Press release
Pumped Hydro Storage Global Market Report 2024 - By Growth, Demand, Drivers, Size, Share, Outlook By 2033
The Business Research Company presents an extensive market research report on the Pumped Hydro Storage Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market 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.
Market Drivers:
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.
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https://www.thebusinessresearchcompany.com/report/pumped-hydro-storage-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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