North America Pumped Hydro Storage Market Size
| 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
*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 Market Trends
This section covers the major market trends shaping the North America Pumped Hydro Storage Market according to our research experts:
Closed-loop Segment Expected to Dominate the Market
- In closed-loop systems, pumped hydro storage plants are created, in which one/both the reservoirs are artificially built, and no natural inflows of water are involved with either reservoir. The only way to store a substantial amount of energy is by locating a large body of water near the second body of water but as high above as possible. In some places, this happens naturally. In others, one or both water bodies are artificial. The moderately low energy density of pumped storage systems entails either large differences in height or large flows between reservoirs.
- Closed-loop pumped hydro storage offers high flexibility, reliability, and high-power output. Since the closed-loop pumped-hydro systems are not connected to existing river systems, their impact on the environment is less compared to open-loop pumped hydro storage systems. Moreover, they can be located where support to the grid is required and therefore do not need to be positioned near an existing river.
- As of 2021, the pumped hydro storage capacity of the United States reached around 21.912 GW, which is growing compared with recent years. According to a study published by scientists from the US Department of Energy's Pacific Northwest National Laboratory (PNNL) in 2021, the number of preliminary permits and licensing applications for closed-loop systems has considerably increased in recent years.
- Furthermore, in June 2022, the US Department of Energy's Water Power Technologies Office researched and stated that thousands of locations across the country are suitable for closed-loop pumped storage hydropower. The closed-loop pumped storage hydropower resource assessment for the United States is a large-scale study to identify closed-loop PSH sites and an important reference for developers and stakeholders. The study used spatial mapping at 30-meter resolution and identified nearly 15,000 sites where this PSH technology can be best deployed in the future.
- Owing to the above points and recent developments, the closed loop segment is expected to dominate the market during the forecast period.
United States to Dominate the Market
- The United States is the largest user of hydropower in the region and a considerable user of modern water energy storage systems like pumped hydro storage. The government is pushing to increase the installed hydro capacity of the country.
- Pumped-storage hydroelectric systems generally use more electricity to pump water to upper water storage reservoirs than they produce with stored water. In 2021, the top five states in the United States with respect to pumped-storage hydroelectricity net summer generation capacity were California, Virginia, South Carolina, Michigan, and Georgia.
- Going forward, in May 2022, the Federal Energy Regulatory Commission reported 27 licensed pumped storage projects with a total installed capacity of nearly 18.9 GW. Of these, 24 are in operation with a total capacity of about 16.5 GW. Furtherly, FERC has issued licenses for three proposed pumped storage projects since the beginning of 2014. The remaining pumped storage plants are federally owned facilities, like the Tennessee Valley Authority's Raccoon Mountain plant, and several operated by the US Army Corps of Engineers.
- Furthermore, in October 2022, the US Department of Energy's Water Power Technologies Office announced an opportunity for power developers and other stakeholders to receive technical assistance to advance hydropower's role on the electric grid through the Hydropower and Water Innovation for a Resilient Electricity System (HydroWIRES) initiative. The technical assistance opportunity aims to provide the developers and stakeholders with national lab expertise and capabilities to address valuation hurdles in pumped hydro storage project development.
- Owing to the above points, the United States is expected to dominate the pumped hydro storage market during the forecast period.
North America Pumped Hydro Storage Industry Overview
The North American pumped hydro storage market is moderately fragmented. Some of the key players in the market (in no particular order) include General Electric Company, Siemens AG, Enel SpA, Duke Energy Corporation, and Voith GmbH & Co. KGaA, among others.
North America Pumped Hydro Storage Market Leaders
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General Electric Company
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Siemens AG
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Enel SpA
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Duke Energy Corporation
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Voith GmbH & Co. KGaA
*Disclaimer: Major Players sorted in no particular order
North America Pumped Hydro Storage Market News
- June 2022: Global design firm Stantec Inc. was commissioned by WaterPower Canada to assess the potential for pumped storage hydro (PSH) across Canada. The project will be carried out in alliance with the Australian National University, Centre for Energy Advancement through Technological Innovation (CEATI), and Power Advisory. Stantec and its partners will help WaterPower Canada and the wider hydropower industry better understand the strategic value of pumped storage hydro facilities.
- May 2022: A geographic information system (GIS) based analysis of potential new closed-loop pumped storage hydropower systems in the contiguous United States, Alaska, Hawaii, and Puerto Rico find potential for 35 terawatt-hours of energy storage across 14,846 sites, which represents 3.5 TW of capacity when assuming a 10-hour storage duration.
North America Pumped Hydro Storage Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 North America Pumped Hydro Installed Capacity and Forecast in GW, till 2027
4.4 North America Hydro Power Installed Capacity and Forecast in GW, till 2027
4.5 North America Hydroelectricity Generation in TWh, 2013-2021
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 Porter's Five Forces Analysis
4.10.1 Bargaining Power of Suppliers
4.10.2 Bargaining Power of Consumers
4.10.3 Threat of New Entrants
4.10.4 Threat of Substitute Products and Services
4.10.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Open-loop
5.1.2 Closed-loop
5.2 By Geography
5.2.1 United States
5.2.2 Canada
5.2.3 Mexico
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 General Electric Company
6.3.2 Siemens AG
6.3.3 Enel SpA
6.3.4 Duke Energy Corporation
6.3.5 Voith GmbH & Co. KGaA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 |
North America Pumped Hydro Storage Market Research FAQs
What is the current North America Pumped Hydro Storage Market size?
The North America Pumped Hydro Storage Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in North America Pumped Hydro Storage Market?
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.
What years does this North America Pumped Hydro Storage Market cover?
The report covers the North America Pumped Hydro Storage Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Pumped Hydro Storage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Pumped Hydro Storage Industry Report
Statistics for the 2024 North America Pumped Hydro Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Pumped Hydro Storage analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
