Pumped Hydro Storage Market Forecast 2028: Growth Trends, Key Players & Future Outlook | MarkNtel
As per MarkNtel The Global Pumped Hydro Storage market is projected to grow at a CAGR of around 6.27% during the forecast period, i.e., 2023-28. The market growth imputes to the rising environmental concerns, increasing demand for reliable & sustainable energy storage solutions, affordability for large-scale energy storage, and much longer technical lifetime, an average of around 75-100 years.
Pumped Hydro Storage Market Systems Market Insights:
Along with this, the integration of renewable energy sources into the electricity grid can lead to fluctuations in supply & demand, which can cause instability in the grid. They can help stabilize the grid by storing excess energy during times of low demand & releasing it during high demand.
Many governments around the world are implementing policies & incentives to encourage the growth of renewable energy & energy storage. These policies can include subsidies, tax credits, and renewable energy targets. As renewable energy continues to grow & become more integrated into the grid, the demand for pumped hydro storage is expected to enhance.
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Pumped Hydro Storage Market Systems Market Segmentation:
By Revenues (USD Million)
- Installed Capacity in GWh
- Market Share & Analysis
By Type
- Open-Loop
- Closed-Loop
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Pumped Hydro Storage Market Recent Development:
- 2022: ANDRITZ and EnBW entered an agreement for the supply, installation, and commissioning of a 50 MW pump turbine with a generator & all necessary auxiliaries for the Forbach pump storage power plant.
- 2022: General Electric Company (GE) was chosen by Anhui Jinzhai Pumped Storage Power Co., LTD to supply the four 300 MW pumped storage turbines, generator motors, and other plant components for the latter's Anhui Jinzhai Pumped Storage Power Plant, which is situated in Jinzhai County, Anhui Province, China.
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Pumped Hydro Storage Market Drivers:
Surging Demand for Electricity from Renewable Energy Sources to Drive the Market - The growing demand for electricity from renewable energy sources in various industries, such as residential, commercial, government & transport, and industrial, propelled the growth of the Pumped Hydro Storage market during the historical years. Renewable energy sources, including solar & wind power, are thought to be clean energy sources as they don't emit harmful pollutants such as mercury, lead, sulfur dioxide, nitrogen oxides, particulates, and various other heavy metals, which pollute the environment.
Report Highlights Essential Insights for Strategic Decision-Making
- Detailed market size, share, and forecast analysis
• In-depth pricing trends and segment-wise cost evaluations
• Key industry strategies, including innovation, partnerships, and acquisitions
• Critical value chain analysis and stakeholder profiling
• Regional import-export market insights and trade flow assessment
• Thorough competitive benchmarking of top hearing aid manufacturers
• Identification of new growth opportunities and niche market segments
• Overview of market trends, drivers, and challenges shaping future demand
Some of the leading players in the Pumped Hydro Storage Market are:
- ANDRITZ HYDRO GmbH
- Voith GmbH & Co. KGaA
- Siemens
- GE Renewable Energy
- ABB Ltd.
- Alstom Hydro France
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Hyundai Heavy Industries Co., Ltd.
- Hitachi Energy
- J-Power
- Dongfang Electric Corporation
- Harbin Electric Company Limited
- Obermeyer Hydro, Inc.
- Others
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Research Methodology Summary
A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.
Key Steps:
- Define objectives and research design
- Collect data through surveys and interviews
- Analyze and validate data using reliable tools
- Forecast trends and deliver actionable insights
About us:
MarkNtel Advisors is a global research and advisory firm with expertise across the energy industry, covering renewable energy, oil & gas, energy storage, and power generation. We deliver data-backed insights that assist energy producers, utilities, and investors in navigating regulatory transitions and emerging technologies. With Consulting Services, we help clients interpret market intelligence and design actionable strategies that accelerate decarbonization, enhance energy resilience, and ensure sustainable growth across global markets.
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