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Pumped Hydro Storage Market Trends

Report ID: GMI2019
Published Date: Jun 2024
Report Format: PDF

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Pumped Hydro Storage Market Trends

The industry is poised for substantial growth on account of their reliable storage to ensure a stable supply of electricity. These storage systems enhance energy security by providing flexible source of power that can be dispatched quickly in response to demand fluctuations or emergencies. Surging demand for electricity combined with rapid urbanization growth across emerging economies will fuel an efficient storage system. Moreover, government are increasingly recognizing the importance of energy storage for grid stability in line with supportive policy, subsidies, and incentives to promote the development of pumped hydro projects, which will further boost the industry dynamics.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of pumped hydro storage was reached USD 349 billion in 2023 and will grow at 11.8% CAGR through 2032, driven by the rising renewable energy integration coupled with surging need for reliable energy storage solutions.

The open loop systems segment of the pumped hydro storage market will exceed USD 600 billion by 2032, owing to its lower environmental impact and ability to support large-scale renewable integration.

Asia Pacific pumped hydro storage market is set to surpass USD 500 billion by 2032, attributed to increasing investments in energy infrastructure including transmission networks and smart grid projects.

Absaroka, Energy, LLC, ANDRITZ, EDF, Enel Spa, Eskom Holdings SOC Ltd., General Electric, Genex Power, Greenko Group, J-POWER, Litostroj Power, Mitsubishi Heavy Industries, Ltd., Nevada Hydro Corporation, and Northland Power, Inc. among others.