Market Intelligence chevron_right Energy & Power chevron_right Pumped Hydropower
Global Report 2025

Global Pumped Hydropower Market Growth (Status and Outlook) 2025-2031

calendar_todayPublished: Jun 2025 descriptionPages: 92 categoryCategory: Energy & Power
1 Scope of the Report
 1.1 Market Introduction
 1.2 Years Considered
 1.3 Research Objectives
 1.4 Market Research Methodology
 1.5 Research Process and Data Source
 1.6 Economic Indicators
 1.7 Currency Considered
 1.8 Market Estimation Caveats
2 Executive Summary
 2.1 World Market Overview
 2.1.1 Global Pumped Hydropower Market Size (2020-2031)
 2.1.2 Pumped Hydropower Market Size CAGR by Region (2020 VS 2024 VS 2031)
 2.1.3 World Current & Future Analysis for Pumped Hydropower by Country/Region (2020, 2024 & 2031)
 2.2 Pumped Hydropower Segment by Type
 2.2.1 Open Loop
 2.2.2 Closed Loop
 2.3 Pumped Hydropower Market Size by Type
 2.3.1 Pumped Hydropower Market Size CAGR by Type (2020 VS 2024 VS 2031)
 2.3.2 Global Pumped Hydropower Market Size Market Share by Type (2020-2025)
 2.4 Pumped Hydropower Segment by Application
 2.4.1 On-Grid
 2.4.2 Off-Grid
 2.5 Pumped Hydropower Market Size by Application
 2.5.1 Pumped Hydropower Market Size CAGR by Application (2020 VS 2024 VS 2031)
 2.5.2 Global Pumped Hydropower Market Size Market Share by Application (2020-2025)
3 Pumped Hydropower Market Size by Player
 3.1 Pumped Hydropower Market Size Market Share by Player
 3.1.1 Global Pumped Hydropower Revenue by Player (2020-2025)
 3.1.2 Global Pumped Hydropower Revenue Market Share by Player (2020-2025)
 3.2 Global Pumped Hydropower Key Players Head office and Products Offered
 3.3 Market Concentration Rate Analysis
 3.3.1 Competition Landscape Analysis
 3.3.2 Concentration Ratio (CR3, CR5 and CR10) & (2023-2025)
 3.4 New Products and Potential Entrants
 3.5 Mergers & Acquisitions, Expansion
4 Pumped Hydropower by Region
 4.1 Pumped Hydropower Market Size by Region (2020-2025)
 4.2 Global Pumped Hydropower Annual Revenue by Country/Region (2020-2025)
 4.3 Americas Pumped Hydropower Market Size Growth (2020-2025)
 4.4 APAC Pumped Hydropower Market Size Growth (2020-2025)
 4.5 Europe Pumped Hydropower Market Size Growth (2020-2025)
 4.6 Middle East & Africa Pumped Hydropower Market Size Growth (2020-2025)
5 Americas
 5.1 Americas Pumped Hydropower Market Size by Country (2020-2025)
 5.2 Americas Pumped Hydropower Market Size by Type (2020-2025)
 5.3 Americas Pumped Hydropower Market Size by Application (2020-2025)
 5.4 United States
 5.5 Canada
 5.6 Mexico
 5.7 Brazil
6 APAC
 6.1 APAC Pumped Hydropower Market Size by Region (2020-2025)
 6.2 APAC Pumped Hydropower Market Size by Type (2020-2025)
 6.3 APAC Pumped Hydropower Market Size by Application (2020-2025)
 6.4 China
 6.5 Japan
 6.6 South Korea
 6.7 Southeast Asia
 6.8 India
 6.9 Australia
7 Europe
 7.1 Europe Pumped Hydropower Market Size by Country (2020-2025)
 7.2 Europe Pumped Hydropower Market Size by Type (2020-2025)
 7.3 Europe Pumped Hydropower Market Size by Application (2020-2025)
 7.4 Germany
 7.5 France
 7.6 UK
 7.7 Italy
 7.8 Russia
8 Middle East & Africa
 8.1 Middle East & Africa Pumped Hydropower by Region (2020-2025)
 8.2 Middle East & Africa Pumped Hydropower Market Size by Type (2020-2025)
 8.3 Middle East & Africa Pumped Hydropower Market Size by Application (2020-2025)
 8.4 Egypt
 8.5 South Africa
 8.6 Israel
 8.7 Turkey
 8.8 GCC Countries
9 Market Drivers, Challenges and Trends
 9.1 Market Drivers & Growth Opportunities
 9.2 Market Challenges & Risks
 9.3 Industry Trends
10 Global Pumped Hydropower Market Forecast
 10.1 Global Pumped Hydropower Forecast by Region (2026-2031)
 10.1.1 Global Pumped Hydropower Forecast by Region (2026-2031)
 10.1.2 Americas Pumped Hydropower Forecast
 10.1.3 APAC Pumped Hydropower Forecast
 10.1.4 Europe Pumped Hydropower Forecast
 10.1.5 Middle East & Africa Pumped Hydropower Forecast
 10.2 Americas Pumped Hydropower Forecast by Country (2026-2031)
 10.2.1 United States Market Pumped Hydropower Forecast
 10.2.2 Canada Market Pumped Hydropower Forecast
 10.2.3 Mexico Market Pumped Hydropower Forecast
 10.2.4 Brazil Market Pumped Hydropower Forecast
 10.3 APAC Pumped Hydropower Forecast by Region (2026-2031)
 10.3.1 China Pumped Hydropower Market Forecast
 10.3.2 Japan Market Pumped Hydropower Forecast
 10.3.3 Korea Market Pumped Hydropower Forecast
 10.3.4 Southeast Asia Market Pumped Hydropower Forecast
 10.3.5 India Market Pumped Hydropower Forecast
 10.3.6 Australia Market Pumped Hydropower Forecast
 10.4 Europe Pumped Hydropower Forecast by Country (2026-2031)
 10.4.1 Germany Market Pumped Hydropower Forecast
 10.4.2 France Market Pumped Hydropower Forecast
 10.4.3 UK Market Pumped Hydropower Forecast
 10.4.4 Italy Market Pumped Hydropower Forecast
 10.4.5 Russia Market Pumped Hydropower Forecast
 10.5 Middle East & Africa Pumped Hydropower Forecast by Region (2026-2031)
 10.5.1 Egypt Market Pumped Hydropower Forecast
 10.5.2 South Africa Market Pumped Hydropower Forecast
 10.5.3 Israel Market Pumped Hydropower Forecast
 10.5.4 Turkey Market Pumped Hydropower Forecast
 10.6 Global Pumped Hydropower Forecast by Type (2026-2031)
 10.7 Global Pumped Hydropower Forecast by Application (2026-2031)
 10.7.1 GCC Countries Market Pumped Hydropower Forecast
11 Key Players Analysis
 11.1 GE
 11.1.1 GE Company Information
 11.1.2 GE Pumped Hydropower Product Offered
 11.1.3 GE Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.1.4 GE Main Business Overview
 11.1.5 GE Latest Developments
 11.2 Voith
 11.2.1 Voith Company Information
 11.2.2 Voith Pumped Hydropower Product Offered
 11.2.3 Voith Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.2.4 Voith Main Business Overview
 11.2.5 Voith Latest Developments
 11.3 Black & Veatch
 11.3.1 Black & Veatch Company Information
 11.3.2 Black & Veatch Pumped Hydropower Product Offered
 11.3.3 Black & Veatch Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.3.4 Black & Veatch Main Business Overview
 11.3.5 Black & Veatch Latest Developments
 11.4 ILI Group
 11.4.1 ILI Group Company Information
 11.4.2 ILI Group Pumped Hydropower Product Offered
 11.4.3 ILI Group Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.4.4 ILI Group Main Business Overview
 11.4.5 ILI Group Latest Developments
 11.5 Hong Kong Pumped Storage Development Company, Limited (PSDC)
 11.5.1 Hong Kong Pumped Storage Development Company, Limited (PSDC) Company Information
 11.5.2 Hong Kong Pumped Storage Development Company, Limited (PSDC) Pumped Hydropower Product Offered
 11.5.3 Hong Kong Pumped Storage Development Company, Limited (PSDC) Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.5.4 Hong Kong Pumped Storage Development Company, Limited (PSDC) Main Business Overview
 11.5.5 Hong Kong Pumped Storage Development Company, Limited (PSDC) Latest Developments
 11.6 Red Eléctrica
 11.6.1 Red Eléctrica Company Information
 11.6.2 Red Eléctrica Pumped Hydropower Product Offered
 11.6.3 Red Eléctrica Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.6.4 Red Eléctrica Main Business Overview
 11.6.5 Red Eléctrica Latest Developments
 11.7 Golder
 11.7.1 Golder Company Information
 11.7.2 Golder Pumped Hydropower Product Offered
 11.7.3 Golder Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.7.4 Golder Main Business Overview
 11.7.5 Golder Latest Developments
 11.8 Nelson Energy
 11.8.1 Nelson Energy Company Information
 11.8.2 Nelson Energy Pumped Hydropower Product Offered
 11.8.3 Nelson Energy Pumped Hydropower Revenue, Gross Margin and Market Share (2020-2025)
 11.8.4 Nelson Energy Main Business Overview
 11.8.5 Nelson Energy Latest Developments
12 Research Findings and Conclusion
List of Tables
 Table 1. Pumped Hydropower Market Size CAGR by Region (2020 VS 2024 VS 2031) & ($ millions)
 Table 2. Pumped Hydropower Annual Sales CAGR by Country/Region (2020, 2024 & 2031) & ($ millions)
 Table 3. Major Players of Open Loop
 Table 4. Major Players of Closed Loop
 Table 5. Pumped Hydropower Market Size CAGR by Type (2020 VS 2024 VS 2031) & ($ millions)
 Table 6. Global Pumped Hydropower Market Size by Type (2020-2025) & ($ millions)
 Table 7. Global Pumped Hydropower Market Size Market Share by Type (2020-2025)
