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Pumped Hydro Storage Market Trends & Forecast 2024-2033
Pumped Hydro Storage Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Technological advancement is the key trend gaining popularity in the pumped hydro storage market. Major companies operating in the pumped hydro storage market are focusing on developing new technologies to sustain their position in the market. For instance, in February 2023, Hitachi Energy Ltd., a US-based power technology company, launched SFC, the static frequency converter solution using modular multi-level technology for a pumped hydro storage plant in Europe. This technology's unique feature is its capacity to reduce power losses, boost revenue, and enable grid integration of additional solar and wind power for a more sustainable energy future. Through improved plant efficiency and grid stabilization, this technology and application are transforming the world's energy system into one that is more secure, adaptable, and sustainable.
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Major Key Players of the Market:
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.
Pumped Hydro Storage Market 2024 Key Insights:
• 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%.
• Surging Electricity Demand Propels Growth In Pumped Hydro Storage Market
• Innovative Technologies Drive Momentum In The Pumped Hydro Storage Market
• Asia-Pacific was the largest region in the pumped hydro storage market in 2023
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