NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The hydro-pumped storage plants market is estimated to grow at a CAGR of 7.71% from 2022 to 2027. The market size is forecast to increase by USD 147.54 billion, according to Technavio The demand for new water resources due to urbanization and safety concerns is a key factor driving market growth. Global water shortages and increasing energy costs have resulted in significant capital and maintenance costs for water treatment facilities. Therefore, the authorities have been called to recycle wastewater and groundwater through water treatment. In addition, as freshwater reserves are increasingly depleted and groundwater levels decrease, the need for efficient seawater desalination is increasing, this emergency has had a positive impact on the demand for desalination plants and hydraulic pump storage facilities. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), India's water treatment plant sector is expected to grow from USD 2.4 billion in 2019 to around USD 4.3 billion by 2025. Hence, these factors are expected to drive market growth during the forecast period. - Download a Sample Report
Hydro-pumped Storage Plants Market Insights -
- Companies: 15+, Including ALSTOM SA, Duke Energy Corp., E.ON SE, Electricite de France SA, Enel Spa, Exelon Corp., First Hydro Co., General Electric Co., Gilbert Gilkes and Gordon Ltd., HD Hyundai Co. Ltd., Hitachi Ltd., Iberdrola SA, Mitsubishi Electric Corp., Siemens AG, Sulzer Management Ltd., Sumitomo Electric Industries Ltd., Toshiba Corp., voestalpine AG, Voith GmbH and Co. KGaA, and Andritz AG, among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
- Segments: application (load balancing, ancillary grid services, stability, and storage capacity), type (open-loop and closed-loop), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
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Hydro-pumped storage plants market - Company Insights
The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including - ALSTOM SA, Duke Energy Corp., E.ON SE, Electricite de France SA, Enel Spa, Exelon Corp., First Hydro Co., General Electric Co., Gilbert Gilkes and Gordon Ltd., HD Hyundai Co. Ltd., Hitachi Ltd., Iberdrola SA, Mitsubishi Electric Corp., Siemens AG, Sulzer Management Ltd., Sumitomo Electric Industries Ltd., Toshiba Corp., voestalpine AG, Voith GmbH and Co. KGaA, and Andritz AG
Hydro-pumped Storage Plants Market – Market Dynamics
Major Trend
Integration of pumps with IIoT is a major trend in the market. Advances in connected electronics and information transmission technology are driving the shift in improved pump control systems and related configurations to digital communications. Along with the development of Industry 4.0, an increase in the integration of Industrial Internet of Things (IIoT) technology into pump systems is expected. In addition, among the first industries to adopt this technology, the oil and gas industry stands out, especially using IIoT and in-depth data analytics to manage and mitigate industry fluctuations. This could potentially lead to the integration of automated methods to identify and correct errors using real-time data. Hence, these factors are expected to drive market growth during the forecast period.
The hydro-pumped storage plants market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
What are the key data covered in this Hydro-pumped Storage Plants Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the hydro-pumped storage plants market between 2023 and 2027
- Precise estimation of the size of the hydro-pumped storage plants market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the hydro-pumped storage plants market across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of hydro-pumped storage plants market companies
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Hydro-pumped Storage Plants Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.71% |
Market growth 2023-2027 |
USD 147.54 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
6.64 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, Italy, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALSTOM SA, Duke Energy Corp., E.ON SE, Electricite de France SA, Enel Spa, Exelon Corp., First Hydro Co., General Electric Co., Gilbert Gilkes and Gordon Ltd., HD Hyundai Co. Ltd., Hitachi Ltd., Iberdrola SA, Mitsubishi Electric Corp., Siemens AG, Sulzer Management Ltd., Sumitomo Electric Industries Ltd., Toshiba Corp., voestalpine AG, Voith GmbH and Co. KGaA, and Andritz AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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