Press release
Pumped Hydro Storage Market Set for Robust Growth to USD 666.38 Billion by 2032, Led by Europe's 59% Market Share | DataM Intelligence
Pumped Hydro Storage Market
Market growth is driven by increasing global emphasis on grid stability, rising integration of variable renewable energy sources such as solar and wind, and expanding investments in long-duration energy storage solutions. Additionally, supportive government policies, modernization of aging hydropower infrastructure, and growing demand for reliable peak-load management are further strengthening the adoption of pumped hydro storage systems worldwide.
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United States: Key Industry Developments
✅ October 2025: The US Department of Energy advanced research on thousands of sites for closed-loop pumped hydro storage systems, highlighting environmental benefits and enhanced grid support for renewable integration.
✅ September 2025: Utilities increased investments in hybrid pumped hydro projects paired with solar and wind, improving energy output reliability amid rising clean energy demands.
✅ August 2025: The Department of Energy's Water Power Technologies Office upgraded studies on nationwide pumped hydro potential, focusing on grid stability and long-duration storage capabilities.
Europe: Key Industry Developments
✅ October 2025: Iberdrola received €108 million from the European Investment Bank to refurbish and uprate pumped hydro plants in Spain, enhancing reservoir efficiency and peak capacity under the EU's grid-modernization roadmap.
✅ September 2025: The EU's Projects of Common Interest list advanced 12 pumped storage schemes with streamlined permitting, accelerating deployment to support renewable integration across member states.
✅ August 2025: Europe's PSH development pipeline reached 52.9 GW, with 3 GW under construction including key projects in the UK and Alps, driven by policy reforms for grid flexibility.
Key Merges and Acquisitions(2025):
✅ NextEra Energy - expanded its renewable energy portfolio with the acquisition of additional pumped hydro assets from a regional utility, enhancing long-duration storage capacity for grid balancing in the U.S. Southeast.
✅ GE Vernova - strengthened its hydro technology leadership through the acquisition of a specialized pumped storage engineering firm in Europe, integrating advanced turbine designs for hybrid energy projects.
✅ Toshiba Energy - bolstered global pumped hydro capabilities by acquiring key intellectual property and project stakes from a Japanese developer, focusing on digital twin-enabled systems for efficiency gains.
Market Segmentation Analysis:
-By Type: Open-Loop Systems vs Closed-Loop Systems
Open-loop systems lead with 70% market share as of 2025, leveraging existing natural reservoirs for cost-effective large-scale operations and historical dominance in global installations.
Closed-loop systems hold 30% share but grow faster at 15% CAGR, offering site flexibility and lower environmental impact by using man-made reservoirs.
-By Plant Type: Pure vs Mixed Pumped Storage Plants
Pure pumped storage plants command 65% market share, dedicated solely to pumping and generating without other uses, ensuring high efficiency for energy storage.
Mixed pumped storage plants account for 35%, integrating additional functions like irrigation or cooling water supply for multifunctional grid support.
-By Storage Capacity: 500MW
500 MW segment dominates with 60% market share, favored for mega-scale grid stability and renewable integration in utility-led projects.
100-500 MW holds 25% share, suiting mid-sized grids with modular growth potential.
500 MW storage capacity segment has the highest market share.
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Growth Drivers:
-Rising Renewable Energy Integration: The need to store excess power from intermittent sources like solar and wind drives demand for pumped hydro storage to balance grid supply and demand.
-Increasing Global Electricity Demand: Rapid industrialization, urbanization, and growing reliance on electrical appliances and automation fuel higher energy consumption, necessitating reliable long-duration storage solutions.
-Grid Stability and Reliability: Pumped hydro provides essential flexibility for frequency regulation and peak shaving, supporting modern grid modernization amid variable renewables.
-Strong Government Policies and Incentives: Subsidies, renewable energy targets, and regulatory support worldwide accelerate investments in new and upgraded pumped hydro projects.
-Technological Advancements and Cost Efficiency: Improvements in turbines, monitoring systems, and long operational lifespans (40-60 years) with low maintenance enhance economic viability over time.
Regional Insights:
-Europe
Europe leads the pumped hydro storage market with the largest share, capturing around 59% in 2024 due to its extensive established infrastructure and ongoing investments in grid stability. The region benefits from mature facilities and policies supporting renewable integration, positioning it ahead of other areas.
-North America
North America holds a significant portion, projected at 38% share by 2035, driven by the U.S.'s dominant capacity of over 23 GW and expansions like the Bath County plant. Strong emphasis on upgrading infrastructure and adding new plants supports its robust position for energy storage needs.
-Asia Pacific
Asia Pacific follows with rapid growth as the fastest-expanding region, fueled by industrialization in countries like China, Japan, and India, alongside increasing installations. It is poised to challenge leading markets through ambitious renewable projects and capacity additions.
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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 | Bharat Heavy Electricals Limited
Key Highlights (Top 5 Key Players) for Pumped Hydro Storage Market:
-ANDRITZ Hydro GmbH reported EUR 8.7 billion in group revenue for 2023, driven by hydro power projects including pumped storage upgrades and new installations worldwide.
-General Electric Company generated significant revenue from renewable energy segments, with GE Vernova's hydro solutions contributing to over USD 35 billion in total orders amid pumped storage expansions.
-Voith Hydro Holding GmbH & Co. KG secured major contracts for pumped hydro plants, supporting its hydro business growth estimated at over EUR 1.5 billion annually from turbine and storage technologies.
-Siemens Energy AG advanced in energy storage with pumped hydro systems, bolstering its grid stability portfolio valued at around EUR 30 billion in overall energy revenue.
-Toshiba Energy Systems & Solutions Corporation delivered high-capacity pumped storage units, with hydro-related revenues forming a key part of its USD 10 billion+ power systems segment.
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