Mechanical Energy Storage Market Size (volume & value), Explosive Growth, Business Development, Updated Trends, Competitive landscape And Industry Expansion Strategies by 2023

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Global Mechanical Energy Storage Market Information Report by Type- Pumped Hydro Storage, Compressed Air Energy Storage, Flywheels, by End User- Industrial, Commercial, Residential and By Regions - Forecast to 2023

The Global Mechanical Energy Storage Market has grown significantly over the years and is expected to grow at a CAGR of 6.5% over the forecast period which ends in 2023, projects Market Research Future (MRFR) in a detailed study.

The global energy demand is experiencing a massive upturn due to booming population across the globe. Mechanical energy storage is used for various purposes including hydropower plants, in automotive engines, and large repositories.

At present, the Global Mechanical Energy Storage Market is in its growing stage propelled by the increase in demand for power and towering popularity of non-conventional energy sources.

The incessant need to curb electricity cost, especially at peak times is among the preliminary factors stimulating growth in the Global Mechanical Energy Storage Market. Storing electricity at off-peak times helps to limit electricity costs considerably and also ensures reliable, continued power supply in times of excessive power fluctuation and undependable power supply.

Owing to the long distance between generation and consumption of energy, there is often a chance of supply interruption and network failures which further induces high demand for mechanical energy storage.
Emerging energy systems coupled with the growing scarcity of energy will result in a high reliance on effective and economical energy storage options for a plethora of services which will further accelerate the growth in the Global Mechanical Energy Storage Market.

Recent improvements in materials and manufacturing techniques have resulted in the betterment of the economics of storage. For instance, a start-up called Energy Vault has developed an alternative to pumped hydro method. Instead of using water from dams, the new startup uses concrete blocks and cranes. It is a surprisingly effective way to store energy and such emerging technologies are expected to propel the growth of the Global Mechanical Energy Storage Market.

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However, storage technologies such as pumped hydro and others have limited applicability which constrain the growth of the market over the forecast period. Such technologies are also at threat from alternative disruptive technologies which are gaining commercial traction. In addition, mechanical energy storage technologies are prohibitively costly which too dampens the growth of the Global Mechanical Energy Storage Market.

The Global Mechanical Energy Storage Market has been segmented based on type and end user.

By Type, the Global Mechanical Energy Storage Market has been into pumped hydro storage (PHS), compressed air energy storage (CAES), and flywheels.

By End User, the Mechanical Energy Storage Market has been segmented into industrial, commercial, and residential.

Regional Analysis

North America, Europe, Asia Pacific (APAC), and the Rest of the World (Row) are the key markets for mechanical energy storage. APAC is the leading market for mechanical energy storage followed by Europe and North America.

Rapid industrialization in the region generates high demand from various industry verticals which supports the growth of the market. Also, high utilization of renewable energy sources coupled with high investment in R&D stimulates market growth in APAC.

Europe market is driven by high demand for energy storage and technological advancements.

Competitive Landscape

Powerthru (Canada), DeWalt, (U.S), Ingersoll Rand (U.S), Beacon Power (U.S), Hitachi, Ltd. (Japan), Atlas Copco AB (Sweden), Sulzer Ltd. (Switzerland), Porter-Cable (U.S), Active Power Inc.(U.S), Voith GmbH (Germany), Kirloskar Pneumatic Co Ltd. (India), and Schwungrad Energie Limited, (Ireland) are the notable players in the global mechanical energy storage market.

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Industry Updates

In October 2018, the U.S. Department of Energy announced ten new projects which focus on developing storage systems to provide affordable and reliable power.

In December 2018, SKODA AUTO, announced a partnership with Israeli start-up energy storage company, Chakratec, to mark the importance of Israel for future technologies.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Name: Abhishek
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Organization: Market Research Future
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Name: Abhishek
Email: Send Email
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Pune - 411028 Maharashtra, India