PUMPED HYDRO STORAGE MARKET ANALYSIS

Global Pumped Hydro Storage Market- Trends

• Increasing number of renewable sources across developing region: The increasing number of renewable sources across developing regions is emerging as a major trend in the market. In 2020, the total renewable energy (including hydropower) in the Middle East and Africa region was 229 TWh, accounting for about 11% of the total region's electricity generation. It has witnessed a growth of 3% compared to 2019, mainly contributed by hydropower.

Global Pumped Hydro Storage Market- Regional Insights

Asia Pacific is projected to hold a leading position in the global pump hydro storage market over the forecast period owing to the increasing installment of pumped hydro storage capacity in the region. According to the Coherent Market Insights analysis, as of 2022, North America has 23.03 GW of pumped hydro storage capacity, most of which is concentrated in the U.S.This is primarily attributed to the nation’s large hydropower capacity, around 102 GW as of 2022. Though Canada also sits on a massive 82 GW of hydropower capacity, the country has yet to fully utilize its pumped hydro storage capacity since it only has 117 MW of the discussed technology. Europe is projected to hold the second-leading position in the global market over the forecast period owing to the increasing developments associated with pumped hydro storage in the region. Moreover, the 2022 years presented a key milestone toward decarbonization in the European Union, as all renewable sources together generated more electricity than conventional fuels for the first time.