Market Size of Pumped Hydro Storage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.87 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pumped Hydro Storage Market Analysis
Pumped hydro storage market installations totaled 165 GW in 2021 and are likely to register a CAGR of 5.87% during the forecast period.
Due to supply chain disruptions, COVID-19 hurt the pumped hydro storage market. However, the market rebounded in 2022.
- During the forecast period, the PHS market is expected to be driven by the integration of variable renewable energy sources and the need to keep the grid stable. Furthermore, increasing government targets to phase out fossil fuels will likely aid the market's growth during the forecast period.
- However, during the forecast period, the market studied is likely affected by the environmental and social effects of PHS projects and the growing competition from other energy storage technologies.
- Several new PSH technologies are being worked on right now. This is expected to speed up the development and use of PSH technology for energy storage while lowering costs and negative effects on the environment in the future, creating several opportunities. Further, as per the International Hydropower Association, nearly 240 GW of PSH projects will likely come online by 2030.
- Asia-Pacific turned out to be the largest market for pumped hydro storage, as it achieved the highest annual increase in capacity during 2020, continuing the growth trajectory primarily driven by China.
