PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457941
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457941
Pumped Hydro Storage Market Size and Share Analysis by Type (Open-Loop, Closed-Loop) - Global Industry Demand Forecast to 2030
In 2023, the worldwide pumped hydro storage market had a value of USD 353.8 billion. It is forecasted to grow to USD 643.9 billion by 2030, with a compound annual growth rate (CAGR) of 9.2% from 2024 to 2030.
This growth of the market can be credited to the growing deployment of alternating renewable power sources, like solar and wind power; the increasing need for grid steadiness and dependability; and severe government guidelines that target to decrease carbon emissions. Also, the lengthy operational lifetimes and a comparatively low ecological impact in comparison to other power storage techs make them a better option for power grids.
Market Drivers
Hydropower, a sustainable and traditional renewable energy source that has been around for a while, is important for the transition to a clean and resilient grid, and pumped storage hydropower (PSH) is playing a key role.
Pumped storage hydropower provides a green technology that assists communities dealing with water shortage and the problem of accessing power by transforming the flowing water into electricity without affecting its quality or the amount.
The need for energy in the world has skyrocketed due to city development and the rising population; the global population is projected to reach 9.8 billion by 2050 and currently stands at 8.0 billion as per a UN report.
The largest energy source globally is fossil fuels; thus, subsequent GHG emission occurs through combustion.
In their report, the International Energy Agency (IEA) states that global electricity consumption will grow at an average rate of 2.1% by 2040.
In the situation of a rapid surge in electricity requirement or unpredicted power plant outages, such storage services can quickly supply power to stabilize the grid.
The closed Loop Category Is Set to Advance with a Higher CAGR
The closed-loop category is expected to grow rapidly at a 12% CAGR during the forecast period, driven by its high flexibility, reliability, and power output. This technology has a lower environmental impact since it does not consume water from natural sources like rivers or lakes. Its flexibility allows for installation in areas without nearby water bodies, making it ideal for grid support.
Additionally, closed-loop systems are more efficient as they eliminate the need to evaporate water from the lower reservoir. According to NREL, closed-loop pumped storage has the lowest Global Warming Potential.
Closed-loop pumped hydro storage does not need a link to a natural body of water.
Instead, closed-loop pumped storage systems utilize two artificial reservoirs, with one situated at a higher elevation than the other, for water storage.
Excess energy or surplus power is used to pump water from the lower reservoir to the upper reservoir in these systems.
By 2030, the open-loop hydro storage systems category is projected to attain a larger share.
This is primarily because of the constant government steps for renewable power generation.
Open-loop systems include guiding a stream of water to either the lower or upper reservoir.
Asia-Pacific Is Dominating the Market
In 2023, the APAC region generated the largest revenue share in the industry, of approximately 45%. This can be credited to the growing fitting of pumped hydro storage capacity. Besides this, the rapid economic growth now causes high energy consumption for generating electricity as well as promotion of industrial growth for industries which PHS can supply for this purpose and help industrial development.
The reason is that this type of power storage technology is the most scalable among all other kinds of energy storage solutions, including battery storage, fuel cell storage with hydrogen, and gravity battery storage.
Competition Analysis
Market players are leveraging strategic initiatives such as mergers, collaborations, and acquisitions to strengthen their market positions.
Tata Power has signed an agreement with the Government of Maharashtra for the development of two pumped hydro storage projects totaling 2,800 MW in capacity.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by type
- 1.4.2. Market size breakdown, by region
- 1.4.3. Market size breakdown, by country
- 1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
- 5.2. Impact of COVID-19
- 5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes
Chapter 6. Global Market
- 6.1. Overview
- 6.2. Market Volume, by Type (2017-2030)
- 6.3. Market Revenue, by Type (2017-2030)
