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The globalPumped Hydro Storage (PHS) market size was valued at USD 45.95 billion in 2023. The market is projected to grow fromUSD 48.33 billion in 2024 to USD 129.01 billion by 2032, recording a CAGR of 13.06% during the forecast period.
A Pumped Hydro Storage (PHS) or Pumped Storage Hydropower (PSH) plant pumps water to an upper reservoir when power and electricity prices are low and releases the water back to the lower reservoir through a turbine when loads are high and electricity prices are higher. PHS is a flexible form of energy storage technology that contributes to balancing the supply and demand in the grid system and helps integrate a wide range of renewable energy sources, such as wind and solar.
The impact of the COVID-19 pandemic on the market was moderate as it hampered all the industries related to power generation and distribution. The pandemic-induced labor and raw material shortages delayed construction timelines, leading to project delays and cost overruns. The economic downturn impacted investments in pumped hydro storage projects, and the shift in demand dynamics affected the business of these projects, potentially leading to a reevaluation of the project’s viability. Thus, COVID-19 negatively impacted the global PHS market.
Current trends in the global market include modernizing the hydraulic infrastructures, tapping the hidden hydroelectric energy storage potential in existing facilities, increasing the flexibility and resilience to climate change, and implementing digital & mitigation measures. Pumped hydro storage is being utilized to complement the operation of existing reservoirs and lakes to enhance water management. Novel methods are under investigation to integrate other energy technologies into hydropower plants, such as hydrogen generation, floating photovoltaics on hydropower reservoirs, hybridization with batteries, and waste-heat recovery. Ocean (tidal and wave) power plants use turbines adapted from the hydropower sector.
Moreover, new developments are helping optimize pumped storage hydropower processes, while investments and environmental permits are helping get new projects off the ground. In February 2023, Hitachi Energy completed the world''s first static frequency converter solution to use modular multi-level technology in a pumped hydro storage application. This newly developed technology was handed over to Austrian power generator Verbund, which enables the 45-year-old PHS plant to switch its two pump-turbine units from traditional fixed-speed to variable-speed operation. These pump turbines adjust their speed automatically as per grid conditions and reservoir water levels, which improves the efficiency of the PHS process and helps balance the Austrian power grid.
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Grid operators and governments continue to seek alternatives to balance a variable supply with fluctuating demands. New concepts and developments from grid operators are vital to ensuring a consistent and steady balance of electricity sources and supply. Pumped hydro storage is a flexible resource that helps balance demand and supply in the power grid and integrates different renewable energy sources, such as wind and solar power systems. Due to their high level of operational flexibility, PHS units provide many of these ancillary services to support grid operations.
In a significant move to accelerate the global renewable energy capacity, governments across nations have introduced several initiatives to expedite pumped hydro storage project commissioning. Several vital measures have been implemented through collaborative efforts. For instance, in December 2022, the European Commission approved state aid worth USD 27.5 million for the development of a 75MW/530MWh Pumped Hydro Energy Storage (PHES) in Finland. It is the latest energy storage system aid from the EU for a PHS plant.
In terms of technological advancements and scientific publications, Europe comes second in hydropower knowledge production after China. The EU and the U.S. each host about 28% of the world’s most innovative hydropower companies. The EU held 33% of all high-value inventions globally till 2020, with Germany, France, and Poland being the main contributors. Although China is the primary patent leader, the EU, Japan, and South Korea are performing similarly and slightly better than the U.S. These research studies and government support are prompting key players to invest in PHS, which is driving the Pumped Hydro Storage (PHS) market share.
The open-loop segment accounts for a major share of the market as significant projects in both developed and developing countries are open-loop. Moreover, these projects incur low costs and offer an easy installation process. Open loop PHS projects have either an upper or lower reservoir, which is continuously connected to a naturally flowing water feature. In such cases, electricity can be generated without the requirement for pumping, as seen in a storage hydropower facility without the pumping feature. Current open-loop systems can also go beyond 100 GWh in energy storage, such as the Vilarinho das Furnas project in Portugal. The 3,600 MW Fengning pumped storage project under construction in China will be the largest in the world once completed in 2025.
Closed loop PHS plants have reservoirs that are not connected all the time to a naturally flowing water feature, such as a river or lake. Closed-loop plants allow more siting flexibility, and an essential advantage of closed-loop PHS is that its environmental impact is generally lower. The number of these plants is projected to rise over the forecast period as numerous closed-loop pumped hydro plants are under planning and development. The closed-loop system will be benefited by using the electricity generated by the nearby solar project to pump water uphill during the day before dispatching firm and flexible energy at periods of peak demand.
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The below 500 MW capacity segment holds the second-highest share of the market owing to site availability and the economic feasibility of installing and maintaining a PHS plant. Building large-scale pumped hydro storage plants requires considerable investment and suitable geographic conditions. Projects below 500 MW are often more economically viable to develop compared to larger installations. Identifying suitable sites for PHS plants involves specific geographic requirements, such as access to water sources, elevation differences, and land availability. Sites that meet these criteria and can accommodate larger capacities are limited.
The 500-1000 MW segment offers larger energy storage capacity compared to smaller installations. Increasing energy demand across the world is driving the growth of this segment. The increased capacity of plants allows the storage and release of greater amounts of energy, providing more significant grid stability and reliability. Moreover, plants with this capacity range can provide essential grid support services, such as frequency regulation, voltage control, and black start capabilities. These eventually play a crucial role in balancing supply and demand fluctuations, especially in large-scale power systems.
The Pumped Hydro Storage (PHS) market has been studied geographically across five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Europe Pumped Hydro Storage (PHS) Market Size, 2023 (USD Billion)
North American countries are significant markets for PHS, particularly the U.S. The region has several existing pumped hydro facilities and is investing in new projects to enhance grid stability and support renewable energy integration.
Europe has a long history of pumped hydro storage, with Norway, Switzerland, and Austria establishing mega projects with substantial capacities. Moreover, many countries in the region are investing in upgrading the existing facilities and building new ones to support the transition to renewable energy sources.
Asia Pacific, led by China, Japan, and Australia, is experiencing rapid growth in the market. China, in particular, has been investing significantly in pumped hydro projects as part of its renewable energy expansion plans. Some of the most significant PHS projects in the world are focused in China for the coming year.
In Latin America, Brazil and Chile are also exploring pumped hydro storage to integrate renewable energy into their grids and enhance energy security.
In the Middle East & Africa, the PHS market is relatively smaller as compared to others, and there is growing interest in leveraging pumped hydro technology to support renewable energy deployment and address power access challenges.
The global pumped hydro storage market’s competitive landscape is highly fragmented, with large and some medium-scale regional players delivering a wide range of products at local and country levels across the value chain. Companies are focusing on increasing R&D for innovations in PHS to improve the efficiency of plants and meet the future requirements of growing energy demands.
The report provides a detailed analysis of the market and focuses on crucial aspects, such as major key players, product types, and leading applications of the product. Besides, it offers insights into the market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.
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