The pumped hydro storage market size has grown strongly in recent years. It will grow from $408.33 billion in 2024 to $442.04 billion in 2025 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to need for energy storage solutions, grid stability and reliability, renewable energy integration, electricity market dynamics, hydropower expansion.
The pumped hydro storage market size is expected to see strong growth in the next few years. It will grow to $642.15 billion in 2029 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to growing renewable energy capacity, focus on decentralized energy systems, energy transition and electrification, integration with variable renewable sources, hybrid energy storage systems. Major trends in the forecast period include advancements in storage technologies, increased deployment of pumped hydro storage, energy transition and grid balancing, advancements in pumped storage technologies, global expansion of pumped storage projects, market trends in retrofits and upgrades.
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What are the key drivers behind the rapid expansion of the pumped hydro storage market?
The rising electricity demand is expected to boost the growth of the pumped hydro storage market going forward. Electricity refers to the transmission of electrical power or charge. Due to rising prosperity and increased commercial activity, electricity demand is growing annually. Electricity is produced by allowing water to flow through a turbine generator in a pumped hydro storage facility. Hence, the rising electricity demand is expected to boost the pumped hydro storage market. For instance, in February 2022, according to the report published by the International Energy Agency (IEA), a France-based inter-governmental organization that collects and distributes authoritative energy data, the global economic recovery is expected to drive an increase in worldwide electricity demand of close to 5% in 2021 and 4% in 2022. Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, rising electricity demand is driving the growth of the pumped hydro storage market.
What is the segmentation for 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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Who are the most influential companies 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.
What are the most influential trends expected to drive the pumped hydro storage market forward?
Technological advancement is the key trend gaining popularity in the pumped hydro storage market. Major companies operating in the pumped hydro storage market are focusing on developing new technologies to sustain their position in the market. For instance, in February 2023, Hitachi Energy Ltd., a US-based power technology company, launched SFC, the static frequency converter solution using modular multi-level technology for a pumped hydro storage plant in Europe. This technology’s unique feature is its capacity to reduce power losses, boost revenue, and enable grid integration of additional solar and wind power for a more sustainable energy future. Through improved plant efficiency and grid stabilization, this technology and application are transforming the world’s energy system into one that is more secure, adaptable, and sustainable.
What are the major regional insights for the pumped hydro storage market, and which region holds the top position?
The countries covered in the pumped hydro storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Pumped Hydro Storage Market Report 2025 Offer?
The pumped hydro storage market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Pumped hydro storage refers to structures that transfer water-based energy from one reservoir to another at a lower height. It is one of the few large-scale, cost-effective ways to store and distribute electricity to increase grid dependability.
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