Report banner
Pumped Hydro Storage Market
Updated On

Jan 14 2025

Total Pages

100

Pumped Hydro Storage Market Analysis Report 2025: Market to Grow by a CAGR of 11.8 to 2033, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships

Pumped Hydro Storage Market by System Type (Open Loop, Closed Loop, Innovative), by North America (U.S., Canada), by Europe (Germany, France, UK, Italy, Spain, Switzerland, Austria, Portugal, Ireland, Lithuania, Belgium), by Asia Pacific (China, Japan, South Korea, India, Indonesia, Vietnam, Philippines, Australia), by Middle East & Africa (Saudi Arabia, Israel, Morocco, South Africa) Forecast 2025-2033

Main Logo

Pumped Hydro Storage Market Analysis Report 2025: Market to Grow by a CAGR of 11.8 to 2033, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships




Key Insights

The size of the Pumped Hydro Storage Market was valued at USD 349 Billion in 2023 and is projected to reach USD 761.94 Billion by 2032, with an expected CAGR of 11.8% during the forecast period. Growth of the Global Market for Pumped Hydro Storage Aspects contributing to the substantial growth of the global market include demand for reliable and flexible energy storage solutions; government incentives and regulations on integrating renewable energy into the mix; and advances in technology, making this solution more efficient and cheaper. The three significant applications for pumped hydro storage include grid stabilization, energy arbitrage, and peak demand management. Renewable sources of energy are rapidly taking over, and the more this happens, the more a pumped hydro would be needed to store energy. Companies like Absaroka Energy, ANDRITZ, EDF, Enel Spa, and General Electric are the main market players involved in the pump storage industry that is going to define the industry's future.

Pumped Hydro Storage Market Research Report - Market Size, Growth & Forecast

Pumped Hydro Storage Market Concentration & Characteristics

The pumped hydro storage market is characterized by high concentration, with major players controlling a significant share of the market. The industry is highly regulated due to its impact on water resources and environmental concerns. Substitute technologies include batteries and other energy storage systems. End-user concentration is high, with utility companies and grid operators being the primary consumers. M&A activity in the market is significant, with companies seeking to expand their portfolios and gain market share.

Pumped Hydro Storage Market Trends

  • Increased investments in renewable energy: The transition to cleaner energy sources is driving demand for pumped hydro storage as a way to balance intermittent renewable generation.
  • Advancements in pumped storage technology: Innovations such as variable-speed pumps and pumped storage with compressed air energy storage are improving system efficiency and reducing costs.
  • Growing environmental awareness: Pumped hydro storage is gaining acceptance as an environmentally sustainable energy storage solution due to its low carbon footprint and potential for water resource management.

Pumped Hydro Storage Market Growth

Key Region or Country & Segment to Dominate the Market

  • Asia Pacific: China, Japan, and South Korea dominate the Asia Pacific market due to their large-scale hydropower infrastructure and growing demand for clean energy.
  • Europe: Germany, France, and the UK are leading the European market with significant investments in pumped hydro storage to support their renewable energy targets.
  • Open Loop System: Open loop systems are expected to dominate the market as they require less infrastructure and have higher storage capacities.

Pumped Hydro Storage Market Product Insights Report Coverage & Deliverables

The market report provides comprehensive coverage of pumped hydro storage systems, including:

  • Market size and growth projections
  • Market segmentation by system type, application, and region
  • Competitive landscape and key players
  • Industry dynamics, trends, and challenges
  • Market drivers and restraints
  • Emerging technologies and future outlook

Pumped Hydro Storage Market Analysis

Market Size and Growth: The global pumped hydro storage market was valued at USD 349 billion in 2023 and is projected to reach USD 833 billion by 2030, with a CAGR of 11.8%.

Market Share: Major market players include:

  • ANDRITZ 
  • Enel Spa 
  • General Electric 
  • Mitsubishi Heavy Industries 
  • Tata Power 

Pumped Hydro Storage Market Regional Insights

North America:

  • Significant growth potential due to increasing renewable energy adoption and grid modernization efforts.

Europe:

  • Leading market with a high concentration of pumped hydro storage facilities due to favorable regulatory frameworks and environmental concerns.

Asia Pacific:

  • Rapid growth expected due to high demand for energy storage solutions and investments in renewable energy capacity.

Middle East & Africa:

  • Emerging market with growing demand for pumped hydro storage as a way to address water scarcity and integrate renewable energy.

