Market Size of North America Pumped Hydro Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Pumped Hydro Storage Market Analysis
The North American pumped hydro storage market is expected to register a CAGR of 4.2% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
- Over the long term, various factors, such as the integration of variable renewable energy sources and ensuring grid stability, are expected to drive the pumped hydro storage (PHS) market during the forecast period.
- On the other hand, the environmental and social impacts of PHS projects, coupled with increasing competition from other energy storage technologies, are expected to restrain the market studied during the forecast period.
- Nevertheless, several novel PSH technologies are currently under development in the United States and Canada, which are expected to increase the development and deployment of PSH technology for energy storage while reducing costs and environmental impacts in the future, thus creating several opportunities for the market during the forecast period.
- The United States is expected to dominate the market due to growing pumped hydro storage projects across the country.
