MarkNtel Advisors recently published a report, titled, ” Global Pumped Hydro Storage Market By Type (Open-Loop, Closed-Loop), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific), By Company (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., Others. As per as the report 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.
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Global Pumped Hydro Storage Market Key Driver:
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.
Leading Companies in Global 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 Segmentation:
By Type
-Open-Loop
-Closed-Loop
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By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific.
Key questions answered in the Global Pumped Hydro Storage Market are:
•What is Global Pumped Hydro Storage Market?
•What was the market size in 2023?
•What is the growth rate of the Global Pumped Hydro Storage Market?
•Which are the factors expected to drive the market growth?
•What are the different segments of the Global Pumped Hydro Storage Market?
•What segments are covered in the Market?
•Who are the key players in the Global Pumped Hydro Storage Market?
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