Driving Forces: What's Propelling the Pumped Hydro Storage Market

  • Growing demand for energy storage to support renewable energy integration
  • Government initiatives and incentives promoting clean energy and grid stability
  • Increasing concerns over energy security and reliability
  • Technological advancements leading to higher efficiency and cost reductions

Challenges and Restraints in Pumped Hydro Storage Market

  • High capital investment and long lead times for project development
  • Site constraints and environmental concerns associated with large-scale projects
  • Limited availability of suitable sites for pumped hydro storage facilities
  • Regulatory hurdles and permitting processes

Emerging Trends in Pumped Hydro Storage Market

  • Development of hybrid pumped hydro storage systems integrating with other energy storage technologies like batteries
  • Advanced control and optimization systems to improve system efficiency and flexibility
  • Research into new technologies like compressed air energy storage pumped hydro storage

Pumped Hydro Storage Industry News

In June 2024, The European Investment Bank has committed to providing advisory support to Natsionalna Elektricheska Kompania EAD, Bulgaria's electricity company, for the development of two significant pumped-storage hydropower projects.

In August 2023, Tata Power signed a Memorandum of Understanding with the Maharashtra government to develop two major Pumped Hydro Storage projects, totaling 2800 MW. With a proposed investment of approximately USD 1.6 billion, these projects will enhance Maharashtra's and the nation’s clean energy infrastructure.

Players in Pumped Hydro Storage Market

Pumped Hydro Storage Market Segmentation

  • 1. System Type
    • 1.1. Open Loop
    • 1.2. Closed Loop
    • 1.3. Innovative

Pumped Hydro Storage Market Segmentation By Geography

  • 1. North America
    • 1.1. U.S.
    • 1.2. Canada
  • 2. Europe
    • 2.1. Germany
    • 2.2. France
    • 2.3. UK
    • 2.4. Italy
    • 2.5. Spain
    • 2.6. Switzerland
    • 2.7. Austria
    • 2.8. Portugal
    • 2.9. Ireland
    • 2.10. Lithuania
    • 2.11. Belgium
  • 3. Asia Pacific
    • 3.1. China
    • 3.2. Japan
    • 3.3. South Korea
    • 3.4. India
    • 3.5. Indonesia
    • 3.6. Vietnam
    • 3.7. Philippines
    • 3.8. Australia
  • 4. Middle East & Africa
    • 4.1. Saudi Arabia
    • 4.2. Israel
    • 4.3. Morocco
    • 4.4. South Africa

Pumped Hydro Storage Market Regional Share



Pumped Hydro Storage Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 11.8% from 2019-2033
Segmentation
    • By System Type
      • Open Loop
      • Closed Loop
      • Innovative
  • By Geography
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Switzerland
      • Austria
      • Portugal
      • Ireland
      • Lithuania
      • Belgium
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Indonesia
      • Vietnam
      • Philippines
      • Australia
    • Middle East & Africa
      • Saudi Arabia
      • Israel
      • Morocco
      • South Africa