- 6.4. Market Volume, by Region (2017-2030)
- 6.5. Market Revenue, by Region (2017-2030)
Chapter 7. North America Market
- 7.1. Overview
- 7.2. Market Volume, by Type (2017-2030)
- 7.3. Market Revenue, by Type (2017-2030)
- 7.4. Market Volume, by Country (2017-2030)
- 7.5. Market Revenue, by Country (2017-2030)
Chapter 8. Europe Market
- 8.1. Overview
- 8.2. Market Volume, by Type (2017-2030)
- 8.3. Market Revenue, by Type (2017-2030)
- 8.4. Market Volume, by Country (2017-2030)
- 8.5. Market Revenue, by Country (2017-2030)
Chapter 9. APAC Market
- 9.1. Overview
- 9.2. Market Volume, by Type (2017-2030)
- 9.3. Market Revenue, by Type (2017-2030)
- 9.4. Market Volume, by Country (2017-2030)
- 9.5. Market Revenue, by Country (2017-2030)
Chapter 10. LATAM Market
- 10.1. Overview
- 10.2. Market Volume, by Type (2017-2030)
- 10.3. Market Revenue, by Type (2017-2030)
- 10.4. Market Volume, by Country (2017-2030)
- 10.5. Market Revenue, by Country (2017-2030)
Chapter 11. MEA Market
- 11.1. Overview
- 11.2. Market Volume, by Type (2017-2030)
- 11.3. Market Revenue, by Type (2017-2030)
- 11.4. Market Volume, by Country (2017-2030)
- 11.5. Market Revenue, by Country (2017-2030)
Chapter 12. U.S. Market
- 12.1. Overview
- 12.2. Market Volume, by Type (2017-2030)
- 12.3. Market Revenue, by Type (2017-2030)
Chapter 13. Canada Market
- 13.1. Overview
- 13.2. Market Volume, by Type (2017-2030)
- 13.3. Market Revenue, by Type (2017-2030)
Chapter 14. Germany Market
- 14.1. Overview
- 14.2. Market Volume, by Type (2017-2030)
- 14.3. Market Revenue, by Type (2017-2030)
Chapter 15. France Market
- 15.1. Overview
- 15.2. Market Volume, by Type (2017-2030)
- 15.3. Market Revenue, by Type (2017-2030)
Chapter 16. U.K. Market
- 16.1. Overview
- 16.2. Market Volume, by Type (2017-2030)
- 16.3. Market Revenue, by Type (2017-2030)
Chapter 17. Italy Market
- 17.1. Overview
- 17.2. Market Volume, by Type (2017-2030)
- 17.3. Market Revenue, by Type (2017-2030)
Chapter 18. Spain Market
- 18.1. Overview
- 18.2. Market Volume, by Type (2017-2030)
- 18.3. Market Revenue, by Type (2017-2030)
Chapter 19. Japan Market
- 19.1. Overview
- 19.2. Market Volume, by Type (2017-2030)
- 19.3. Market Revenue, by Type (2017-2030)
Chapter 20. China Market
- 20.1. Overview
- 20.2. Market Volume, by Type (2017-2030)
- 20.3. Market Revenue, by Type (2017-2030)
Chapter 21. India Market
- 21.1. Overview
- 21.2. Market Volume, by Type (2017-2030)
- 21.3. Market Revenue, by Type (2017-2030)
Chapter 22. Australia Market
- 22.1. Overview
- 22.2. Market Volume, by Type (2017-2030)
- 22.3. Market Revenue, by Type (2017-2030)
Chapter 23. South Korea Market
- 23.1. Overview
- 23.2. Market Volume, by Type (2017-2030)
- 23.3. Market Revenue, by Type (2017-2030)
Chapter 24. Brazil Market
- 24.1. Overview
- 24.2. Market Volume, by Type (2017-2030)
- 24.3. Market Revenue, by Type (2017-2030)
Chapter 25. Mexico Market
- 25.1. Overview
- 25.2. Market Volume, by Type (2017-2030)
- 25.3. Market Revenue, by Type (2017-2030)
Chapter 26. Saudi Arabia Market
- 26.1. Overview
- 26.2. Market Volume, by Type (2017-2030)
- 26.3. Market Revenue, by Type (2017-2030)
Chapter 27. South Africa Market
- 27.1. Overview
- 27.2. Market Volume, by Type (2017-2030)
- 27.3. Market Revenue, by Type (2017-2030)
Chapter 28. U.A.E. Market
- 28.1. Overview
- 28.2. Market Volume, by Type (2017-2030)
- 28.3. Market Revenue, by Type (2017-2030)
Chapter 29. Competitive Landscape
- 29.1. List of Market Players and their Offerings
- 29.2. Competitive Benchmarking of Key Players
- 29.3. Product Benchmarking of Key Players
- 29.4. Recent Strategic Developments
Chapter 30. Company Profiles
- 30.1. The Dow Chemical Company
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
- 30.2. Siemens AG
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
- 30.3. Enel S.p.A.
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
- 30.4. Duke Energy Corporation
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
- 30.5. Voith GmbH & Co. KGaA
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
- 30.6. General Electric Company
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
- 30.7. Tokyo Electric Power Company Holdings Inc.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
- 30.8. Black & Veatch Holding Company
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
- 30.9. ANDRITZ AG
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
- 30.10. Stantec Inc.
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
- 30.11. ABSAROKA ENERGY LLC
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
Chapter 31. Appendix
- 31.1. Abbreviations
- 31.2. Sources and References
- 31.3. Related Reports
