Press release
Pumped Hydro Storage Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Pumped Hydro Storage
The pumped hydro storage market is poised to grow due to increasing electricity demands. Electricity is a power transmission or charge, whose demand has been continuously rising due to increasing wealth and heightened business operations. The production of electricity in a pumped hydro storage facility typically involves directing water to pass through a turbine generator. Thus, the surging demand for electricity is set to stimulate the pumped hydro storage market. A case in point is a report by the International Energy Agency (IEA) in February 2022. This French inter-governmental organization, known for its credible gathering and dissemination of energy information, stated that the global recovery from the financial crisis is projected to push the demand for electricity globally to approximately 5% in 2021 and 4% in 2022. In line with this, according to the Energy Information Administration, a US government agency handling energy matters, in April 2023 total electricity consumption in the US escalated by 2.6%, totalling 4.05 trillion kWh in 2022. Hence, this increasing demand for electricity is fuelling the expansion of the pumped hydro storage market.
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How will the growth rate of the pumped hydro storage market shape industry trends by 2034?
In recent years, the pumped hydro storage market has seen robust growth. It is projected to expand from a market size of $408.33 billion in 2024 to $442.04 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.3%. This growth during the historical period is due to the demand for energy storage solutions, the need for grid stability and reliability, the integration of renewable energy, the dynamics of the electricity market, and the expansion of hydropower.
The market size for pumped hydro storage is anticipated to witness robust growth in the next several years. By 2029, it is projected to rise to $642.15 billion with a compound annual growth rate (CAGR) of 9.8%. This growth during the forecast timeline is primarily due to the expansion of renewable energy capacity, the emphasis on decentralized energy systems, and the progression of energy transition and electrification, combined with their integration with flexible renewable sources and hybrid energy storage systems. Key trends for the upcoming period encompass the evolution in storage technologies, the escalated implementation of pumped hydro storage, and the balancing of energy transition and grids. Further trends include technological advancements in pumped storage, the worldwide expansion of pumped storage projects, and market trends related to upgrades and retrofits.
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What trends are poised to drive the future success of the pumped hydro storage market?
Technological innovation is the predominant trend gaining traction in the pumped hydro storage industry. The main businesses participating in the pumped hydro storage sector are concentrating on devising new technological solutions to maintain their market presence. To illustrate, Hitachi Energy Ltd, an American power technology establishment, unveiled the SFC - a static frequency converter solution leveraging modular multi-level technology for a pumped hydro storage facility in Europe, in February 2023. The standout attribute of this technology is its ability to cut power waste, enhance profits, and facilitate the incorporation of more solar and wind power into the grid for a greener energy outlook. This technology, together with its application, is revolutionizing the global energy system, making it safer, more flexible, and more eco-friendly by enhancing plant efficacy and grid stability.
Which primary segments of the pumped hydro storage market are driving growth and industry transformations?
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
Subsegments:
1) By Open-Loop: Lake-Based Systems, River-Based Systems
2) By Closed-Loop: Underground Reservoirs, Above-Ground Reservoirs
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Which geographical regions are pioneering growth in the pumped hydro storage market?
Asia-Pacific was the largest region in the pumped hydro storage market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the pumped hydro storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the pumped hydro storage market landscape?
Major companies operating in the pumped hydro storage market include 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, 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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What Is Covered In The Pumped Hydro Storage Global Market Report?
•Market Size Forecast: Examine the pumped hydro storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the pumped hydro storage market for a structured understanding.
•Key Players Overview: Analyze major players in the pumped hydro storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pumped hydro storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the pumped hydro storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pumped hydro storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the pumped hydro storage market.
•Competitive Landscape: Review strategic developments in the pumped hydro storage market, including expansions, agreements, and new product launches.
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