Pumped Hydro Storage Market by Type, Application, End-Use

Description

List of Tables

[199 Pages Report] The Pumped Hydro Storage Market size was estimated at USD 535.31 million in 2023 and expected to reach USD 589.68 million in 2024, at a CAGR 10.63% to reach USD 1,085.80 million by 2030.

Pumped storage hydropower (PSH) is a well-established energy storage technology and is widely used due to its ability to store excess electricity generated from renewable sources when demand is low and release it at peak periods when there is a greater need for power. The rising need for efficient energy storage and the significant growth of large-scale grid energy infrastructure are leading to the escalated deployment of pumped hydro storage technologies. However, the high capital costs and specific topographic requirements may lead to reduced deployment of the hydro storage technology in the grid infrastructure. Moreover, the ongoing research and introduction of innovative pumped storage hydropower technologies, along with the inclination of governments worldwide toward renewable energy generation, are creating significant potential for the deployment of pumped storage technologies in the current and future grids.

KEY MARKET STATISTICS
Base Year [2023]	USD 535.31 million
Estimated Year [2024]	USD 589.68 million
Forecast Year [2030]	USD 1,085.80 million
CAGR (%)	10.63%

Type: Closed-loop pumped hydro storage preferred for its reduced environmental impact

Closed-loop PHS systems, known as off-river systems, do not have a natural body of water at either the upper or lower reservoir. These systems utilize man-made reservoirs to store water. This design minimizes environmental impact on natural waterways and ecosystems. Closed-loop systems are often preferred in areas where natural water bodies are not available for development and where environmental conservation is a priority. Open-loop PHS systems are directly connected to natural water bodies, including rivers, lakes, and the ocean. These systems leverage the natural topography to store and generate power, which can result in lower initial construction costs compared to Closed-Loop systems. However, the dependency on natural water bodies can create challenges related to environmental regulations, water rights, and seasonal water availability.

End-Use: Growing applications in hydroelectric dams for energy storage & power generation

Decentralized pumped hydro storage systems refer to small-scale projects that serve local and community-level energy storage needs. These systems are highly beneficial in remote locations where connecting to larger grids is impractical. They offer flexibility, lower transmission losses, and improved energy accessibility. Hydroelectric dams equipped with pumped storage capabilities are among the most traditional and widely used systems for energy storage. They leverage elevation differences to store energy and generate power, offering significant capacity for peak shaving and load balancing on the grid. Seawater-pumped hydro storage is an innovative approach that uses the ocean as the lower reservoir, distinctly advantageous for countries with limited land resources but extensive coastlines. These systems reduce environmental impact and land use concerns associated with traditional reservoirs. Underground reservoirs for pumped hydro storage involve utilizing natural and excavated caverns to store water, offering an alternative where surface space is scarce and environmental conservation is paramount. This segment is less common but is growing in interest due to its minimal landscape impact and security advantages. Underwater reservoirs represent a cutting-edge development in the field of pumped hydro storage, utilizing flexible membranes and solid containers on the seabed. This novel approach minimizes visual impact and land use while also providing a potentially significant energy storage capacity.

Regional Insights

The potential for pumped hydro storage varies by country and geographic region, considering factors such as topography, access to water resources, and energy demand that help determine the feasibility and potential for pumped hydro storage. Mountainous regions with significant elevation differences in the landscape are most suited for pumped hydro storage. Countries such as China, Japan, and the United States have some of the largest pumped hydro storage facilities in the world due to their mountainous terrain. Asia and the United States have some of the largest pumped hydro storage facilities in the world. China currently has the largest pumped hydro storage capacity in the world, with several large facilities such as the Fengning plant and the Ludian plant. Japan also has a significantly pumped hydro storage capacity, with facilities such as the Okutataragi plant and the Kannagawa plant. Countries with abundant water supplies and good water management practices are more likely to have the capacity for pumped hydro storage. Countries with high energy demand, those with large populations or energy-intensive industries, have a greater need for pumped hydro storage.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Pumped Hydro Storage Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Pumped Hydro Storage Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Pumped Hydro Storage Market, highlighting leading vendors and their innovative profiles. These include AGL Energy Ltd., Andritz AG, Black & Veatch Holding Company, Duke Energy Corporation, Electric Power Development Co., Ltd., Enel S.p.A., Eskom Holdings SOC Ltd., General Electric Company, Genex Power Limited, Greenko Group, Hitachi Energy, Hydro-Electric Corporation, Litostroj Power d.o.o., Nevada Hydro Corporation, Obermeyer Hydro, Inc., Schluchseewerk AG, Siemens AG, Stantec Inc., Sunshine Hydro, Tata Power Company Limited, Toshiba Corporation, and Voith GmbH & Co. KGaA.

