Press release
Pumped Hydro Storage Market Key Trends, Insights, Analysis 2024-2033: A Comprehensive Report
Pumped Hydro Storage Market
The Business Research Company offers in-depth market insights through Pumped Hydro Storage Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Surging Electricity Demand Propels Growth In Pumped Hydro Storage Market
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.
Competitive Landscape:
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.
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Top Trend - Strategic Collaborations Propel Pumped Hydro Storage Market Leadership
Major companies operating in the pumped hydro storage market are undergoing into strategic collaborations to sustain their position in the market. Strategic collaborations are crucial for advancing pumped hydro storage, expanding market reach, mitigating risks, and ensuring successful development and integration into the broader energy landscape. For instance, in August 2023, Adani Group, an India-based multinational conglomerate, and Greenko Group, an India-based Renewables Company, have joined forces for a pioneering partnership in India's energy sector. This collaboration underscores their commitment to large-scale renewable energy integration. Greenko will provide up to 1GW of firm and dispatchable renewable energy, including round-the-clock power, to Adani's proposed industrial complex. The unique venture aims to establish a green industrial complex, with Greenko offering 6 GWh of long-duration hydro storage capacity from its 'Off-Stream Closed-Loop Pumped Storage Project' in Madhya Pradesh and Rajasthan.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pumped Hydro Storage Market Characteristics
3. Pumped Hydro Storage Market Trends And Strategies
4. Pumped Hydro Storage Market - Macro Economic Scenario
5. Pumped Hydro Storage Market Size And Growth
…..
27. Pumped Hydro Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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