The Pumped Hydro Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Pumped Hydro Storage Global Market Report 2024, The pumped hydro storage market size has grown strongly in recent years. It will grow from $378.79 billion in 2023 to $412.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. 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 $579.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. 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.

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. 

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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

Top Major Players:
The EDF Group
Electricite de France SA (EDF)
Hitachi Energy Ltd.
General Electric Co
Iberdrola SA

Asia-Pacific was the largest region in the pumped hydro storage market in 2023.

Major companies operating in the pumped hydro storage market are undergoing into strategic collaborations to sustain their position in the market. Strategic collaborations are crucial for advancing pumped hydro storage, expanding market reach, mitigating risks, and ensuring successful development and integration into the broader energy landscape. For instance, in August 2023, Adani Group, an India-based multinational conglomerate, and Greenko Group, an India-based Renewables Company, have joined forces for a pioneering partnership in India's energy sector. This collaboration underscores their commitment to large-scale renewable energy integration. Greenko will provide up to 1GW of firm and dispatchable renewable energy, including round-the-clock power, to Adani's proposed industrial complex. The unique venture aims to establish a green industrial complex, with Greenko offering 6 GWh of long-duration hydro storage capacity from its 'Off-Stream Closed-Loop Pumped Storage Project' in Madhya Pradesh and Rajasthan.

The pumped hydro storage market report table of contents includes:

1. Executive Summary
2. Pumped Hydro Storage Market Characteristics
3. Pumped Hydro Storage Market Trends And Strategies
4. Pumped Hydro Storage Market - Macro Economic Scenario
5. Global Pumped Hydro Storage Market Size and Growth
…
32. Global Pumped Hydro Storage Market Competitive Benchmarking
33. Global Pumped Hydro Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pumped Hydro Storage Market
35. Pumped Hydro Storage Market Future Outlook and Potential Analysis
36. Appendix

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