The Global Pumped Hydro Storage market is projected to grow at a CAGR of around 6.27% during the forecast period, i.e., 2023-28. The market growth imputes to the rising environmental concerns, increasing demand for reliable & sustainable energy storage solutions, affordability for large-scale energy storage, and much longer technical lifetime, an average of around 75-100 years.                                       

Global Pumped Hydro Storage Market Dynamics:

Surging Demand for Electricity from Renewable Energy Sources to Drive the Market - The growing demand for electricity from renewable energy sources in various industries, such as residential, commercial, government & transport, and industrial, propelled the growth of the Pumped Hydro Storage market during the historical years. Renewable energy sources, including solar & wind power, are thought to be clean energy sources as they don't emit harmful pollutants such as mercury, lead, sulfur dioxide, nitrogen oxides, particulates, and various other heavy metals, which pollute the environment.

Furthermore, dependence on fossil fuels from foreign countries can lead to energy security risks, such as supply disruptions & price volatility globally. Renewable energy sources are primarily domestically sourced & can provide a more secure energy supply. Thus, to mitigate the effects of climate change & achieve the target of sustainable development, governments around the world, including India, the UK, and the US, have set high targets for renewable energy deployment to attain zero emissions. As a result, the industry is being propelled by enhanced demand for electricity from renewable energy sources in the forthcoming years.

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Market Dimensions & Projections

  • Pricing Evaluation
  • Recent Strategic Moves by Companies
  • Primary Stakeholders
  • Import/Export Trend Analysis
  • Competitive Landscape Assessment
  • Emerging Opportunities
  • Market Trends and Indicators

 

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Global Pumped Hydro Storage Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2022

-Historical Period: 2018 to 2021

-Forecast Period: 2023-28

  • By Type
    • Open-Loop
    • Closed-Loop
  • By Region
    • North America
    • South America
    • Europe
    • The Middle East & Africa
    • Asia-Pacific

 

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including -   ANDRITZ HYDRO GmbH, Voith GmbH & Co. KGaA, Siemens, GE Renewable Energy, ABB Ltd., Alstom Hydro France, Mitsubishi Electric Corporation, Toshiba Corporation, Hyundai Heavy Industries Co., Ltd., Hitachi Energy, J-Power, Dongfang Electric Corporation, Harbin Electric Company Limited, Obermeyer Hydro, Inc., Others

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