 Table 8. Pumped Hydropower Market Size CAGR by Application (2020 VS 2024 VS 2031) & ($ millions)
 Table 9. Global Pumped Hydropower Market Size by Application (2020-2025) & ($ millions)
 Table 10. Global Pumped Hydropower Market Size Market Share by Application (2020-2025)
 Table 11. Global Pumped Hydropower Revenue by Player (2020-2025) & ($ millions)
 Table 12. Global Pumped Hydropower Revenue Market Share by Player (2020-2025)
 Table 13. Pumped Hydropower Key Players Head office and Products Offered
 Table 14. Pumped Hydropower Concentration Ratio (CR3, CR5 and CR10) & (2023-2025)
 Table 15. New Products and Potential Entrants
 Table 16. Mergers & Acquisitions, Expansion
 Table 17. Global Pumped Hydropower Market Size by Region (2020-2025) & ($ millions)
 Table 18. Global Pumped Hydropower Market Size Market Share by Region (2020-2025)
 Table 19. Global Pumped Hydropower Revenue by Country/Region (2020-2025) & ($ millions)
 Table 20. Global Pumped Hydropower Revenue Market Share by Country/Region (2020-2025)
 Table 21. Americas Pumped Hydropower Market Size by Country (2020-2025) & ($ millions)
 Table 22. Americas Pumped Hydropower Market Size Market Share by Country (2020-2025)
 Table 23. Americas Pumped Hydropower Market Size by Type (2020-2025) & ($ millions)
 Table 24. Americas Pumped Hydropower Market Size Market Share by Type (2020-2025)
 Table 25. Americas Pumped Hydropower Market Size by Application (2020-2025) & ($ millions)
 Table 26. Americas Pumped Hydropower Market Size Market Share by Application (2020-2025)
 Table 27. APAC Pumped Hydropower Market Size by Region (2020-2025) & ($ millions)
 Table 28. APAC Pumped Hydropower Market Size Market Share by Region (2020-2025)
 Table 29. APAC Pumped Hydropower Market Size by Type (2020-2025) & ($ millions)
 Table 30. APAC Pumped Hydropower Market Size by Application (2020-2025) & ($ millions)
 Table 31. Europe Pumped Hydropower Market Size by Country (2020-2025) & ($ millions)
 Table 32. Europe Pumped Hydropower Market Size Market Share by Country (2020-2025)
 Table 33. Europe Pumped Hydropower Market Size by Type (2020-2025) & ($ millions)
 Table 34. Europe Pumped Hydropower Market Size by Application (2020-2025) & ($ millions)
 Table 35. Middle East & Africa Pumped Hydropower Market Size by Region (2020-2025) & ($ millions)
 Table 36. Middle East & Africa Pumped Hydropower Market Size by Type (2020-2025) & ($ millions)
 Table 37. Middle East & Africa Pumped Hydropower Market Size by Application (2020-2025) & ($ millions)
 Table 38. Key Market Drivers & Growth Opportunities of Pumped Hydropower
 Table 39. Key Market Challenges & Risks of Pumped Hydropower
 Table 40. Key Industry Trends of Pumped Hydropower
 Table 41. Global Pumped Hydropower Market Size Forecast by Region (2026-2031) & ($ millions)
 Table 42. Global Pumped Hydropower Market Size Market Share Forecast by Region (2026-2031)
 Table 43. Global Pumped Hydropower Market Size Forecast by Type (2026-2031) & ($ millions)
 Table 44. Global Pumped Hydropower Market Size Forecast by Application (2026-2031) & ($ millions)
 Table 45. GE Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 46. GE Pumped Hydropower Product Offered
 Table 47. GE Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 48. GE Main Business
 Table 49. GE Latest Developments
 Table 50. Voith Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 51. Voith Pumped Hydropower Product Offered
 Table 52. Voith Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 53. Voith Main Business
 Table 54. Voith Latest Developments
 Table 55. Black & Veatch Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 56. Black & Veatch Pumped Hydropower Product Offered
 Table 57. Black & Veatch Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 58. Black & Veatch Main Business
 Table 59. Black & Veatch Latest Developments
 Table 60. ILI Group Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 61. ILI Group Pumped Hydropower Product Offered
 Table 62. ILI Group Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 63. ILI Group Main Business
