Pumped hydro storage provides reliable and economical energy storage and enables integration of renewable energy sources like solar and wind into the electricity grid. With the growing demand for clean energy, pumped hydro storage facilities store excess energy from renewable resources for times when the supply may be low or demand is high.

The global Pumped Hydro Storage Market is estimated to be valued at US$ 401.19 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased integration of renewable energy is a major trend spurring the growth of the pumped hydro storage market. Renewable energy sources like solar and wind are intermittent in nature and their electricity generation depends on availability of natural resources. Integration of large capacities of renewable energy into the grid poses challenges related to matching energy supply and demand. Pumped hydro storage helps to overcome these challenges by storing excess energy produced from renewable sources during times of low demand and supplying it when demand is high or renewable energy supply is low. This enables more renewable energy to be integrated while maintaining grid reliability and stability. Pumped hydro storage thus plays a critical role in accelerating the transition to cleaner sources of energy production.

SWOT Analysis

Strength: Pumped hydro storage is a renewable and sustainable technology for large-scale energy storage. It provides grid reliability and flexibility by storing surplus power for use during peak hours.

Weakness: Large initial capital costs and lengthy construction periods are involved in building new pumped hydro storage plants. The technology also requires specific topographical conditions like differences in elevation between two water bodies.

Opportunity: Growing integration of variable renewable energy sources like solar and wind into grids is driving the need for cost-effective large-scale energy storage technologies. This offers opportunities for expansion of pumped hydro storage capacity globally.

Threats: Competing energy storage technologies like batteries and hydrogen fuel cells are advancing rapidly and may become more commercially viable substitutes in the long run. Strict environmental regulations also pose a challenge for developing new pumped hydro storage projects.


Key Takeaways

The Global Pumped Hydro Storage Market Size is expected to witness high growth over the forecast period from 2024 to 2031 supported by increasing deployment of renewable energy worldwide. The market was valued at US$ 401.19 billion in 2024.

Regional analysis: China dominates the global market currently with over half of the global installed pumped hydro storage capacity as of 2024. Other Asian countries like India are also expanding their capacities rapidly to support growing electricity demand and integrate renewable energy in their grids. Europe and North America are established but mature markets while projects under development in Africa and South America are expected to drive future growth.

Key players operating in the pumped hydro storage market are AbbVie Inc. (Allergan), Terumo Corporation, GlaxoSmithKline PLC, Novartis AG, Medtronic PLC, Abbott Laboratories, Boston Scientific Corp., W L Gore and Associates Inc., Stryker Corporation, and Becton, Dickinson and Company. Strategies adopted by major players include capacity expansion, technological innovations to reduce costs, and geographical expansion into emerging pumped hydro storage markets through partnerships.

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https://www.insightprobing.com/pumped-hydro-storage-market-market-size-share-analysis-growth/