Pumped Hydro Storage Market Size By System (Open Loop, Closed Loop, Innovative), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

Industry Trends

Pumped Hydro Storage Market size exceeded USD 330 billion in 2021 and is projected to grow at around 10% CAGR during 2022 to 2028. The industry is poised to cross a cumulative installation of about 300 GW by 2028. Strict regulatory reforms to reduce carbon emissions in line with continuous capacity expansion to cater to the increasing power demand will foster the industry growth.
 

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Ongoing government efforts toward grid infrastructure expansion along with rising investments in sustainable energy technologies will boost the market demand. Rapid renewable integration and associated long-term benefits has augmented an interest toward the adoption of PHS technology. Additionally, the ability to provide low operational costs, flexibility in power output, and high storage capacity will propel product demand. Sustainable energy expansion followed by an upsurge in investments for capacity addition will further spur pumped hydro storage deployment.
 

Reduced construction costs and increasing investments in upcoming projects

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Open-loop hydro storage systems segment is forecast to witness over 3% growth rate through 2028. Ongoing government initiatives toward renewable energy generation and the introduction of favorable regulations & policies pertaining to environmental emissions will complement the pumped hydro storage market outlook.
 

Closed-loop pumped hydro storage systems are anticipated to see prominent growth on account of minimum environmental impact across natural habitats coupled with the availability of non-connected water streams. Isolated reservoirs that have no direct connection with natural water supply will enhance the product deployment. Additionally, the non-availability of freshwater resources and fossil fuels combined with high hydropower potential will accelerate the industry prospects. Furthermore, the growing necessity for grid stabilization and peak load management will drive the segment growth.
 

Ongoing reforms toward integrating renewable energy with surging electricity demand in Asia Pacific

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The Asia Pacific pumped hydro storage market size will experience a cumulative installation of more than 170 GW by 2028. The accelerating economic growth followed by favorable government initiatives toward the deployment of sustainable electrical networks will boost the regional market growth. Growing concerns toward the security of power supply in line with the ongoing integration of PHS systems to ensure power quality will further enhance the industry statistics. Moreover, the rapid expansion of renewable networks in areas with limited grid access and rising investments from financial institutions including the Asian Development Bank and IFC will positively sway renewable energy adoption.
 

The China market revenue is predicted to rise through 2028 owing to increasing electricity demand from industrial establishments along with promising regulatory policies toward the PHS sector development. For instance, as per the NEA, the Government of China issued a long-term development plan from 2021 to 2035 for the expansion of the country’s pumped storage hydropower volume to 62 million kilowatt-hours (kWh) at the end of 2025, which is a part of the efforts to propel clean energy and reach carbon emission reduction goals. Moreover, rapid investments and commercialization across residential and utility-based electrification units will fuel the Chinese PHS industry expansion.
 

Favorable government initiatives to resume industrial operations

Despite the pandemic outbreak, the industry has not observed any decline due to no government prohibitions toward the refurbishment of hydropower systems followed by the commencement of pumped hydro storage projects. Moreover, several pumped hydro storage projects were operational as per the schedule and new project launches were observed. However, ongoing government efforts to effectively deal with the pandemic situation coupled with ongoing vaccination drives and reviving of the global economies will positively sway the industry outlook.
 

Strategic collaborations and partnerships with ongoing agreements

Mergers, strategic implications, joint ventures, and product innovations to strengthen the product portfolios of various prominent players will stimulate the industry statistics. For instance, the company secured an order worth USD 1.18 million to develop an advanced closed-loop system for the HydroNEXT initiative of the country. Furthermore, the product resulted in approximately 30% decrease in the project costs along with over 40% savings in the construction cost.
 

Eminent players operating across the pumped hydro storage market include Schluchseewerk AG, Sinohydro Corporation, Genex Power Limited, J-POWER, Voith GmbH & Co., KGaA, Toshiba Energy System & Solutions Corporation, DEC, General Electric, EDF, Northland Power, Inc., Eskom Holdings SOC Ltd., Nevada Hydro Corporation, Enel Spa, Absaroka Energy, LLC, RusHydro, Obermeyer Hydro, Inc., Litostroj Power, Andritz, Mitsubishi Heavy Industries Machinery Systems, Ltd., Greenko Energy, and Tata Power.
 

This market research report on pumped hydro storage includes in-depth coverage of the industry with estimates & forecast in terms of ‘GW’ & ‘USD’ from 2018 to 2028 for the following segments:

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Market, By System

• Open Loop
• Closed Loop
• Innovative

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Switzerland
  • Austria
  • Portugal
  • Ukraine
  • Ireland
  • Lithuania
  • Belgium
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Vietnam
  • Philippines
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Israel
  • Morocco
  • South Africa
• Rest of World