Pumped Hydro Storage Market by Type (Closed-Loop, Open-Loop), Application (Energy Management, Frequency Control), End-Use - Global Forecast 2024-2030
Description
Pumped Hydro Storage Market by Type (Closed-Loop, Open-Loop), Application (Energy Management, Frequency Control), End-Use - Global Forecast 2024-2030
The Pumped Hydro Storage Market size was estimated at USD 535.31 million in 2023 and expected to reach USD 589.68 million in 2024, at a CAGR 10.63% to reach USD 1,085.80 million by 2030.
Pumped storage hydropower (PSH) is a well-established energy storage technology and is widely used due to its ability to store excess electricity generated from renewable sources when demand is low and release it at peak periods when there is a greater need for power. The rising need for efficient energy storage and the significant growth of large-scale grid energy infrastructure are leading to the escalated deployment of pumped hydro storage technologies. However, the high capital costs and specific topographic requirements may lead to reduced deployment of the hydro storage technology in the grid infrastructure. Moreover, the ongoing research and introduction of innovative pumped storage hydropower technologies, along with the inclination of governments worldwide toward renewable energy generation, are creating significant potential for the deployment of pumped storage technologies in the current and future grids.
Regional Insights
The potential for pumped hydro storage varies by country and geographic region, considering factors such as topography, access to water resources, and energy demand that help determine the feasibility and potential for pumped hydro storage. Mountainous regions with significant elevation differences in the landscape are most suited for pumped hydro storage. Countries such as China, Japan, and the United States have some of the largest pumped hydro storage facilities in the world due to their mountainous terrain. Asia and the United States have some of the largest pumped hydro storage facilities in the world. China currently has the largest pumped hydro storage capacity in the world, with several large facilities such as the Fengning plant and the Ludian plant. Japan also has a significantly pumped hydro storage capacity, with facilities such as the Okutataragi plant and the Kannagawa plant. Countries with abundant water supplies and good water management practices are more likely to have the capacity for pumped hydro storage. Countries with high energy demand, those with large populations or energy-intensive industries, have a greater need for pumped hydro storage.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Pumped Hydro Storage Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Establishment of large-scale grid energy infrastructure and need for energy storage
- Growing shift to renewable energy worldwide focused on maintaining sustainable energy mix
- Market Restraints
- High capital costs and topographic limitations associated with the establishment of pumped hydro storage
- Market Opportunities
- Research and advancements in pumped hydro storage technologies
- Strategic collaborations and partnerships to expand the use of pumped hydro storage technology
- Market Challenges
- Issues associated with site-specific negative environmental and ecological impacts and dam safety
- Market Segmentation Analysis
- Type: Closed-loop pumped hydro storage preferred for its reduced environmental impact
- End-Use: Growing applications in hydroelectric dams for energy storage & power generation
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Pumped Hydro Storage Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Pumped Hydro Storage Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Development Project
TransAlta, an energy leader with operations in the U.S. and Canada, has announced the acquisition of a 50% interest in an early stage pumped hydro storage development project. Pumped hydro storage is an efficient way to store electrical energy on a large scale, by pumping water between two reservoirs located at different elevations. By storing power for later use, electricity generated during periods of low demand can be used during peak times of increased usage. This increased adaptability to different patterns of electricity usage allows for more reliable access to electricity and greater protection from interruptions. The pumped hydro storage project was acquired from a hydropower independent power producer group that had owned it since 2013. TransAlta will hold a 50% stake in the project going forward and work together with their partners to advance its development further.
General Electric Switches on 1.2 GW Pumped Hydro Facility in China
General Electric (GE) recently switched on a new 1.2-gigawatt pumped hydro storage facility in China, revolutionizing the way power sources can be stored and managed. This cutting-edge technology is a significant milestone in the renewables industry, processing over 12 billion kWh of electricity annually efficiently and cost-effectively. The facility combines six separate pump stations across four reservoirs throughout two provinces, showcasing GE's ability to integrate complex systems and exemplifying its commitment to developing clean energy solutions. This new facility is estimated to save more than 350,000 metric tons of coal equivalent each year, significantly reducing carbon emissions. With its battery storage capability, GE has hit an important milestone for renewable energy infrastructure.
