Pumped Hydro Storage (PHS) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Pumped Hydro Storage (PHS) Market
The global Pumped Hydro Storage (PHS) market size was valued at USD 45.95 billion in 2023 and is expected to reach a valuation of USD 48.33 billion in 2024. The market is predicted to touch USD 129.01 billion by 2032, recording a CAGR of 13.06% during the forecast period of 2024-2032.
A Pumped Hydro Storage (PHS) system pumps water to an upper reservoir when the power prices are low and releases the water back into the lower reservoir when the energy price is higher. PHS plays a significant role in creating a balance in the demand for energy and its supply in the electrical grid. Pumped hydro storage systems are flexible enough to incorporate renewable energy sources, helping industries reduce their carbon footprint. These benefits will increase their adoption to cater to the peak demand for electricity and make industries more sustainable in their operations.
Some of the key factors bolstering the product’s adoption is the increasing modernization of the current PHS plants to enhance their efficiency. Moreover, many key market players are seeking advanced technologies and methods to help them incorporate other energy technologies into hydropower plants, such as floating photovoltaics on hydropower reservoirs, hydrogen generation, waste-heat recovery, and hybridization with batteries.
Another factor that is boosting the demand for pumped hydro storage plants is the introduction of robust and long-term energy transition policies by governments across the world. Governments and regulatory authorities are launching a wide range of policies to accelerate the switch from fossil fuels to renewable energy sources in a bid to reduce its carbon footprint and achieve its net zero emission goals. These factors are expected to positively impact the Pumped Hydro Storage (PHS) market growth.
Comprehensive Analysis of Pumped Hydro Storage (PHS) Market
The market is segregated into two segments: type and capacity. Based on type, the market is divided into open loop and closed loop. The open loop segment is holding a dominant market share owing to the benefits offered by these systems, such as low cost and ease of installation. Moreover, a large percentage of major pumped hydro storage projects in both the developed and developing countries are open-looped.
By capacity, the global market is segmented into below 500 MW, 500-1000 MW, and above 1000 MW. The above 1,000 MV segment accounts for the largest Pumped Hydro Storage (PHS) market share due to the growing demand for massive energy storage capacity, especially among mega energy generation projects across the world. PHS plants that operate at a capacity of above 1,000 MW possess higher energy storage abilities, which enables them to play a central role in offering stability to the electric grid and fulfilling peak energy demands.
The market’s study covers regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Out of these regions, North America dominated the global market share as the region already has a vast presence of pumped hydro facilities.
Some of the top companies operating in the Pumped Hydro Storage (PHS) market include ANDRITZ AG (Austria), Siemens AG (Germany), Enel SpA (Italy), Duke Energy Co. (U.S.), Voith GmbH & Co. KGaA (Germany), GE Vernova (U.S.), and Power Construction Corporation of China (China), among many others. These market players are increasing their focus on research and development to bring innovations to their existing range of pumped hydro storage systems. They are also engaging in partnerships, collaborations, and acquisitions with other firms to expand their market share and launch innovative products.
In June 2021, Voith Hydro signed a partnership deal with Mine Storage, a Sweden-based company that specializes in underground pumped storage concepts, to create an underground pumped storage solution for mine storage. This collaboration with Mine Storage enabled Voith Hydro to engage in the early project development at two sites in Sweden.
Table of Segmentation
Global Pumped Hydro Storage (PHS) Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 13.06% from 2024 to 2032
Unit Value (USD Billion) and Volume (GW)
Segmentation By Type, Capacity, and Region
Segmentation By Type
Open Loop
Closed Loop
By Capacity
Below 500 MW
500-1000 MW
Above 1000 MW
By Region
North America (By Type, Capacity, and Country)
U.S.
Canada
Europe (By Type, Capacity, and Country)
U.K.
