Press release
Pumped Hydro Storage Market 2024 : Global Industry Trends, Share, Size, Growth, Opportunity And Forecast To 2033
Pumped Hydro Storage Market
As per the report, the pumped hydro storage market size has grown strongly in recent years. It will grow from $378.79 billion in 2023 to $412.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The pumped hydro storage market size is expected to see strong growth in the next few years. It will grow to $579.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
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Surging Electricity Demand Propels Growth In Pumped Hydro Storage Market
The rising electricity demand is expected to boost the growth of the pumped hydro storage market going forward. 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. For instance, in February 2022, according to the report published by the International Energy Agency (IEA), a France-based inter-governmental organization that collects and distributes authoritative energy data, the global economic recovery is expected to drive an increase in worldwide electricity demand of close to 5% in 2021 and 4% in 2022. Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, rising electricity demand is driving the growth of the pumped hydro storage market.
Innovative Technologies Drive Momentum In The Pumped Hydro Storage Market
Technological advancement is the key trend gaining popularity in the pumped hydro storage market. 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. This technology's unique feature is its capacity to reduce power losses, boost revenue, and enable grid integration of additional solar and wind power for a more sustainable energy future. Through improved plant efficiency and grid stabilization, this technology and application are transforming the world's energy system into one that is more secure, adaptable, and sustainable.
The pumped hydro storage market covered in this report 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
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Major companies operating in the pumped hydro storage market report are The EDF Group, Enel Group, Electricite de France SA (EDF), Hitachi Energy Ltd., General Electric Co, Iberdrola SA, Mitsubishi Heavy Industries Ltd., Siemens Energy AG, ABB Ltd., Duke Energy Corporation, Chubu Electric Power Company Inc., Statkraft AS, Eskom, Genex Power Limited, Alstom Pvt Ltd., Andritz Group, Dongfang Electric, Voith GmbH & Co KGaA, China Three Gorges Corporation, Snowy Hydro Limited, Northland Power, Ansaldo Energia SpA, Greenko Group, EON SE, Toshiba Energy System & Solutions Corporation, San Diego County Water Authority, RusHydro, FirstLight Power, Schluchseewerk, Gridflex Energy, National Grid plc, NextEra Energy Inc.
Contents of the report:
1. Executive Summary
2. Pumped Hydro Storage Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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