North America Pumped Hydro Storage Market Size (2024 - 2029)

The North American pumped hydro storage market is anticipated to experience growth, driven by the integration of variable renewable energy sources and the need for grid stability. Despite challenges such as environmental concerns and competition from other energy storage technologies, advancements in pumped hydro storage technologies in the United States and Canada are expected to enhance market development and reduce costs and environmental impacts. The United States is projected to lead the market due to the proliferation of pumped hydro storage projects.

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Market Size of North America Pumped Hydro Storage Industry

North America Pumped Hydro Storage Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.20 %
Market Concentration Medium

Major Players

North America Pumped Hydro Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Pumped Hydro Storage Market Analysis

The North American pumped hydro storage market is expected to register a CAGR of 4.2% during the forecast period.

The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the long term, various factors, such as the integration of variable renewable energy sources and ensuring grid stability, are expected to drive the pumped hydro storage (PHS) market during the forecast period.
  • On the other hand, the environmental and social impacts of PHS projects, coupled with increasing competition from other energy storage technologies, are expected to restrain the market studied during the forecast period.
  • Nevertheless, several novel PSH technologies are currently under development in the United States and Canada, which are expected to increase the development and deployment of PSH technology for energy storage while reducing costs and environmental impacts in the future, thus creating several opportunities for the market during the forecast period.
  • The United States is expected to dominate the market due to growing pumped hydro storage projects across the country.

North America Pumped Hydro Storage Industry Segmentation

Pumped storage hydropower (PSH) is a type of hydroelectric energy storage. PSH is a configuration of two water reservoirs at different elevations that can generate electricity as water moves down from one to the other (discharge), passing through a turbine. The system also requires power as it pumps water back into the upper reservoir. The North American pumped hydro storage market is segmented by type into open-loop and closed-loop. By geography, it is segmented into the United States, Canada, and Mexico. For each segment, the market size and forecasts have been done based on value (USD billion).

By Type
Open-loop
Closed-loop
By Geography
United States
Canada
Mexico
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North America Pumped Hydro Storage Market Size Summary

The North American pumped hydro storage market is poised for growth, driven by the need to integrate variable renewable energy sources and maintain grid stability. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The United States is expected to lead the market due to its extensive pumped hydro storage projects and government initiatives to enhance hydro capacity. However, the market faces challenges from environmental and social concerns related to pumped hydro storage projects and increasing competition from alternative energy storage technologies. Nonetheless, advancements in novel pumped hydro storage technologies in the U.S. and Canada are anticipated to reduce costs and environmental impacts, offering new opportunities for market expansion.

Closed-loop pumped hydro storage systems, which are less environmentally intrusive than open-loop systems, are expected to dominate the market. These systems provide high flexibility, reliability, and power output, and can be strategically located to support grid demands without relying on existing river systems. The U.S. Department of Energy has identified numerous suitable sites for closed-loop systems, further bolstering market prospects. The market is moderately fragmented, with key players including General Electric Company, Siemens AG, and Duke Energy Corporation. Collaborative efforts, such as those by Stantec Inc. and WaterPower Canada, aim to assess and enhance the strategic value of pumped storage hydro facilities, supporting the market's growth trajectory.

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North America Pumped Hydro Storage Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 North America Pumped Hydro Installed Capacity and Forecast in GW, till 2027

    4. 1.4 North America Hydro Power Installed Capacity and Forecast in GW, till 2027

    5. 1.5 North America Hydroelectricity Generation in TWh, 2013-2021

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

      2. 1.8.2 Restraints

    9. 1.9 Supply Chain Analysis

    10. 1.10 Porter's Five Forces Analysis

      1. 1.10.1 Bargaining Power of Suppliers

      2. 1.10.2 Bargaining Power of Consumers

      3. 1.10.3 Threat of New Entrants

      4. 1.10.4 Threat of Substitute Products and Services

      5. 1.10.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Open-loop

      2. 2.1.2 Closed-loop

    2. 2.2 By Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Mexico

North America Pumped Hydro Storage Market Size FAQs

The North America Pumped Hydro Storage Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)

General Electric Company, Siemens AG, Enel SpA, Duke Energy Corporation and Voith GmbH & Co. KGaA are the major companies operating in the North America Pumped Hydro Storage Market.

North America Pumped Hydro Storage Report Snapshots

North America Pumped Hydro Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)