Table Of Content
  1. 1. Introduction
    • 1.1. Research Scope
    • 1.2. Market Segmentation
    • 1.3. Research Methodology
    • 1.4. Definitions and Assumptions
  2. 2. Executive Summary
    • 2.1. Introduction
  3. 3. Market Dynamics
    • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1 Growing demand for sustainable energy mix
        • 3.2.2 Increasing demand for energy storage
        • 3.2.3 Stringent government regulations toward emissions
      • 3.3. Market Restrains
        • 3.3.1. High initial investments
      • 3.4. Market Trends
        • 3.4.1. Increased investments in renewable energy
  4. 4. Market Factor Analysis
    • 4.1. Porters Five Forces
    • 4.2. Supply/Value Chain
    • 4.3. PESTEL analysis
    • 4.4. Market Entropy
    • 4.5. Patent/Trademark Analysis
  5. 5. Global Pumped Hydro Storage Market Analysis, Insights and Forecast, 2019-2031
    • 5.1. Market Analysis, Insights and Forecast - by System Type
      • 5.1.1. Open Loop
      • 5.1.2. Closed Loop
      • 5.1.3. Innovative
    • 5.2. Market Analysis, Insights and Forecast - by Region
      • 5.2.1. North America
      • 5.2.2. Europe
      • 5.2.3. Asia Pacific
      • 5.2.4. Middle East & Africa
  6. 6. North America Pumped Hydro Storage Market Analysis, Insights and Forecast, 2019-2031
    • 6.1. Market Analysis, Insights and Forecast - by System Type
      • 6.1.1. Open Loop
      • 6.1.2. Closed Loop
      • 6.1.3. Innovative
  7. 7. Europe Pumped Hydro Storage Market Analysis, Insights and Forecast, 2019-2031
    • 7.1. Market Analysis, Insights and Forecast - by System Type
      • 7.1.1. Open Loop
      • 7.1.2. Closed Loop
      • 7.1.3. Innovative
  8. 8. Asia Pacific Pumped Hydro Storage Market Analysis, Insights and Forecast, 2019-2031
    • 8.1. Market Analysis, Insights and Forecast - by System Type
      • 8.1.1. Open Loop
      • 8.1.2. Closed Loop
      • 8.1.3. Innovative
  9. 9. Middle East & Africa Pumped Hydro Storage Market Analysis, Insights and Forecast, 2019-2031
    • 9.1. Market Analysis, Insights and Forecast - by System Type
      • 9.1.1. Open Loop
      • 9.1.2. Closed Loop
      • 9.1.3. Innovative
  10. 10. Competitive Analysis
    • 10.1. Global Market Share Analysis 2024
      • 10.2. Company Profiles
        • 10.2.1 Absaroka Energy LLC
          • 10.2.1.1. Overview
          • 10.2.1.2. Products
          • 10.2.1.3. SWOT Analysis
          • 10.2.1.4. Recent Developments
          • 10.2.1.5. Financials (Based on Availability)
        • 10.2.2 ANDRITZ
          • 10.2.2.1. Overview
          • 10.2.2.2. Products
          • 10.2.2.3. SWOT Analysis
          • 10.2.2.4. Recent Developments
          • 10.2.2.5. Financials (Based on Availability)
        • 10.2.3 EDF
          • 10.2.3.1. Overview
          • 10.2.3.2. Products
          • 10.2.3.3. SWOT Analysis
          • 10.2.3.4. Recent Developments
          • 10.2.3.5. Financials (Based on Availability)
        • 10.2.4 Enel Spa
          • 10.2.4.1. Overview
          • 10.2.4.2. Products
          • 10.2.4.3. SWOT Analysis
          • 10.2.4.4. Recent Developments
          • 10.2.4.5. Financials (Based on Availability)
        • 10.2.5 Eskom Holdings SOC Ltd.
          • 10.2.5.1. Overview
          • 10.2.5.2. Products
          • 10.2.5.3. SWOT Analysis
          • 10.2.5.4. Recent Developments
          • 10.2.5.5. Financials (Based on Availability)
        • 10.2.6 General Electric
          • 10.2.6.1. Overview
          • 10.2.6.2. Products
          • 10.2.6.3. SWOT Analysis
          • 10.2.6.4. Recent Developments
          • 10.2.6.5. Financials (Based on Availability)
        • 10.2.7 Genex Power
          • 10.2.7.1. Overview
          • 10.2.7.2. Products
          • 10.2.7.3. SWOT Analysis
          • 10.2.7.4. Recent Developments
          • 10.2.7.5. Financials (Based on Availability)
        • 10.2.8 Greenko Group
          • 10.2.8.1. Overview
          • 10.2.8.2. Products
          • 10.2.8.3. SWOT Analysis
          • 10.2.8.4. Recent Developments
          • 10.2.8.5. Financials (Based on Availability)
        • 10.2.9 J-POWER
          • 10.2.9.1. Overview
          • 10.2.9.2. Products
          • 10.2.9.3. SWOT Analysis
          • 10.2.9.4. Recent Developments
          • 10.2.9.5. Financials (Based on Availability)
        • 10.2.10 Litostroj Power
          • 10.2.10.1. Overview
          • 10.2.10.2. Products
          • 10.2.10.3. SWOT Analysis
          • 10.2.10.4. Recent Developments
          • 10.2.10.5. Financials (Based on Availability)
        • 10.2.11 Mitsubishi Heavy Industries Ltd.
          • 10.2.11.1. Overview
          • 10.2.11.2. Products
          • 10.2.11.3. SWOT Analysis
          • 10.2.11.4. Recent Developments
          • 10.2.11.5. Financials (Based on Availability)
        • 10.2.12 Nevada Hydro Corporation
          • 10.2.12.1. Overview
          • 10.2.12.2. Products
          • 10.2.12.3. SWOT Analysis
          • 10.2.12.4. Recent Developments
          • 10.2.12.5. Financials (Based on Availability)
        • 10.2.13 Northland Power Inc.
          • 10.2.13.1. Overview
          • 10.2.13.2. Products
          • 10.2.13.3. SWOT Analysis
          • 10.2.13.4. Recent Developments
          • 10.2.13.5. Financials (Based on Availability)
        • 10.2.14 Obermeyer Hydro Inc.
          • 10.2.14.1. Overview
          • 10.2.14.2. Products
          • 10.2.14.3. SWOT Analysis
          • 10.2.14.4. Recent Developments
          • 10.2.14.5. Financials (Based on Availability)
        • 10.2.15 RusHydro
          • 10.2.15.1. Overview
          • 10.2.15.2. Products
          • 10.2.15.3. SWOT Analysis
          • 10.2.15.4. Recent Developments
          • 10.2.15.5. Financials (Based on Availability)
        • 10.2.16 Schluchseewerk AG
          • 10.2.16.1. Overview
          • 10.2.16.2. Products
          • 10.2.16.3. SWOT Analysis