 Table 64. ILI Group Latest Developments
 Table 65. Hong Kong Pumped Storage Development Company, Limited (PSDC) Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 66. Hong Kong Pumped Storage Development Company, Limited (PSDC) Pumped Hydropower Product Offered
 Table 67. Hong Kong Pumped Storage Development Company, Limited (PSDC) Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 68. Hong Kong Pumped Storage Development Company, Limited (PSDC) Main Business
 Table 69. Hong Kong Pumped Storage Development Company, Limited (PSDC) Latest Developments
 Table 70. Red Eléctrica Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 71. Red Eléctrica Pumped Hydropower Product Offered
 Table 72. Red Eléctrica Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 73. Red Eléctrica Main Business
 Table 74. Red Eléctrica Latest Developments
 Table 75. Golder Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 76. Golder Pumped Hydropower Product Offered
 Table 77. Golder Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 78. Golder Main Business
 Table 79. Golder Latest Developments
 Table 80. Nelson Energy Details, Company Type, Pumped Hydropower Area Served and Its Competitors
 Table 81. Nelson Energy Pumped Hydropower Product Offered
 Table 82. Nelson Energy Pumped Hydropower Revenue ($ million), Gross Margin and Market Share (2020-2025)
 Table 83. Nelson Energy Main Business
 Table 84. Nelson Energy Latest Developments


List of Figures
 Figure 1. Pumped Hydropower Report Years Considered
 Figure 2. Research Objectives
 Figure 3. Research Methodology
 Figure 4. Research Process and Data Source
 Figure 5. Global Pumped Hydropower Market Size Growth Rate (2020-2031) ($ millions)
 Figure 6. Pumped Hydropower Sales by Geographic Region (2020, 2024 & 2031) & ($ millions)
 Figure 7. Pumped Hydropower Sales Market Share by Country/Region (2024)
 Figure 8. Pumped Hydropower Sales Market Share by Country/Region (2020, 2024 & 2031)
 Figure 9. Global Pumped Hydropower Market Size Market Share by Type in 2024
 Figure 10. Pumped Hydropower in On-Grid
 Figure 11. Global Pumped Hydropower Market: On-Grid (2020-2025) & ($ millions)
 Figure 12. Pumped Hydropower in Off-Grid
 Figure 13. Global Pumped Hydropower Market: Off-Grid (2020-2025) & ($ millions)
 Figure 14. Global Pumped Hydropower Market Size Market Share by Application in 2024
 Figure 15. Global Pumped Hydropower Revenue Market Share by Player in 2024
 Figure 16. Global Pumped Hydropower Market Size Market Share by Region (2020-2025)
 Figure 17. Americas Pumped Hydropower Market Size 2020-2025 ($ millions)
 Figure 18. APAC Pumped Hydropower Market Size 2020-2025 ($ millions)
 Figure 19. Europe Pumped Hydropower Market Size 2020-2025 ($ millions)
 Figure 20. Middle East & Africa Pumped Hydropower Market Size 2020-2025 ($ millions)
 Figure 21. Americas Pumped Hydropower Value Market Share by Country in 2024
 Figure 22. United States Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 23. Canada Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 24. Mexico Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 25. Brazil Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 26. APAC Pumped Hydropower Market Size Market Share by Region in 2024
 Figure 27. APAC Pumped Hydropower Market Size Market Share by Type (2020-2025)
 Figure 28. APAC Pumped Hydropower Market Size Market Share by Application (2020-2025)
 Figure 29. China Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 30. Japan Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 31. South Korea Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 32. Southeast Asia Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 33. India Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 34. Australia Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 35. Europe Pumped Hydropower Market Size Market Share by Country in 2024
 Figure 36. Europe Pumped Hydropower Market Size Market Share by Type (2020-2025)
 Figure 37. Europe Pumped Hydropower Market Size Market Share by Application (2020-2025)