Germany
France
Italy
Spain
Switzerland
Austria
Russia
Rest of Europe
Asia Pacific (By Type, Capacity, and Country)
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America (By Type, Capacity, and Country)
Brazil
Argentina
Rest of Latin America
Middle East & Africa (By Type, Capacity, and Country)
Iran
South Africa
Rest of the Middle East & Africa
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Pumped Hydro Storage Market
- 5. Global Pumped Hydro Storage Market (USD Billion & GW) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast – By Type
- 5.2.1. Open Loop
- 5.2.2. Closed Loop
- 5.3. Market Analysis, Insights, and Forecast – By Capacity
- 5.3.1. Below 500 MW
- 5.3.2. 500-1000MW
- 5.3.3. Above 1000 MW
- 5.4. Market Analysis, Insights, and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East and Africa
- 6. North America Pumped Hydro Storage Market (USD Billion & GW) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast – By Type
- 6.2.1. Open Loop
- 6.2.2. Closed Loop
- 6.3. Market Analysis, Insights, and Forecast – By Capacity
- 6.3.1. Below 500 MW
- 6.3.2. 500-1000MW
- 6.3.3. Above 1000 MW
- 6.4. Market Analysis, Insights, and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Pumped Hydro Storage Market (USD Billion & GW) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast – By Type
- 7.2.1. Open Loop
- 7.2.2. Closed Loop
- 7.3. Market Analysis, Insights, and Forecast – By Capacity
- 7.3.1. Below 500 MW
- 7.3.2. 500-1000MW
- 7.3.3. Above 1000 MW
- 7.4. Market Analysis, Insights, and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Switzerland
- 7.4.7. Austria
- 7.4.8. Russia
- 7.4.9. Rest of Europe
- 8. Asia Pacific Pumped Hydro Storage Market (USD Billion & GW) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast – By Type
- 8.2.1. Open Loop
- 8.2.2. Closed Loop
- 8.3. Market Analysis, Insights, and Forecast – By Capacity
- 8.3.1. Below 500 MW
- 8.3.2. 500-1000MW
- 8.3.3. Above 1000 MW
- 8.4. Market Analysis, Insights, and Forecast – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Australia
- 8.4.5. South Korea
- 8.4.6. Rest of Asia Pacific
- 9. Latin America Pumped Hydro Storage Market (USD Billion & GW) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast – By Type
- 9.2.1. Open Loop
- 9.2.2. Closed Loop
- 9.3. Market Analysis, Insights, and Forecast – By Capacity
- 9.3.1. Below 500 MW
- 9.3.2. 500-1000MW
- 9.3.3. Above 1000 MW
- 9.4. Market Analysis, Insights, and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Argentina
- 9.4.3. Rest of Latin America
- 10. Middle East and Africa Pumped Hydro Storage Market (USD Billion & GW) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights, and Forecast – By Type
- 10.2.1. Open Loop
- 10.2.2. Closed Loop
- 10.3. Market Analysis, Insights, and Forecast – By Capacity
- 10.3.1. Below 500 MW
- 10.3.2. 500-1000MW
- 10.3.3. Above 1000 MW
- 10.4. Market Analysis, Insights, and Forecast – By Country
- 10.4.1. South Africa
- 10.4.2. Iran
- 10.4.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. ANDRITZ AG
- 11.2.1.1. Business Overview
- 11.2.1.2. Product and Service Offerings
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. Siemens AG
- 11.2.2.1. Business Overview
- 11.2.2.2. Product and Service Offerings
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. Enel SpA
- 11.2.3.1. Business Overview
- 11.2.3.2. Product and Service Offerings
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Duke Energy Co.
- 11.2.4.1. Business Overview
- 11.2.4.2. Product and Service Offerings
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. Voith GmbH & Co. KGaA
- 11.2.5.1. Business Overview
- 11.2.5.2. Product and Service Offerings
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. GE Vernova
- 11.2.6.1. Business Overview
- 11.2.6.2. Product and Service Offerings
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. Power Construction Corporation of China
- 11.2.7.1. Business Overview
- 11.2.7.2. Product and Service Offerings
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. Torrent Power
- 11.2.8.1. Business Overview
- 11.2.8.2. Product and Service Offerings
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. ITC Holdings
- 11.2.9.1. Business Overview
- 11.2.9.2. Product and Service Offerings
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
- 11.2.10. NextEra Energy, Inc.
- 11.2.10.1. Business Overview
- 11.2.10.2. Product and Service Offerings
- 11.2.10.3. Recent Developments
- 11.2.10.4. Financials (Based on Availability)
- 11.2.11. China Energy Engineering Corporation
- 11.2.11.1. Business Overview
- 11.2.11.2. Product and Service Offerings
- 11.2.11.3. Recent Developments
- 11.2.11.4. Financials (Based on Availability)
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