Market Segmentation & Coverage

This research report categorizes the Pumped Hydro Storage Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Closed-Loop
- Open-Loop

Application
- Energy Management
- Frequency Control

End-Use
- Decentralised Systems
- Hydroelectric Dams
- Seawater
- Underground Reservoirs
- Underwater Reservoirs

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Pumped Hydro Storage Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Pumped Hydro Storage Market?

3. What are the technology trends and regulatory frameworks in the Pumped Hydro Storage Market?

4. What is the market share of the leading vendors in the Pumped Hydro Storage Market?

5. Which modes and strategic moves are suitable for entering the Pumped Hydro Storage Market?

Product Code: MRR-742BD518417B

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Establishment of large-scale grid energy infrastructure and need for energy storage
  - 5.1.1.2. Growing shift to renewable energy worldwide focused on maintaining sustainable energy mix
- 5.1.2. Restraints
  - 5.1.2.1. High capital costs and topographic limitations associated with the establishment of pumped hydro storage
- 5.1.3. Opportunities
  - 5.1.3.1. Research and advancements in pumped hydro storage technologies
  - 5.1.3.2. Strategic collaborations and partnerships to expand the use of pumped hydro storage technology
- 5.1.4. Challenges
  - 5.1.4.1. Issues associated with site-specific negative environmental and ecological impacts and dam safety
5.2. Market Segmentation Analysis
- 5.2.1. Type: Closed-loop pumped hydro storage preferred for its reduced environmental impact
- 5.2.2. End-Use: Growing applications in hydroelectric dams for energy storage & power generation
5.3. Market Trend Analysis
- 5.3.1. Utility-scale adoption of pumped hydro storage in North America and opportunities in South America
- 5.3.2. Untapped prospects for expanding pumped hydro storage in the Asia-Pacific with immense government support
- 5.3.3. Role and integration potential of pumped hydro storage in EMEA's clean energy strategy
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Pumped Hydro Storage Market, by Type

6.1. Introduction
6.2. Closed-Loop
6.3. Open-Loop

7. Pumped Hydro Storage Market, by Application

7.1. Introduction
7.2. Energy Management
7.3. Frequency Control

8. Pumped Hydro Storage Market, by End-Use

8.1. Introduction
8.2. Decentralised Systems
8.3. Hydroelectric Dams
8.4. Seawater
8.5. Underground Reservoirs
8.6. Underwater Reservoirs

9. Americas Pumped Hydro Storage Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Pumped Hydro Storage Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Pumped Hydro Storage Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Development Project
- 12.3.2. General Electric Switches on 1.2 GW Pumped Hydro Facility in China
- 12.3.3. Greenko to Build INR 100 Billion Pumped Hydro Storage Project in Madhya Pradesh
- 12.3.4. Prime Infra firm to buy 500-MW Philippine pumped-storage hydro project
- 12.3.5. WaterPower Canada chooses Stantec to conduct pumped storage hydro study
- 12.3.6. Queensland pours USD 48 million into two pumped hydro projects
- 12.3.7. LG ES partners academics, Siemens Energy compressed air, License application for 900MW Wyoming PHES plant
- 12.3.8. Schluchseewerk has a new type of generator for pumped storage
- 12.3.9. Enel finalizes the acquisition of 527 MW of hydro plants from ERG
- 12.3.10. Voith Group strengthens hydropower core business and acquires Siemens Energy's complete stake in Voith Hydro
- 12.3.11. Indonesia's First Pumped Storage Hydropower Plant to Support Energy Transition
- 12.3.12. GE Renewable Energy Awarded Contract for New Build Tauernmoos Pumped Hydro Storage Power Plant
- 12.3.13. Genex Power secures funding for Australia's first pumped hydro project in 40 years
- 12.3.14. RheEnergise develops pumped-hydro technology to store clean power

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio