Upstream of the pumped storage industry chain

What is the global pumped storage hydropower industry?

In 2023, pumped hydropower was the dominant global electricity storage solution, accounting for 62 percent of the world’s energy storage capacity. Discover all statistics and data on Global pumped storage hydropower industry now on statista.com!

Why is the pumped hydro storage market growing?

Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, rising electricity demand is driving the growth of the pumped hydro storage market.

Which is the fastest growing region in pumped hydro storage market?

Asia-Pacific was the largest region in the pumped hydro storage market in 2022.Europe is expected to be the fastest-growing region in the forecast period. The regions covered in pumped hydro storage report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

What is pumped storage hydropower (PSH)?

Pumped Storage Hydropower (PSH) is the largest form of renewable energy storage, with nearly 200 GW installed capacity providing more than 90% of all long duration energy storage across the world with over 400 projects in operation. The guidance note delivers recommendations to reduce risks and enhance certainty in project development and delivery.

What is pumped storage hydropower?

Pumped storage hydropower is an energy storage technology that plays a crucial role in stabilizing power grids, balancing electricity supply and demand, and integrating renewable energy sources into national grids.

Does China have pumped storage hydropower?

Pumped hydro storage has remained a focus in China's energy transition since the country leads the world in pumped storage hydropower installed capacity, with 31.49 GW as of 2020. China mainly drove recent developments globally for pumped storage hydro plants as approximately 80% of new pumped hydro plants currently under construction are in China.