Pumped Hydro Storage Market in India Size, Forecast 2023-2028

The India pumped hydro storage market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.75% during 2023-2028.

The growing emphasis on building a robust energy infrastructure, the increasing participation of private players across the globe, along with numerous public-sector undertakings, the augmenting trend of renovating aging dams and promotion of sustainable energy solutions are among the key factors driving the market growth.

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Factors Affecting the Growth of the India Pumped Hydro Storage Industry:

• Increasing Focus on Renewable Energy Sources:

The escalating demand for pumped hydro storage due to the rising focus on renewable energy sources is impelling the growth of the market in India. Renewable energy, such as wind and solar, are inherently intermittent, dependent on weather conditions that pose challenges to grid stability. Pumped hydro storage addresses this issue by acting as a reliable energy source. Apart from this, during periods of excess renewable energy generation, such as sunny days or windy nights, surplus electricity is used to pump water from a lower reservoir to an upper reservoir. The stored water is efficiently released when energy demand rises, or renewable energy generation decreases.

• Growing Need for Reliable Power Supply:

The increasing demand for electricity to perform various tasks is contributing to the growth of the market. In addition, ensuring a reliable power supply is crucial to support industrial and residential needs in the country. Pumped hydro storage systems play a critical role in grid reliability. They can respond rapidly to sudden changes in electricity demand, making them valuable during peak load periods. Apart from this, pumped hydro storage helps prevent grid instability and blackouts by providing a quick and responsive source of power. They also assist in ensuring that people have access to a consistent and uninterrupted power supply.

• Rising Preferences for Diversifying Energy Mix:

The growing need to reduce carbon emissions, along with the rising focus on expanding the share of clean energy in the energy mix, is strengthening the growth of the market. Apart from this, governing agencies in India are setting ambitious targets for renewable energy capacity expansion. Pumped hydro storage aligns with these objectives by facilitating the efficient utilization of renewable energy. Excess energy generated from renewable sources can be stored in the form of gravitational potential energy and reduce the need for fossil fuel-based power plants while enhancing energy security.

India Pumped Hydro Storage Market Report Segmentation:
By Type:

• Open-Loop
• Closed-Loop

Open-loop represented the largest market share as it utilizes natural water sources for its operation.

By Sources:

• Natural Reservoirs
• Man-Made Reservoirs

On the basis of sources, the market has been bifurcated into natural reservoirs and man-made reservoirs.

Regional Insights:

• North India
• West and Central India
• South India
• East India

South India dominates the India pumped hydro storage market on account of favorable government initiatives.

India Pumped Hydro Storage Market Trends:

Advancements in pumped hydro storage technology, such as improved turbine efficiency and control systems, are making these systems more cost-effective and efficient. Traditional pumped hydro systems have fixed-speed turbines, which limits their ability to respond quickly to fluctuating energy demands. On the other hand, variable speed technology enables turbines to adjust their speed rapidly and provide faster response times and improved grid stability.
The rising focus on adopting energy storage solutions with minimal environmental impact is impelling the market growth in the country. Pumped hydro storage is also considered relatively eco-friendly as compared to some other storage technologies.

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