Press release
Pumped Hydro Storage Market 2023-2032, Key Players, Detailed Analysis and Growth Strategies
Pumped Hydro Storage Global Market
The Business Research Company's Pumped Hydro Storage Global Market Report 2023 identifies rising electricity demand as the major driver for the Pumped Hydro Storage market's growth in the forecast period. Electricity refers to the transmission of electrical power or charge. Due to rising prosperity and increased commercial activity, electricity demand is growing annually. Electricity is produced by allowing water to flow through a turbine generator in a pumped hydro storage facility. Hence, the rising electricity demand is expected to boost the pumped hydro storage market.
The global pumped hydro storage market size is expected to grow from $347.80 billion in 2022 to $378.79 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global pumped hydro storage market size is expected to reach $526.71 billion in 2027 at a CAGR of 8.6%.
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Major competitors in the Pumped Hydro Storage market are Siemens Energy AG, Enel Group, Duke Energy Corporation, Voith GmbH & Co KGaA, General Electric Co
A key trend in the Pumped Hydro Storage market includes Technological advancement. Major companies operating in the pumped hydro storage market are focusing on developing new technologies to sustain their position in the market. For instance, in February 2023, Hitachi Energy Ltd., a US-based power technology company, launched SFC, the static frequency converter solution using modular multi-level technology for a pumped hydro storage plant in Europe.
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The Pumped Hydro Storage market is segmented -
1) By Type: Open-Loop, Closed-Loop
2) By Source: Natural Reservoirs, Man-Made Reservoirs
3) By End User: Government Agency, Grid Operators, Electricity Utilities, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Pumped Hydro Storage market.
The Business Research Company's "Global Pumped Hydro Storage Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Pumped Hydro Storage Market Include:
1. Executive Summary
2. Pumped Hydro Storage Market Characteristics
3. Pumped Hydro Storage Market Trends And Strategies
4. Pumped Hydro Storage Market - Macro Economic Scenario
5. Pumped Hydro Storage Market Size And Growth
……
27. Pumped Hydro Storage Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Pumped Hydro Storage Market
29. Pumped Hydro Storage Market Future Outlook and Potential Analysis
30. Appendix
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