Pumped-Storage Hydroelectricity Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022 - 2032
The pumped-storage hydroelectricity market is anticipated to grow at a CAGR of 10% and is likely to cross the cumulative installation around 300 GW in the forthcoming years from 2022 to 2032. Increasing efforts by the government toward the expansion of grid infrastructure are estimated to bolster growth opportunities in the pumped-storage hydroelectricity market in the foreseeable years.
Strict regulatory reforms in order to reduce the emission of carbon are predicted to drive growth avenues in the market. Constant efforts for capacity expansion in order to meet the rising demand for power are expected to bolster sales opportunities in the pumped-storage hydroelectricity market.
Rapid integration of renewable sources along with associated long-term benefits is projected to augment the interest towards increased adoption of PHS technology. In addition to this, high storage capacity, flexibility in power output, and ability to serve with low operational costs are likely to serve as pivotal factors to drive demand opportunities in the pumped-storage hydroelectricity market. Expansion of sustainable energy and an upsurge in the investments for capacity expansion is also predicted to increase the deployment of industry solutions.
On the flip side, the high initial investments have been projected to restrict expansion opportunities in the pumped-storage hydroelectricity market.
The players operating in the pumped-storage hydroelectricity market are incorporating numerous strategies, for instance, portfolio expansion, collaborations, novel product launches, agreements, partnerships, acquisitions & mergers, and many more to propel novel growth opportunities in the forthcoming years.
The key players serving in the pumped-storage hydroelectricity market include:
Asia Pacific, Europe, and North America are the key regions that are analyzed in the research report on the pumped-storage hydroelectricity market. Of these, Asia Pacific is estimated to grow at a noteworthy speed owing to the increasing installation of industry solutions. Favorable government initiatives to deploy sustainable electrical networks are expected to bolster growth opportunities in the pumped-storage hydroelectricity market. Moreover, increasing concerns related to the security of power supply along with the ongoing integration of PHS systems for power quality are anticipated to enhance growth opportunities in the pumped-storage hydroelectricity market in the near future.
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