The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Pumped Hydro Storage Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Pumped Hydro Storage Industry (2023-2028):
According to the latest report, The Pumped Hydro Storage Market is projected to grow at a CAGR of around 6.27% during the forecast period, i.e., 2023-28. The report demonstrates the prominent factors propelling the exponential growth of the Pumped Hydro Storage industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR: 6.27%
What are the major Driver the Pumped Hydro Storage industry?
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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Pumped Hydro Storage Market Segmentation
The Pumped Hydro Storage Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Open-Loop
- Closed-Loop
- By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
As per the regional aspect, the Pumped Hydro Storage Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report - https://www.marknteladvisors.com/research-library/pumped-hydro-storage-market.html
Top Companies in the Pumped Hydro Storage Market
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
Global Pumped Hydro Storage Market Recent Development
2022: ANDRITZ and EnBW entered an agreement for the supply, installation, and commissioning of a 50 MW pump turbine with a generator all necessary auxiliaries for the Forbach pump storage power plant.
2022: General Electric Company (GE) was chosen by Anhui Jinzhai Pumped Storage Power Co., LTD to supply the four 300 MW pumped storage turbines, generator motors, and other plant components for the latter's Anhui Jinzhai Pumped Storage Power Plant, which is situated in Jinzhai County, Anhui Province, China.
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