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Surging Electricity Demand Propels Growth In Pumped Hydro Storage Market: An Emerging Driver Transforming The Pumped Hydro Storage Market Landscape
Pumped Hydro Storage
What Is the Pumped Hydro Storage Market Size and Projected Growth Rate?
The market size for pumped hydro storage has been experiencing substantial growth over the past few years. It's predicted to increase from a value of $408.33 billion in 2024 to $442.04 billion in 2025, representing a compound annual growth rate (CAGR) of 8.3%. Factors such as the demand for energy storage solutions, grid stability and reliability, integration of renewable energy, dynamics of the electricity market, and the expansion of hydropower have all contributed to this growth during the historic period.
The market size for pumped hydro storage is projected to witness significant expansion in the coming years, escalating to a value of $642.15 billion in 2029 with a compound annual growth rate (CAGR) of 9.8%. The expected growth during the forecast period is driven by factors such as the increase in renewable energy capacity, emphasis on decentralized energy systems, progress in energy transition and electrification, integration with variable renewable resources, and hybrid energy storage systems. Key trends throughout the forecast timeframe are the development of storage technologies, the augmented rollout of pumped hydro storage, the advancement in the transition of energy and maintaining grid balance, progress in pumped storage technologies, the worldwide spread of pumped storage proposals, and market trends in restorations and enhancements.
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What Are the Major Segments in the Pumped Hydro Storage Market?
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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What Are The Driving Pumped Hydro Storage Market Evolution?
Anticipated surges in electricity usage could potentially stimulate the expansion of the pumped hydro storage market. Electricity, defined as the transfer of electrical power or charge, is seeing yearly increase in demand, due largely to improved living standards and heightened commercial operations. Pumped hydro storage facilities generate electricity by directing water flow through a turbine generator. Consequently, the increase in electricity demand stands to benefit the pumped hydro storage market. To illustrate, the International Energy Agency (IEA), an inter-governmental organization based in France that provides trustworthy energy data, reported in February 2022 that global economic recovery is projected to result in a nearly 5% global electricity demand increase in 2021, with a further 4% increase anticipated in 2022. Additionally, the Energy Information Administration (EIA), a US government body responsible for energy affairs, reported in April 2023 that total US electricity consumption rose by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, the growth of the pumped hydro storage market is being fueled by the escalating demand for electricity.
Which Firms Dominate The Pumped Hydro Storage Market Segments?
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.
What Trends Are Driving Growth in The Pumped Hydro Storage Market?
The rise in tech advancements is a notable trend within the pumped hydro storage industry. Many major companies in this sector are emphasizing the creation of innovative technology to help them retain a foothold in the market. For example, in February 2023, Hitachi Energy Ltd., an American power technology firm, introduced SFC, a static frequency converter solution utilizing modular multi-level technology, for a pumped hydro storage plant in Europe. What sets this technology apart is its ability to decrease power losses, increase revenue, and facilitate the integration of more solar and wind power into the grid, for a greener energy future. This innovation and its implementation are revolutionizing the energy system, making it more secure, flexible, and eco-friendly with enhanced plant productivity and grid stability.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pumped Hydro Storage Market?
2. What is the CAGR expected in the Pumped Hydro Storage Market?
3. What Are the Key Innovations Transforming the Pumped Hydro Storage Industry?
4. Which Region Is Leading the Pumped Hydro Storage Market?
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