Surging Electricity Demand Propels Growth In Pumped Hydro Storage Market Emerges as a Core Driver of the Pumped Hydro Storage Market in 2025

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What Is the Expected CAGR for the Pumped Hydro Storage Market Through 2025?
There has been a considerable surge in the size of the pumped hydro storage market recently. It is projected to ascend from $408.33 billion in 2024 to a robust figure of $439.14 billion in 2025, registering a compound annual growth rate (CAGR) of 7.5%. Factors such as the requirement for energy storage solutions, electricity market dynamics, the demand for grid stability and reliability, the integration of renewable energy, and the expansion of hydropower have significantly fueled the growth witnessed in the historic period.

What's the Projected Size of the Global Pumped Hydro Storage Market by 2029?
It is projected that the pumped hydro storage market will experience robust growth in the upcoming years, reaching a value of $636.58 billion in 2029 with a compound annual growth rate (CAGR) of 9.7%. This predicted growth over the forecast period is due to factors such as increasing renewable energy capacity, emphasis on decentralized energy systems, strides towards energy transition and electrification, incorporation of variable renewable resources, and intermingled energy storage systems. The forecast period will also witness major trends including progress in storage technology, heightened usage of pumped hydro storage, balance between energy transition and grid, advancements in pumped storage methodologies, worldwide expansion of pumped storage projects, along with market trends in refurbishments and upgradation.

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Top Growth Drivers in the Pumped Hydro Storage Industry: What's Accelerating the Market?
The pumped hydro storage market is expected to grow due to an increase in electricity consumption. This increase is most likely to occur because of greater prosperity and intense business activities, which makes the demand for electricity increase every year. Pumped hydro storage facilities are designed to produce electricity by allowing water to run through a turbine generator, thus any increase in electricity demand directly impacts the growth of their market. According to a report published by the International Energy Agency (IEA), a France-based inter-governmental organization in February 2022, the global economy's recovery should lead to a nearly 5% rise in global electricity demand in 2021, and another 4% in 2022. Moreover, as per the Energy Information Administration, an agency for energy in the US, the total US electricity consumption saw an uptick by 2.6%, reaching 4.05 trillion kWh in 2022. Therefore, a surge in electricity demand 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 rise of technological innovations is a major trend in the pumped hydro storage market. To maintain a competitive edge, leading companies in this industry are investing in the creation of new technologies. For instance, Hitachi Energy Ltd., an American power technology firm, introduced SFC in February 2023. It's a static frequency converter solution that utilizes modular multi-level technology for a European pumped hydro storage facility. This particular technology stands out because of its ability to minimize power losses, increase profits, and facilitate the integration of additional wind and solar power into the grid, paving the way for a more sustainable energy future. It is revolutionizing the global energy system by strengthening plant efficiency and stabilizing the grid, resulting in a system that is more secure, adaptable, and environmentally friendly.

What Are the Main Segments in the Pumped Hydro Storage Market?
The pumped hydro storagemarket 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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