양수 발전(PHS) : 시장 점유율 분석, 산업 동향·통계 데이터, 성장 예측(2026-2031년)

According to Mordor Intelligence, the pumped hydro storage market size was valued at 199 gigawatt in 2025 and estimated to grow from 213.99 gigawatt in 2026 to reach 300.66 gigawatt by 2031, at a CAGR of 7.03% during the forecast period (2026-2031).

This report is Segmented by Type (Open-Loop and Closed-Loop), Power Rating (Below 200 MW, 200-1, 000 MW, and Above 1, 000 MW), Reservoir Configuration (Surface-To-Surface and Surface-To-Underground), Application (Renewable Firming, Ancillary Grid Services, and Arbitrage and Peak Shaving), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa).

Global Pumped Hydro Storage (PHS) Market Trends and Insights

Grid-scale renewable integration mandates drive deployment acceleration

Mandatory clean-energy targets are pushing utilities and state planners to expand the pumped hydro storage market, with China's pledge for 120 GW by 2030 exemplifying the policy-led build-out. The "PSH-plus" model links renewable clusters with adjacent storage, trimming curtailment, and easing grid expansion costs. Europe mirrors this through its Projects of Common Interest list, which features 12 storage schemes that enjoy streamlined permitting.Spain's EUR 700 million subsidy window further underlines national follow-through, providing clear revenue visibility that de-risks investor returns.

Repowering ageing hydro infrastructure unlocks latent capacity

Modernizing existing dams by adding reversible pump-turbines breathes new life into legacy assets without the land-use controversies of greenfield builds. The US Department of Energy's USD 430 million initiative to upgrade the domestic fleet demonstrates the scale of latent gains. Ontario Power Generation's USD 1 billion rehabilitation of eight stations adds 1,617 MW via higher-efficiency units, while Mexico's nine-plant refurbishments will raise annual output by 1,754 GWh and extend operational lives by five decades.

Lengthy environmental impact assessments constrain development timelines

Studies covering geology, biodiversity, and cultural heritage can take 5-10 years, adding cost overruns and permitting fatigue. Closed-loop schemes mitigate aquatic impacts, yet hydro-geological risks still demand case-specific reviews, as the Mineville filing in New York shows.

Other drivers and restraints analyzed in the detailed report include:

1. Inflation Reduction Act incentives catalyze US market revival
2. EU fast-track licensing streamlines strategic asset development
3. High upfront CAPEX versus lithium-ion alternatives

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Closed-loop plants accounted for 53.40% of the pumped hydro storage market share in 2025 and are pacing at a 7.56% CAGR, largely because decoupling from rivers curtails aquatic disruption and speeds approvals. The Federal Energy Regulatory Commission now offers an accelerated two-year license solely for such projects, reinforcing their deployment advantage. Open-loop facilities retain a sizeable base but confront intensifying ecosystem scrutiny, especially where flow regulation or fish passage is contentious.

Closed-loop schemes also unlock new topographies, including disused mine pits and quarries, broadening the pumped hydro storage market's geographic reach. Lifecycle analyses show lower sedimentation risk and simpler de-watering processes, helping operators maintain high round-trip efficiencies for decades. In parallel, suppliers are refining variable-speed pump-turbines that fit purpose-built reservoirs and allow rapid mode changes, crucial for renewables balancing.

Plants between 200 MW and 1,000 MW delivered 45.20% of the pumped hydro storage market size in 2025 because they harmonize capital outlay with grid uptake limits. Regional operators such as Adani Green's 1,250 MW Uttar Pradesh project demonstrate how synchronized commissioning with transmission upgrades protects against congestion curtailment.

As distributed architectures emerge, installations below 200 MW record an 8.06% CAGR through 2031. Their lighter environmental footprint garners quicker local authority consent, and modular civil works lower schedule risk, fueling investor interest. Conversely, projects over 1,000 MW, while offering bulk inertia, confront longer lead times and heightened public scrutiny-witnessed by China's 3.6 GW Fengning build that demanded substantial ecological offsets.

Complete Report Scope:

• By Type
  • Open-loop
  • Closed-loop
• By Power Rating (MW)
  • Below 200 MW
  • 200 to 1,000 MW
  • Above 1,000 MW
• By Reservoir Configuration
  • Surface-to-Surface
  • Surface-to-Underground
• By Application
  • Renewable Firming
  • Ancillary Grid Services
  • Arbitrage & Peak Shaving
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Rest of Asia Pacific
  • South America
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • Iran
    • Morocco
    • South Africa
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific held 48.40% of the pumped hydro storage market in 2025 and is posting a 8.85% CAGR owing to China's 50.94 GW installed base and an aggressive >300-plant pipeline. Beijing's planning regime integrates storage with renewable bases, minimizing curtailment and shaving grid reinforcement costs, while India's 103 GW technical potential remains largely untapped but is now primed for build-out after the release of supportive tariff guidelines.

