in storage technologies, increased deployment of pumped hydro storage, energy transition and grid balancing, advancements in pumped storage technologies, global expansion of pumped storage projects, market trends in retrofits and upgrades.

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Segmentation & Regional Insights
The pumped hydro storage market covered in this report is segmented –
1) By Type: Open-Loop, Closed-Loop
2) By Source: Natural Reservoirs, Man-Made Reservoirs
3) By End User: Government Agency, Grid Operators, Electricity Utilities, Other End Users

Asia-Pacific was the largest region in the pumped hydro storage market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the pumped hydro storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising electricity demand is expected to boost the growth of the pumped hydro storage market going forward. Electricity refers to the transmission of electrical power or charge. Due to rising prosperity and increased commercial activity, electricity demand is growing annually. Electricity is produced by allowing water to flow through a turbine generator in a pumped hydro storage facility. Hence, the rising electricity demand is expected to boost the pumped hydro storage market. For instance, in February 2022, according to the report published by the International Energy Agency (IEA), a France-based inter-governmental organization that collects and distributes authoritative energy data, the global economic recovery is expected to drive an increase in worldwide electricity demand of close to 5% in 2021 and 4% in 2022. Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, rising electricity demand is driving the growth of the pumped hydro storage market.

Key Industry Players
Major companies operating in the pumped hydro storage market report are The EDF Group, Enel Group, Electricite de France SA (EDF), Hitachi Energy Ltd., General Electric Co, Iberdrola SA, Mitsubishi Heavy Industries Ltd., Siemens Energy AG, ABB Ltd., Duke Energy Corporation, Chubu Electric Power Company Inc., Statkraft AS, Eskom, Genex Power Limited, Alstom Pvt Ltd., Andritz Group, Dongfang Electric, Voith GmbH & Co KGaA, China Three Gorges Corporation, Snowy Hydro Limited, Northland Power, Ansaldo Energia SpA, Greenko Group, EON SE, Toshiba Energy System & Solutions Corporation, San Diego County Water Authority, RusHydro, FirstLight Power, Schluchseewerk, Gridflex Energy, National Grid plc, NextEra Energy Inc.

The pumped hydro storage market report table of contents includes:
1. Executive Summary
2. Pumped Hydro Storage Market Report Structure
3. Pumped Hydro Storage Market Trends And Strategies
4. Pumped Hydro Storage Market – Macro Economic Scenario
5. Pumped Hydro Storage Market Size And Growth
…..
32. Global Pumped Hydro Storage Market Competitive Benchmarking

33. Global Pumped Hydro Storage Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Pumped Hydro Storage Market

35. Pumped Hydro Storage Market Future Outlook and Potential Analysis

36. Appendix

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