Pipeline analysis

Hydropower in 2024: Status and future trends ‍

Hydropower remains the world’s largest source of renewable electricity, supplying 14.3% of global power and supporting grid stability in more than 150 countries. In 2024, the sector experienced renewed momentum, particularly in pumped storage hydropower (PSH). This section of the World Hydropower Outlook assesses the current state of the sector, recent growth, and the forward pipeline for both conventional and PSH. It also examines regional trends and the challenges and opportunities that lie ahead.‍

Recent growth and installed capacity

Total global conventional hydropower installed capacity grew by approximately 1% in 2024, with 16.2GW added, bringing total global capacity to 1,254GW. This is similar to 2023 but remains below the five-year rolling average of 20GW per year, which has held steady since 2019.

Meanwhile, PSH saw a 5% increase of the total global installed turbine capacity, with 8.4GW added in 2024, bringing the total to 189GW. Annual PSH additions have nearly doubled over the past two years, raising the five-year average to 6GW per year, up from 2–4GW across the previous two decades. This marks a notable shift for a technology with a much smaller installed base, where even modest additions translate into a significant percentage increase in total capacity.

Global hydropower generation rose by an estimated 10% in 2024 to approximately 4,578TWh, up from 4,180TWh in 2023, despite drought conditions in Latin America and southern Africa. However, year-on-year generation variability is expected to increase as climate change impacts intensify. Read the 2025 World Hydropower Outlook (pages 26–28) for a more detailed exploration of these trends.

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‍Current Pipeline Status

The global hydropower pipeline includes approximately 600GW of pumped storage capacity in development and just over 475GW of conventional projects. The global deployment of conventional hydropower and PSH will remain broadly aligned in the near term but, beyond 2030, pumped storage is expected to lead in terms of new capacity. This prediction is supported by the larger quantity of capacity in the PSH pipeline and the fact that the PSH pipeline has nearly tripled in the last few years. PSH currently exceeds conventional hydropower by 88GW at the ‘approved’ stage and by 30GW at the ‘pending approval’ stage, with ‘announced’ volumes broadly comparable.

Conventional Hydropower

Around 105GW is currently under construction, with another 69GW approved but not yet started. Based on typical project timelines, most of the under-construction capacity is expected to be commissioned by 2030. This indicates that the build rate should remain around 20GW per year, bringing total capacity to approximately 1,350GW by 2030 – an increase of approximately 8%.

However, this falls short of the trajectory needed to meet the COP28 ‘tripling renewables’ target. In addition, IHA projects a shortfall of 60–70GW in 2030 against the target for hydropower set out by the International Renewable Energy Agency in its tripling up scenario,  unless project approvals and construction are accelerated. This also applies to delivery after 2030, where the prospect is of a decline in the rate of new commissioning. At present there are just under 69GW of projects approved but not yet in construction, which could be delivered in the period 2030-35, depending on financing progress. If this is delivered evenly over the first half of the 2030s, then this would represent a decline in delivery, to about 15GW per year of newly commissioned projects. Additional capacity must therefore progress swiftly through the pipeline to ensure delivery is maintained into the 2030s.

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Pumped Storage Hydropower

More than 105GW of PSH is under construction globally, with over 90GW in China alone. While China has set a national target to commission 120GW of pumped storage by 2030, twice the size of its current fleet, system operators China State Grid and Southern State Grid forecast a combined delivery of 129GW within their operating areas. Based on this, IHA estimates that around 70GW of China’s under-construction capacity could be commissioned by 2030.

India represents a significant share of the remaining PSH pipeline, with a national target of 26GW by 2032. It is likely that some of India’s approved projects will be completed before 2030, in addition to the 4.5GW already being built. A number of approved projects in Europe and North America may also be completed by 2030.

In total, an estimated 90GW of PSH could be added by 2030, bringing the global capacity to around 280GW.  From the existing installed base of 189GW, this would represent a nearly 50% increase. At 18GW per year, the projected build rate is also five to ten times greater than the 2–4GW added annually over the past two decades.

Beyond 2030, the pace of development is likely to increase further. In China, 136GW of approved PSH capacity is expected to come online by 2035.   Additional projects are also being planned. In other regions, a further 180GW of PSH capacity is awaiting approval, and the early-stage pipeline is considerably larger than that of conventional hydropower. This could support a further acceleration in the global build rate, potentially rising to 30–40GW per year. That is 50–100% higher than the 2025–2030 pace.

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Geographic trends

Geographic differences in hydropower development are also striking. While East Asia includes 60GW of announced conventional hydropower projects in China, the region is largely dominated by China’s pumped storage ambitions. The Asian continent holds the largest volume of regulator-approved projects in the global PSH pipeline, with East Asia and Pacific having 43% of global projects awaiting construction and South and Central Asia having 18%.

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Africa and South America feature prominently in the conventional pipeline but are almost absent from the PSH data. By contrast, development in Europe and in North and Central America is almost entirely focused on pumped storage. Central and South Asia have pipelines comprising both types of hydropower, though the PSH projects are heavily concentrated at the announced stage. This reflects the influence of the Indian market, where a favourable policy environment is expected to accelerate project progress through the development cycle.

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However, the current pipeline of conventional hydropower that is announced or pending approval – totalling over 300GW – looks precarious given typical project attrition. Addressing barriers to permitting and funding, as well as ensuring that projects meet international standards of good practice, will be essential to support the important and necessary continued growth beyond 2030.

Many suitable sites remain available worldwide for both conventional and PSH technologies. While mature hydropower markets have been able to rely on existing assets to provide system flexibility, a relative surge in PSH investment and deployment is expected due to the massive expansion of variable renewable energy, and in some contexts nuclear, and the corresponding need for long-duration electricity storage. Recent policy developments in Brazil suggest that interest in pumped storage is  growing, and similar initiatives may emerge in regions where activity has so far been limited.

Unlocking Africa’s stalled potential

Africa holds one of the most significant untapped hydropower opportunities, with 18.5GW of approved conventional capacity stalled due to financing challenges, and 63.4GW on standby for approval. This equates to 42% of the global capacity of projects awaiting approval. If built, this could generate 250–300TWh annually – more than a third of the continent’s current electricity consumption.

Unlocking this pipeline will be essential to achieving regional energy goals, including universal access to electricity and ensuring that Africa plays a full role in the global clean energy transition. However, nearly 50GW of this approved or pending capacity is concentrated in the Grand Inga scheme. To realise this opportunity equitably for all Africans, concerted regional action will be needed on transmission infrastructure and market integration.

Long-term outlook and strategic considerations

Looking ahead, annual deployment of PSH is projected to exceed conventional hydropower by 50% to 100% beyond 2030. However, there is currently no long-term global target for pumped storage. IRENA long-term pathways for 2050 include a figure of 325GW of PSH for 2050, but our analysis indicates this figure will be exceeded before 2035, perhaps as early as 2032.

The broader global pledge to triple renewable energy capacity by 1.5TW by 2030 – endorsed by over 60 countries and 100 organisations at COP29 – underscores PSH’s critical role, with around 20% of the target capacity expected to come from this long-duration storage technology.

While short-term development remains split between conventional and PSH, the longer-term trajectory clearly favours PSH. Realising this potential across both technologies will require targeted policy support, streamlined permitting, and increased access to finance. Addressing regional disparities, unlocking stalled projects –particularly in Africa – and accelerating approvals and financing will be key to meeting global energy targets and ensuring a balanced and resilient clean energy future.

This is an extract from the 2025 World Hydropower Outlook.
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