 Figure 38. Germany Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 39. France Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 40. UK Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 41. Italy Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 42. Russia Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 43. Middle East & Africa Pumped Hydropower Market Size Market Share by Region (2020-2025)
 Figure 44. Middle East & Africa Pumped Hydropower Market Size Market Share by Type (2020-2025)
 Figure 45. Middle East & Africa Pumped Hydropower Market Size Market Share by Application (2020-2025)
 Figure 46. Egypt Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 47. South Africa Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 48. Israel Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 49. Turkey Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 50. GCC Countries Pumped Hydropower Market Size Growth 2020-2025 ($ millions)
 Figure 51. Americas Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 52. APAC Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 53. Europe Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 54. Middle East & Africa Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 55. United States Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 56. Canada Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 57. Mexico Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 58. Brazil Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 59. China Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 60. Japan Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 61. Korea Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 62. Southeast Asia Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 63. India Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 64. Australia Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 65. Germany Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 66. France Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 67. UK Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 68. Italy Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 69. Russia Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 70. Egypt Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 71. South Africa Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 72. Israel Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 73. Turkey Pumped Hydropower Market Size 2026-2031 ($ millions)
 Figure 74. Global Pumped Hydropower Market Size Market Share Forecast by Type (2026-2031)
 Figure 75. Global Pumped Hydropower Market Size Market Share Forecast by Application (2026-2031)
 Figure 76. GCC Countries Pumped Hydropower Market Size 2026-2031 ($ millions)
Please ask for List of Figures. Request Sample Report
Companies Included in Reports:
GE|||Voith|||Black & Veatch|||ILI Group|||Hong Kong Pumped Storage Development Company, Limited (PSDC)|||Red Eléctrica|||Golder|||Nelson Energy

Frequently Asked Questions

What is the USP of the report? expand_more
Pumped Hydropower report offers great insights of the market and consumer data and their interpretation through various figures and graphs. Report has embedded global market and regional market deep analysis through various research methodologies. The report also offers great competitor analysis of the industries and highlights the key aspect of their business like success stories, market development and growth rate.
What are the key content of the report? expand_more
Pumped Hydropower report is categorised based on following features:
  1. Global Market Players
  2. Geopolitical regions
  3. Consumer Insights
  4. Technological advancement
  5. Historic and Future Analysis of the Market
What are the value propositions and opportunities offered in this market research report? expand_more
Pumped Hydropower report is designed on the six basic aspects of analysing the market, which covers the SWOT and SWAR analysis like strength, weakness, opportunity, threat, aspirations and results. This methodology helps investors to reach on to the desired and correct decision to put their capital into the market.