Navigating the Future: Pumped Hydro Storage Market Trends and Forecast Insights, 2025 Edition

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What Is the Expected CAGR for the Pumped Hydro Storage Market Through 2025?
In recent times, the market size of pumped hydro storage has seen robust growth. The market, which is projected to expand from $408.33 billion in 2024 to $442.04 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 8.3%. This growth during the historical period can be linked to factors such as the need for energy storage solutions, the necessity for grid stability and reliability, the integration of renewable energy, the changing dynamics of the electricity market, and the expansion of hydropower.

What's the Projected Size of the Global Pumped Hydro Storage Market by 2029?
In the upcoming years, there is a prediction of steady growth in the pumped hydro storage market size, which is anticipated to reach $642.15 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 9.8%. The expansion during the forecast period can be credited to the rising capacity of renewable energy, the emphasis on decentralized energy systems, the shift towards and electrification of energy, the pairing with variable renewable resources, and the combination of hybrid energy storage systems. Some of the notable trends expected during the forecast period involve enhancements in storage technologies, increased implementation of pumped hydro storage, the changeover and balance of the energy grid, developments in pumped storage techniques, global proliferation of pumped storage schemes, market trends in refurbishments and enhancements.

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Top Growth Drivers in the Pumped Hydro Storage Industry: What's Accelerating the Market?
The demand for electricity is anticipated to drive the expansion of the pumped hydro storage market in the future. Electricity characterizes the conveyance of electrical energy or charge. The annual increase in the demand for electricity is due to growing prosperity and intensifying commercial activities. Pumped hydro storage facilities generate electricity by letting water pass through a turbine generator. Consequently, the escalating demand for electricity is presumed to propel the pumped hydro storage market. For example, a report by the International Energy Agency (IEA), a French inter-governmental organization that provides credible energy data, stated in February 2022 that global economic recovery could result in nearly a 5% increase in worldwide electricity demand in 2021 and a 4% rise in 2022. Moreover, according to the Energy Information Administration, a US-based government energy agency, total US electricity consumption in April 2023 witnessed a 2.6% surge, reaching 4.05 trillion kWh in 2022. Hence, the increasing demand for electricity is fueling the growth of the pumped hydro storage market.

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What Trends Will Shape the Pumped Hydro Storage Market Through 2029 and Beyond?
The main trend gaining traction in the pumped hydro storage market is the progression of technology. To maintain their market positions, leading businesses in the pumped hydro storage market are focused on inventing fresh technologies. For instance, Hitachi Energy Ltd., a power technology firm based in the US, introduced SFC, a static frequency converter solution based on modular multi-level technology, at a European pumped hydro storage plant in February 2023. This technology stands out for its ability to cut power losses, improve revenue, and facilitate the integration of more solar and wind energy into the grid, leading to a sustainable energy future. With the enhanced plant operation and grid stabilization provided by this technology and application, the global energy system is transforming into one that is more secure, flexible, and environmentally friendly.

What Are the Main 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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Which Top Companies are Driving Growth in the Pumped Hydro Storage Market?
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.

Which Regions Will Dominate the Pumped Hydro Storage Market Through 2029?
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.

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