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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.
Segmentation
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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