The Global Pumped Hydro Storage Market was valued at US$ 348.25 Bn in 2023, exhibiting a CAGR of 6.9% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 554.21 Bn by 2030.
Global Pumped Hydro Storage Market- Trends
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.
Pumped Hydro Storage Market Report Snapshots
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