          • 10.2.16.4. Recent Developments
          • 10.2.16.5. Financials (Based on Availability)
        • 10.2.17 Sinohydro Corporation
          • 10.2.17.1. Overview
          • 10.2.17.2. Products
          • 10.2.17.3. SWOT Analysis
          • 10.2.17.4. Recent Developments
          • 10.2.17.5. Financials (Based on Availability)
        • 10.2.18 Tata Power
          • 10.2.18.1. Overview
          • 10.2.18.2. Products
          • 10.2.18.3. SWOT Analysis
          • 10.2.18.4. Recent Developments
          • 10.2.18.5. Financials (Based on Availability)
        • 10.2.19 Toshiba Energy System & Solutions Corporation
          • 10.2.19.1. Overview
          • 10.2.19.2. Products
          • 10.2.19.3. SWOT Analysis
          • 10.2.19.4. Recent Developments
          • 10.2.19.5. Financials (Based on Availability)
        • 10.2.20 Voith GmbH & Co. KGaA
          • 10.2.20.1. Overview
          • 10.2.20.2. Products
          • 10.2.20.3. SWOT Analysis
          • 10.2.20.4. Recent Developments
          • 10.2.20.5. Financials (Based on Availability)
List of Figures
  1. Figure 1: Global Pumped Hydro Storage Market Revenue Breakdown (Billion, %) by Region 2024 & 2032
  2. Figure 2: North America Pumped Hydro Storage Market Revenue (Billion), by System Type 2024 & 2032
  3. Figure 3: North America Pumped Hydro Storage Market Revenue Share (%), by System Type 2024 & 2032
  4. Figure 4: North America Pumped Hydro Storage Market Revenue (Billion), by Country 2024 & 2032
  5. Figure 5: North America Pumped Hydro Storage Market Revenue Share (%), by Country 2024 & 2032
  6. Figure 6: Europe Pumped Hydro Storage Market Revenue (Billion), by System Type 2024 & 2032
  7. Figure 7: Europe Pumped Hydro Storage Market Revenue Share (%), by System Type 2024 & 2032
  8. Figure 8: Europe Pumped Hydro Storage Market Revenue (Billion), by Country 2024 & 2032
  9. Figure 9: Europe Pumped Hydro Storage Market Revenue Share (%), by Country 2024 & 2032
  10. Figure 10: Asia Pacific Pumped Hydro Storage Market Revenue (Billion), by System Type 2024 & 2032
  11. Figure 11: Asia Pacific Pumped Hydro Storage Market Revenue Share (%), by System Type 2024 & 2032
  12. Figure 12: Asia Pacific Pumped Hydro Storage Market Revenue (Billion), by Country 2024 & 2032
  13. Figure 13: Asia Pacific Pumped Hydro Storage Market Revenue Share (%), by Country 2024 & 2032
  14. Figure 14: Middle East & Africa Pumped Hydro Storage Market Revenue (Billion), by System Type 2024 & 2032
  15. Figure 15: Middle East & Africa Pumped Hydro Storage Market Revenue Share (%), by System Type 2024 & 2032
  16. Figure 16: Middle East & Africa Pumped Hydro Storage Market Revenue (Billion), by Country 2024 & 2032
  17. Figure 17: Middle East & Africa Pumped Hydro Storage Market Revenue Share (%), by Country 2024 & 2032
List of Tables
  1. Table 1: Global Pumped Hydro Storage Market Revenue Billion Forecast, by Region 2019 & 2032
  2. Table 2: Global Pumped Hydro Storage Market Revenue Billion Forecast, by System Type 2019 & 2032
  3. Table 3: Global Pumped Hydro Storage Market Revenue Billion Forecast, by Region 2019 & 2032
  4. Table 4: Global Pumped Hydro Storage Market Revenue Billion Forecast, by System Type 2019 & 2032
  5. Table 5: Global Pumped Hydro Storage Market Revenue Billion Forecast, by Country 2019 & 2032
  6. Table 6: U.S. Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  7. Table 7: Canada Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  8. Table 8: Global Pumped Hydro Storage Market Revenue Billion Forecast, by System Type 2019 & 2032
  9. Table 9: Global Pumped Hydro Storage Market Revenue Billion Forecast, by Country 2019 & 2032
  10. Table 10: Germany Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  11. Table 11: France Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  12. Table 12: UK Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  13. Table 13: Italy Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  14. Table 14: Spain Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  15. Table 15: Switzerland Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  16. Table 16: Austria Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  17. Table 17: Portugal Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  18. Table 18: Ireland Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  19. Table 19: Lithuania Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  20. Table 20: Belgium Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  21. Table 21: Global Pumped Hydro Storage Market Revenue Billion Forecast, by System Type 2019 & 2032
  22. Table 22: Global Pumped Hydro Storage Market Revenue Billion Forecast, by Country 2019 & 2032
  23. Table 23: China Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  24. Table 24: Japan Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  25. Table 25: South Korea Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  26. Table 26: India Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  27. Table 27: Indonesia Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  28. Table 28: Vietnam Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  29. Table 29: Philippines Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  30. Table 30: Australia Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  31. Table 31: Global Pumped Hydro Storage Market Revenue Billion Forecast, by System Type 2019 & 2032
  32. Table 32: Global Pumped Hydro Storage Market Revenue Billion Forecast, by Country 2019 & 2032
  33. Table 33: Saudi Arabia Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  34. Table 34: Israel Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  35. Table 35: Morocco Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
  36. Table 36: South Africa Pumped Hydro Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032


