According to a market report by Lucintel, the future of the global pumped hydroelectric energy storage (PHES) market looks promising with opportunities in the construction, wind energy, and electrical & electronic markets. The global pumped hydroelectric energy storage (PHES) market is expected to grow with a CAGR of 6.3% from 2024 to 2030. The major drivers for this market are increasing penetration of renewable energy sources, rising need for enhanced global energy storage industry, and developments in pump and turbine technology.
In this market, natural reservoir and man-made reservoir are the major segments of pumped hydroelectric energy storage (PHES) market by type.
Lucintel forecasts that natural reservoir is expected to witness higher growth over the forecast period due to its lower construction costs and minimal environmental impact.
Within this market, electrical & electronic will remain the highest growing segment due to increasing application in microgrids and off-grid systems.
APAC is expected to witness highest growth over the forecast period due to strong investment in renewable energy and rapidly developing economies in the region.
General Electric, Siemens, Andritz, Mitsubishi Heavy Industries, EON SE, PowerChina, and Hitachi are the major suppliers in the pumped hydroelectric energy storage (PHES) market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]