Pumped hydro storage systems use off-peak or surplus electricity to move water between reservoirs at different elevations, allowing the stored energy to be released as needed to meet fluctuations in demand or intermittent output from other renewable energy sources. Pumped hydro storage plays a critical role in enabling broader integration of renewable energy by balancing generation and consumption. As renewable energy adoption continues to grow globally to meet rising climate targets and energy security needs, the demand for flexible energy storage options like pumped hydro is also increasing substantially. The global pumped hydro storage market offers a proven, large-scale energy storage solution capable of supplying power for many hours or even days. Renewable energy systems paired with pumped hydro facilities can together reliably power entire communities or regional grids.
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:
One of the key trends driving growth in the pumped hydro storage market is the increasing integration of variable renewable energy into national grids. As more solar and wind power comes online globally each year, the need grows for technologies like pumped hydro storage that can absorb excess renewable output during periods of low demand and release stored energy when the sun isn't shining or wind isn't blowing. Pumped hydro accounts for over 90% of global energy storage capacity and will remain vitally important for grids attempting to reduce carbon emissions through higher levels of renewable penetration. Projects combining pumped hydro with new solar and wind farms allow for maximal renewable energy utilization around the clock. This confluence of renewable expansion and the flexibility requirements it creates will continue propelling the pumped hydro market upward over the coming years.
Porter's Analysis
Threat of new entrants: The growing investments and technological advancements in this industry coupled with high initial capital requirements create significant barriers for new companies.
Bargaining power of buyers: Large buyers have significant bargaining power due to bulk purchasing abilities. However, need for specialized components limits switching.
Bargaining power of suppliers: Suppliers of specialized components and equipment have some bargaining power, but overall impact is low due to availability of substitutes.
Threat of new substitutes: Alternate energy storage solutions like compressed air energy storage and batteries pose potential threat, though pumped hydro remains cost-effective for large-scale applications.
Competitive rivalry: Global players dominate with considerable resources for R&D and infrastructure development. Competition is based on technological differentiation, reliability and cost.
Key Takeaways
The Global Pumped Hydro Storage Market Size is expected to witness high growth over the forecast period. 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.
Regional analysis: Asia Pacific accounts for around 60% of the global installed pumped hydro capacity led by China, India, Japan and South Korea. The region adds over 3 GW of new capacity annually and is increasingly adopting advanced variable speed pumping technology. Governments are promoting underground storage to reduce land acquisition costs.
Key players:
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. Players are focusing on capacity expansion, digitalization and refurbishment of aging assets to strengthen market position.
For more Insights, Read -
https://www.newswirestats.com/pumped-hydro-storage-market-size-market-share-analysis/
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Region-wise Analysis Global Pumped Hydro Energy Storage Market covers: North AmericaEuropeChinaJapanRest APACLatin America The Major players reported in the market include: AES CorporationEDF RenewablesSchneider ElectricMaxwell CorporationLyondellBasell Industries N.V.INEOS Group AG For More Information, Please Visit https://www.upmarketresearch.com/home/enquiry_before_buying/4372 Global Pumped Hydro Energy Storage Market: Product Segment Analysis: SeawaterFreshwater Global Pumped Hydro Energy Storage Market: Application Segment Analysis: On-GridOff-GridMicro GridOthers The Report covers in-depth analysis as follows: Chapter 1 Overview of Pumped Hydro Energy StorageChapter 2 Global Market Status and Forecast by RegionsChapter 3 Global Market Status and Forecast by TypesChapter 4 Global Market Status and Forecast by Downstream IndustryChapter 5 Market Driving Factor Analysis of Pumped Hydro Energy StorageChapter 6 Pumped Hydro Energy Storage Market Competition Status by Major ManufacturersChapter 7 Pumped Hydro Energy Storage Major Manufacturers Introduction and Market DataChapter 8 Upstream and Downstream Market Analysis of Pumped Hydro Energy StorageChapter 9 Cost and Gross Margin Analysis of Pumped Hydro Energy StorageChapter 10 Marketing Status Analysis of Pumped Hydro Energy StorageChapter 11 Report ConclusionChapter 12 Research Methodology and Reference Buy Pumped Hydro Energy Storage Market analysis & forecast 2018-2023 Report along with complete TOC @ https://www.upmarketresearch.com/buy/pumped-hydro-energy-storage-global-market “Pumped Hydro Energy Storage Market Analysis and Forecast 2018-2023” report helps the clients to take business decisions and to understand strategies of major players in the industry.
