Pumped Hydro Storage Market is expected to reach US$ 666.38 billion by 2032 | ANDRITZ Hydro GmbH, General Electric Company, Voith Hydro Holding GmbH & Co. KG, Siemens Energy AG, Toshiba Energy Systems & Solutions

Global pumped hydro storage market reached US$ 332.12 billion in 2024 and is expected to reach US$ 666.38 billion by 2032, growing with a CAGR of 9.20% during the forecast period 2025-2032.

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Industry Recent Developments 2025:

✅ (May 2, 2025) JSW Neo Energy (India) signed a 40-year PHSPPA (Pumped Hydro Storage Power Procurement Agreement) with Uttar Pradesh Power Corporation Ltd (UPPCL) for 1,500 MW / 12,000 MWh of PHS.

✅ (April 23, 2025) Adani Green Energy also signed a PPA with UPPCL for 1,250 MW of pumped-hydro capacity.

✅ (April 4, 2025) The Earba pumped storage hydro project in Scotland (by Gilkes Energy) secured planning consent. It will be a 1.8 GW / 40 GWh scheme - among the largest in the UK.

✅ (2025) The Glen Earrach Energy pumped hydro scheme (Scotland) - proposed capacity ~2 GW and 30 GWh storage - continues to progress, with planning and community engagement underway.

✅ (2025) Drax (UK) secured capacity deals worth up to £56 million for delivery from its pumped storage / hydro plants (from 2028-2029).

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Market Growth Drivers:

✅ Renewable Energy Integration: The rising adoption of intermittent renewables (wind, solar) is increasing the need for long-duration storage; pumped hydro provides a mature, cost-effective solution.

✅ Grid Stabilization & Peak‐Load Management: Utilities use pumped hydro to balance supply-demand, smooth peaks, and improve grid reliability.

✅ Technological Advances & Modernization: Closed-loop systems (which don't rely on natural rivers) are gaining traction due to a lower environmental impact and faster permitting.

✅ Supportive Policies & Investments: Government incentives, regulatory backing, and infrastructure investments globally (especially in Asia and Europe) are fueling project pipelines.

✅ Asset Upgrades: Many older hydropower facilities are being modernized or converted to pumped storage, which is more economical than building entirely new capacity.

Regional Share:

➠ The Asia-Pacific region dominates the global pumped hydro storage market, contributing the largest share of installed capacity. Countries such as China, India, and Japan lead the region due to abundant hydrological resources, favorable topography, and strong government support for renewable energy integration. China, in particular, has an extensive pipeline of new pumped storage projects, aiming to enhance grid flexibility and support the massive rollout of solar and wind energy across the country.

➠ In Europe, the market is mature, with countries like Switzerland, Germany, and Spain having significant installed capacities. European growth is driven by decarbonization policies, the need for grid stability, and modernization of existing pumped storage plants. The region is increasingly investing in closed-loop systems and high-efficiency technologies to improve operational flexibility and meet renewable integration targets.

➠ North America represents a growing market for pumped hydro storage, with the United States and Canada investing in new projects to strengthen grid resilience and accommodate intermittent renewable energy. Government incentives, regulatory reforms, and increasing emphasis on long-duration energy storage are key factors driving regional growth.

Segments Covered in the Pumped Hydro Storage Market:

By Type (Open-Loop Systems, Closed-Loop Systems)

By Plant Type (Pure Pumped Storage Plants, Mixed Pumped Storage Plants)

By Storage Capacity (500 MW)

By Application (Grid Stabilization & Frequency Regulation, Load Shifting, Renewable Energy Integration, Energy Arbitrage, Others)

Regional Analysis for Pumped Hydro Storage Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Major Key Players: ANDRITZ Hydro GmbH, General Electric Company, Voith Hydro Holding GmbH & Co. KG, Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Hitachi Energy Ltd., Mitsubishi Power Ltd., Dongfang Electric Corporation, Harbin Electric Machinery Company Limited, and Bharat Heavy Electricals Limited.

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