Greenko to Build INR 100 Billion Pumped Hydro Storage Project in Madhya Pradesh
Greenko, a renewable energy company, has recently announced its plans to construct India’s first megawatt-scale pumped hydro storage project in Madhya Pradesh. This INR 100 billion initiative is among South Asia's largest hydro storage projects. This type of storage offers significant advantages compared to other forms of power batteries due to their capacity, long-term reliability, minimal environmental impact, and cost efficiency. Hydro reservoirs can store potential energy generated by renewable sources like solar or wind and use it for multiple days or weeks when demand fluctuations occur. With such large-scale investments into projects like these, Greenko is helping the energy industry move away from carbon-based resources towards a decarbonized future.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Pumped Hydro Storage Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Pumped Hydro Storage Market, highlighting leading vendors and their innovative profiles. These include AGL Energy Ltd., Andritz AG, Black & Veatch Holding Company, Duke Energy Corporation, Electric Power Development Co., Ltd., Enel S.p.A., Eskom Holdings SOC Ltd., General Electric Company, Genex Power Limited, Greenko Group, Hitachi Energy, Hydro-Electric Corporation, Litostroj Power d.o.o., Nevada Hydro Corporation, Obermeyer Hydro, Inc., Schluchseewerk AG, Siemens AG, Stantec Inc., Sunshine Hydro, Tata Power Company Limited, Toshiba Corporation, and Voith GmbH & Co. KGaA.
Market Segmentation & Coverage
This research report categorizes the Pumped Hydro Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Closed-Loop
- Open-Loop
- Application
- Energy Management
- Frequency Control
- End-Use
- Decentralised Systems
- Hydroelectric Dams
- Seawater
- Underground Reservoirs
- Underwater Reservoirs
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
Table of Contents
192 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Establishment of large-scale grid energy infrastructure and need for energy storage
- 5.1.1.2. Growing shift to renewable energy worldwide focused on maintaining sustainable energy mix
- 5.1.2. Restraints
- 5.1.2.1. High capital costs and topographic limitations associated with the establishment of pumped hydro storage
- 5.1.3. Opportunities
- 5.1.3.1. Research and advancements in pumped hydro storage technologies
- 5.1.3.2. Strategic collaborations and partnerships to expand the use of pumped hydro storage technology
- 5.1.4. Challenges
- 5.1.4.1. Issues associated with site-specific negative environmental and ecological impacts and dam safety
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Closed-loop pumped hydro storage preferred for its reduced environmental impact
- 5.2.2. End-Use: Growing applications in hydroelectric dams for energy storage & power generation
- 5.3. Market Trend Analysis
- 5.3.1. Utility-scale adoption of pumped hydro storage in North America and opportunities in South America
- 5.3.2. Untapped prospects for expanding pumped hydro storage in the Asia-Pacific with immense government support
- 5.3.3. Role and integration potential of pumped hydro storage in EMEA’s clean energy strategy
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 5.9. Client Customization
- 6. Pumped Hydro Storage Market, by Type
- 6.1. Introduction
- 6.2. Closed-Loop
- 6.3. Open-Loop
- 7. Pumped Hydro Storage Market, by Application
- 7.1. Introduction
- 7.2. Energy Management
- 7.3. Frequency Control
- 8. Pumped Hydro Storage Market, by End-Use
- 8.1. Introduction
- 8.2. Decentralised Systems
- 8.3. Hydroelectric Dams
- 8.4. Seawater
- 8.5. Underground Reservoirs
- 8.6. Underwater Reservoirs
- 9. Americas Pumped Hydro Storage Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Pumped Hydro Storage Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Pumped Hydro Storage Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Development Project
- 12.3.2. General Electric Switches on 1.2 GW Pumped Hydro Facility in China
- 12.3.3. Greenko to Build INR 100 Billion Pumped Hydro Storage Project in Madhya Pradesh
- 12.3.4. Prime Infra firm to buy 500-MW Philippine pumped-storage hydro project
- 12.3.5. WaterPower Canada chooses Stantec to conduct pumped storage hydro study
- 12.3.6. Queensland pours USD 48 million into two pumped hydro projects
- 12.3.7. LG ES partners academics, Siemens Energy compressed air, License application for 900MW Wyoming PHES plant
- 12.3.8. Schluchseewerk has a new type of generator for pumped storage
- 12.3.9. Enel finalizes the acquisition of 527 MW of hydro plants from ERG
- 12.3.10. Voith Group strengthens hydropower core business and acquires Siemens Energy’s complete stake in Voith Hydro
- 12.3.11. Indonesia’s First Pumped Storage Hydropower Plant to Support Energy Transition
- 12.3.12. GE Renewable Energy Awarded Contract for New Build Tauernmoos Pumped Hydro Storage Power Plant
- 12.3.13. Genex Power secures funding for Australia’s first pumped hydro project in 40 years
- 12.3.14. RheEnergise develops pumped-hydro technology to store clean power
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
Pricing
Currency Rates
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