Pumped Hydro Storage Market Regional Analysis:
North American Market Insights
North America industry is set to dominate majority revenue share of 38% by 2035, impelled by the rising production of electricity from pumped hydro storage. Pumped storage hydropower (PSH) is a well-established and widely used form of energy storage system, accounting for 93% of all utility-scale energy storage capacity in the United States.
Moreover, the present-day hydropower plant pumped storage fleet in the United States contains around 22 gigatons of electricity-generating capacity and 550 gigatons of energy storage, with plants in every area of the country. According to the statistics from the Office of Energy Efficiency & Renewable Energy, America presently has 43 PSH plants and has the capacity to more than double its existing PSH capacity by adding enough additional PSH plants.
APAC Market Insights
The APAC Pumped Hydro Storage market is estimated to be the second largest, during the forecast timeframe led by higher construction of storage plant. For instance, Guidelines for promoting pumped storage projects (PSPs) in India were recently released by the Ministry of Power as energy storage is aided by technology, and with the rise of renewable energy, the ministry asserts that this technology is a better option. As a result, the demand for pumped hydro storage may rise in the region.
According to data from 2022, there are currently more than 2 GW of pumped storage projects (PSPs) being built in India, while there are over 22 GW of such projects in various phases of development.
