Kings Research today announced the release of its latest market intelligence study, “Global Pumped Hydro Storage Market: Size, Share, Trends & Forecast 2024–2031.” The report delivers an in-depth analysis of the market’s trajectory, including detailed forecasts, growth drivers, opportunities, and the evolving competitive landscape.
According to Kings Research, the global Pumped Hydro Storage Market was valued at USD 43.67 billion in 2023 and is projected to grow from USD 47.51 billion in 2024 to USD 89.27 billion by 2031, at a CAGR of 9.43% during the forecast period. The rising demand for large-scale renewable energy storage, coupled with growing concerns about grid resilience, continues to propel the adoption of pumped hydro storage worldwide.
Pumped hydro storage (PHS) remains the most widely deployed form of energy storage globally, accounting for more than 94% of total installed storage capacity, according to the International Hydropower Association (IHA) (Source: https://www.hydropower.org/).
This technology uses surplus electricity to pump water to higher elevations, which is then released through turbines to generate power during peak demand. PHS plays a critical role in balancing intermittent renewable generation such as wind and solar, ensuring grid stability, and enabling nations to meet their decarbonization goals.
Kings Research identifies the following accelerators fueling global pumped hydro storage adoption:
- Clean Energy Transition: The International Energy Agency (IEA) projects that renewable energy will account for nearly 46% of global electricity generation by 2030, amplifying the need for long-duration storage solutions like PHS to address intermittency challenges. (Source: https://www.iea.org/)
- Government Policy Support: In the U.S., the Department of Energy highlights pumped storage hydropower as a “backbone” of grid reliability, with over 22 GW of installed capacity already supporting electricity networks. (Source: https://www.energy.gov/)
- Asia-Pacific Growth Momentum: China alone accounted for over 73.76 GW/168 GWh of new energy storage capacity by the end of 2024, making it the world leader in project development and scaling. (Source: http://english.scio.gov.cn/)
- Technological Advancements: Modernization initiatives, including variable-speed pump turbines and digital monitoring systems, are enhancing efficiency, flexibility, and environmental compliance in PHS operations.
- Private & Public Investments: Regional utilities and global energy firms are actively investing in new capacity, exemplified by Tata Power’s expansion in India and Duke Energy’s modernization projects in North America.
For utilities, grid operators, and policymakers, pumped hydro storage offers:
- Grid Stability: Large-scale frequency regulation and load balancing for renewable-rich grids.
- Cost Efficiency: Lower lifecycle costs than emerging storage technologies.
- Long-Duration Storage: 6–20+ hours of energy supply, unlike most battery storage systems.
- Sustainability: Reliable integration of renewable energy to meet carbon neutrality goals.
- Scalability: Proven infrastructure with decades of operation, expandable across geographies.
Regional Outlook:
- North America: Biggest share fueled by modernization of existing infrastructure and US DOE support programs for grid resilience. Duke Energy is leading regional projects with the modernization of aging PHS facilities.
- Asia-Pacific (APAC): Fastest growing region, driven by China’s expansion and India’s push for renewable integration, supported by Tata Power and PowerChina.
Competitive Landscape
Prominent companies are leveraging partnerships, capacity expansion, and modernization strategies to strengthen their market presence. Key market players include Andritz AG, Duke Energy Co., Enel SpA, GE Vernova, Voith GmbH & Co. KGaA, Iberdrola S.A., Mitsubishi Heavy Industries Ltd., Toshiba Energy Systems & Solutions Corporation, PowerChina, and Tata Power.
The full Kings Research report provides in-depth segmentation by type, source, capacity, and geography, along with detailed competitive benchmarking. To request a sample, access the full report, or explore custom consulting services, please visit https://www.kingsresearch.com/pumped-hydro-storage-market-311.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible government publications and peer-reviewed studies. Examples cited include: International Energy Agency (iea.org), International Hydropower Association (hydropower.org), U.S. Department of Energy (energy.gov), National Energy Administration of China (nea.gov.cn), and publicly available company announcements.