Mechanical Energy Storage Market - Rising Trend & Dynamic Forecast to 2023
The global mechanical energy storage market is expected to exhibit a strong 6.5% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The report provides a greatly detailed profile of the global mechanical energy storage market and gives readers an all-inclusive overview of the market. The past, present, and future of the market are studied in the report, with detailed historical analysis, present statistics, and future projections. Historical statistics revealing the market’s historical growth trajectory are studied in detail in the report. Based on these statistics and a study of the major drivers and restraints affecting the market, future projections can be made for the mechanical energy storage market. Based on this platform, future projections for the mechanical energy storage market’s growth trajectory over the forecast period are provided in the report. A comprehensive analysis of the leading players in the mechanical energy storage market is also provided in the report, which profiles the major players operating in the market. The major factors and trends affecting the global mechanical energy storage market are assessed in the report. The impact of the COVID-19 pandemic on the mechanical energy storage market is also assessed in the report.
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Mechanical energy storage is one of the major ways of storing energy for later use. The growing demand for backup power in industrial, commercial, as well as residential sites is the major driver for the global mechanical energy storage market. As the industrial sector has grown, the demand for power in the sector has grown correspondingly. Increasing industrial operations in emerging regions such as the Middle East and Asia Pacific have been a major driver for the demand for electricity. This has driven the demand from the mechanical energy storage market over the last few years. The increasing demand for backup power from the residential sector is also likely to be a major driver for the mechanical energy storage market over the forecast period.
On the other hand, reluctance from governments to initiate capital-intensive projects is a major restraint on the global mechanical energy storage market. The high costs of pumped hydro storage infrastructure are also likely to be a key restraint on the global mechanical energy storage market over the forecast period.
The global mechanical energy storage market is segmented on the basis of type, end use, and region.
By type, the global mechanical energy storage market is segmented into pumped hydro storage, compressed air energy storage, and flywheels. Pumped hydro storage and compressed air energy storage systems differ significantly from flywheel systems. In terms of short term range, flywheel storage is positioned somewhere in between electric storage systems and batteries. Their capacity is considerably higher, and their discharging times are slightly longer than electric storage systems. Pumped hydro storage systems, on the other hand, can contain several gigawatt-hours of stored capacity. The dimensions of pumped hydro storage systems may vary based on the geographical specifics of the site. Historically, pumped hydro storage systems have typically been used as short-term storage facilities for balancing energy fluctuations through a day. They have mid-length discharging durations of six to eight hours. However, some pumped hydro storage facilities are also used for long-term storage with discharging durations of several days.
By end use, the global mechanical energy storage market is segmented into industrial, commercial, and residential.
Asia Pacific is the leading regional market for mechanical energy storage and is likely to retain the position over the forecast period. The growing industrial sector in Asia Pacific is likely to be a major driver for the mechanical energy storage market in the region. The growing urbanization in the region is also likely to drive the demand for mechanical energy storage systems from commercial and residential consumers in the coming years.
Leading players in the global mechanical energy storage market include Schwungrad Energie Limited, Powerthru, Beacon Power, Active Power Inc., Atlas Copco AB, Kirloskar Pneumatic Co. Ltd., Porter-Cable, Hitachi Ltd., Ingersoll Rand, DeWalt, Sulzer Ltd., and Voith GmbH.
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