STEP 1 - Identification of Relevant Samples Size from Population Database

Step Chart
bar chart
method chart

STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

approach chart
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

Note* : In applicable scenarios

STEP 3 - Data Sources

Primary Research

  • Web Analytics
  • Survey Reports
  • Research Institute
  • Latest Research Reports
  • Opinion Leaders

Secondary Research

  • Annual Reports
  • White Paper
  • Latest Press Release
  • Industry Association
  • Paid Database
  • Investor Presentations
approach chart

STEP 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.

Frequently Asked Questions

Related Reports

See the similar reports

Discover the Latest Market Insight Reports

Access in-depth insights on industries, companies, trends, and global markets. Our expertly curated reports provide the most relevant data and analysis in a condensed, easy-to-read format.

shop image 1

About Market Insights Report

Market Insights Reports offers comprehensive market research reports and analysis, giving businesses important information about their clients, rivals, and sector to help them make well-informed decisions on operations, marketing, and business strategy. We offer a variety of services in addition to market research, data analysis, and strategy planning. In order to find opportunities and learn more about our competitors and the industry at large, we employ competitive analysis. To identify areas for development, we also evaluate our performance against that of our rivals. We can determine the places at which we can offer our clients the most value by performing value chain analysis.

Additionally, clients receive a thorough overview of their industry business environment. We can find trends that help us forecast future possibilities and threats by examining global macroeconomic dynamics and consumer behavior patterns. By analyzing their features and advantages, contrasting them with comparable items on the market, and evaluating both their quantitative and qualitative performance, we comprehensively evaluate our clients' products. This allows us to assist customers in determining how their goods compare to those of their rivals and in creating successful marketing plans. Our group has been successful in gaining a thorough grasp of our clients' requirements and offering them creative solutions. We currently provide services to more than 50 nations in Europe, the Middle East, Africa, Latin America, Asia Pacific, and North America. Because of our global reach, we have been able to establish trusting bonds with our partners and clients in various nations, improving customer service and forging a more cohesive worldwide presence.

We use cookies to enhance your experience.

By clicking "Accept All", you consent to the use of all cookies.

Customize your preferences or read our Cookie Policy.