Pumped Hydro Storage Market Poised for 6.9% CAGR Growth, Projected to Reach US$ 554.21 Bn by 2031 | Operators (Duke Energy Corporation

Market Overview:

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.

Market Dynamics:

Pumped hydro storage systems are gaining more traction owing to the rising demand for renewable energy sources such as solar and wind power. Storage plays a crucial role in solar and wind power generation as the energy from these sources cannot be dispatched on demand due to the intermittent nature. Pumped hydro storage helps balance the fluctuations from renewable sources by storing excess energy that can be utilized when the wind and sun are unavailable. Additionally, many countries are formulating ambitious renewable energy targets to reduce carbon emissions. For instance, the European Union aims to get 32% of its total energy from renewable sources by 2030 under the EU renewable energy directive. This increasing adoption of renewables is expected to drive the growth of the pumped hydro storage market over the forecast period.

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Pumped hydroelectric energy storage - need for grid reliability as renewable energy capacity increases

Environmental and social concerns pose challenges to growth

While pumped hydro storage provides a viable solution to integrate renewable energy, setting up large hydropower projects also involves various environmental and social challenges. Building new dams and reservoirs requires large tracts of land which can displace local communities and impact biodiversity in the region. Construction activities also disturb the local habitat. Moreover, drawing water from rivers to operate the facilities can impact downstream water flows and aquatic ecosystems. Gaining necessary approvals and addressing local concerns over environmental and resettlement issues increases project lead times and costs. Strong opposition from environmental and social groups over these issues has stalled or delayed several planned pumped hydro projects in recent years. Developing solutions to mitigate environmental impacts and addressing local concerns will be key to realize the long-term potential of pumped hydro storage expansion.

Opportunities for renewable energy and battery hybrid solutions

While pumped hydro storage remains important for providing bulk energy storage over longer durations, technological advances are opening up opportunities for hybrid solutions combining batteries with variable renewable energy projects. Lithium-ion batteries have emerged as a viable technology for supporting renewable energy integration at the distribution level over shorter timescales of a few hours. Pairing battery energy storage systems with large-scale solar and wind farms can help maximize power generation and revenue by allowing projects to store surplus renewable energy in batteries and discharge power when prices are higher in the day-ahead market. Hybrid projects coupling pumped hydro storage, batteries and renewables offer synergies and revenue streams across generation, energy trading and ancillary grid services. More such hybrid models are expected to be commercially viable and deployed worldwide in the coming years.

Artificial intelligence and blockchain enabling new pumped hydro business models

Emerging technologies are poised to transform pumped hydro storage operations and unlock new commercial avenues. Application of artificial intelligence and machine learning can optimize pumped hydro facility operations, coordinate with variable renewable energy resources and electricity markets in real-time to maximize revenues. Blockchain technology on the other hand can facilitate transaction of electricity imports and exports between pumped hydro facilities and the grid in a secure, decentralized manner. This would enablesetting up of independent power producer business models for pumped hydro owners without being tied to a single utility. Increased digitalization of assets coupled with these new technologies is expected to make pumped hydro storage a more flexible, distributed resource supporting the transformation of power grids worldwide to accommodate high shares of renewable energy.

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Top Companies Featured in This Report:

• Operators (Duke Energy Corporation
• EON SE
• Enel SPA
• Electricite de France SA
• Iberdrola SA) Technology Providers (General Electric Company
• Siemens AG
• Andritz AG
• Mitsubishi Heavy Industries
• Ltd
• Voith GmbH & Co. KGaA
• Ansaldo Energia SpA)

Market Segmentation:

By Product Type:

• By Type: Open Loop, Closed Loop

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Inquiries Addressed in this Report include:

📈 What was the size of the Pumped Hydro Storage Market Market in 2024, and what is the projected value by 2031?

📈 What is the present global market landscape for the Pumped Hydro Storage Market Market?

📈 What strategies offer optimal opportunities for growth maximization in the business?

📈 What recent trends are shaping the Pumped Hydro Storage Market Market?

📈 How does the market share of Pumped Hydro Storage Market Market revenue, sales, and size vary across specific geographical regions?

📈 Who are the prominent industry players in the Pumped Hydro Storage Market Market?

📈 Which segment of the Pumped Hydro Storage Market Market is experiencing heightened demand?

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Pumped Hydro Storage Market sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

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