Europe's pumped hydro storage market enjoys policy heft via the EU's €584 billion grid-modernization roadmap, which earmarks storage as a priority asset class. Institutional lenders like the European Investment Bank channel concessional loans-€108 million to Iberdrola in 2025-to refurbish and uprate Iberian plants, improving reservoir efficiency and adding peak capacity. Alpine nations continue to exploit natural elevation advantages, while the UK's cap-and-floor mechanism has readied Glenmuckloch and Coire Glas for final investment decisions.

North America is rebounding under the Inflation Reduction Act, which gives the pumped hydro storage market direct parity with batteries under a 30% ITC. A 39.5 GW pipeline traverses Arizona, Oregon, and the Appalachians, with three schemes already through the FERC gate. Canada focuses on modernization; Ontario Power Generation's USD 1 billion program illustrates how refurbishing ageing turbines can yield immediate incremental megawatts without new civil works.

1. Operators
2. Technology Providers

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions & Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Grid-scale renewable integration mandates
  • 4.2.2 Repowering of ageing hydro dams with reversible units
  • 4.2.3 Long-duration storage incentives in Inflation Reduction Act (USA)
  • 4.2.4 Fast-track licensing in EU for strategic energy-storage assets
  • 4.2.5 Co-location with floating solar to raise round-the-clock CF
  • 4.2.6 Use of disused mines & quarries for low-impact closed-loop projects
• 4.3 Market Restraints
  • 4.3.1 Lengthy environmental impact assessments
  • 4.3.2 High upfront CAPEX vs. lithium-ion alternatives
  • 4.3.3 Scarcity of suitable dual-reservoir topographies in urban centres
  • 4.3.4 Grid tariff uncertainty for storage arbitrage revenues
• 4.4 Supply-Chain Analysis
• 4.5 Cost Analysis of Pumped-Hydro Energy-Storage Systems
• 4.6 Regulatory Landscape
• 4.7 Technological Outlook
• 4.8 Porter's Five Forces
  • 4.8.1 Bargaining Power of Suppliers
  • 4.8.2 Bargaining Power of Buyers
  • 4.8.3 Threat of New Entrants
  • 4.8.4 Threat of Substitutes
  • 4.8.5 Intensity of Rivalry

5 Market Size & Growth Forecasts

• 5.1 By Type
  • 5.1.1 Open-loop
  • 5.1.2 Closed-loop
• 5.2 By Power Rating (MW)
  • 5.2.1 Below 200 MW
  • 5.2.2 200 to 1,000 MW
  • 5.2.3 Above 1,000 MW
• 5.3 By Reservoir Configuration
  • 5.3.1 Surface-to-Surface
  • 5.3.2 Surface-to-Underground
• 5.4 By Application
  • 5.4.1 Renewable Firming
  • 5.4.2 Ancillary Grid Services
  • 5.4.3 Arbitrage & Peak Shaving
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 Europe
    • 5.5.2.1 Germany
    • 5.5.2.2 United Kingdom
    • 5.5.2.3 France
    • 5.5.2.4 Italy
    • 5.5.2.5 Spain
    • 5.5.2.6 Rest of Europe
  • 5.5.3 Asia Pacific
    • 5.5.3.1 China
    • 5.5.3.2 India
    • 5.5.3.3 Japan
    • 5.5.3.4 South Korea
    • 5.5.3.5 ASEAN Countries
    • 5.5.3.6 Rest of Asia Pacific
  • 5.5.4 South America
    • 5.5.4.1 Argentina
    • 5.5.4.2 Rest of South America
  • 5.5.5 Middle East and Africa
    • 5.5.5.1 Iran
    • 5.5.5.2 Morocco
    • 5.5.5.3 South Africa
    • 5.5.5.4 Rest of Middle East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves (M&A, Partnerships, PPAs)
• 6.3 Market Share Analysis (Market Rank/Share for key companies)
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
  • 6.4.1 Operators
    • 6.4.1.1 Duke Energy Corporation
    • 6.4.1.2 E.ON SE
    • 6.4.1.3 Enel SpA
    • 6.4.1.4 Electricite de France SA (EDF)
    • 6.4.1.5 Iberdrola SA
    • 6.4.1.6 China Three Gorges Corporation
    • 6.4.1.7 Pacific Gas & Electric Company
    • 6.4.1.8 Xcel Energy Inc.
    • 6.4.1.9 AGL Energy Ltd
    • 6.4.1.10 Statkraft AS
  • 6.4.2 Technology Providers
    • 6.4.2.1 General Electric Company
    • 6.4.2.2 Siemens AG
    • 6.4.2.3 Andritz AG
    • 6.4.2.4 Mitsubishi Heavy Industries Ltd
    • 6.4.2.5 Voith GmbH & Co. KGaA
    • 6.4.2.6 Ansaldo Energia SpA
    • 6.4.2.7 Toshiba Energy Systems & Solutions
    • 6.4.2.8 Hitachi Energy Ltd
    • 6.4.2.9 Kossler GmbH
    • 6.4.2.10 Hyosung Heavy Industries Co., Ltd

7 Market Opportunities & Future Outlook

• 7.1 White-space & Unmet-Need Assessment