Press release
Mechanical Energy Storage Market 2019- 2023 | Voith GmbH (Germany), Sulzer Ltd. (Switzerland), DeWalt, (U.S), Ingersoll Rand (U.S), Hitachi, Ltd. (Japan)
Market Research Future has studied the global mechanical energy storage market for the assessment period from 2017 to 2023. Findings of MRFR's research suggest the growth of the market at a healthy CAGR of 6.5% during the review period. Mechanical energy storage is recognized as the largest form of energy storage and is comprised of other systems such as compressed air energy storage (CAES), pumped hydro storage, and flywheels. These systems are used extensively and have many advantages in use in industrial, commercial and residential applications.
Mechanical energy storage uses mechanical methods for energy storage while converting electric energy into kinetic energy and back into electric energy when required. A fairly common example of mechanical energy storage is in hydroelectric reservoir or dams. Mechanical energy storage is a part of day to day life for the storing of energy. Another prime example is the use of flywheels in automotive and compressed air stored in large repositories. These systems store energy using various mechanical technologies to store energy for later use. It is a great form of back up energy and is renewable in nature. The growth of mechanical energy storage market is largely due to the fact that its a cheap and effective source of energy and enables back up solutions in cases of power failure. The increasing demand for power is expected to drive the market. Moreover, cross border power transmission, and increasing global initiatives toward the adoption of renewable energy sources and smart grids will also have a positive impact on the global mechanical energy storage market. The need for restriction in carbon emission further supports the adoption of mechanical energy storage solutions.
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However, lack of proper government support for initiation of capital inducement projects will likely hinder the growth of the global mechanical energy storage market. Moreover, the high costs associated with hydro storage infrastructure and safety concern will also restrain market growth over the forecast period.
Market Segmentation
The global mechanical energy storage market has been segmented, in the report, on the basis of type, end-user, and region. Types of mechanical energy storage have been segmented into pumped hydro storage, compressed air energy storage, and flywheels. Pumped hydroelectric is known to be the largest capacity form of grid energy storage. Meanwhile, flywheels are normally used in automotive applications.
End-users of mechanical energy storage include industrial, commercial and residential.
Regional Analysis
Main regions that have been analyzed in the report include Europe, North America, Asia Pacific, and the Rest of the World. Among these, the market is led by the Asia Pacific which is followed by Europe and North America. The Asia Pacific is a key region with an immense energy demand due to the presence of a large and rapidly urbanizing population which has increased the expansion of both the commercial and industrial sector to meet growing urban demands. Countries such as India, China, Vietnam, and several others can sometimes have a problem with energy generation, thus driving the need for proper energy storage. Government support in the region is fairly positive, and further drives the growth of the market. Moreover, these emerging economies are attracting international market players who are expanding the APACs industrial and commercial sector. The market is expected to expand steadily with the presence of many opportunities in the market.
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Key Players
MRFR's assessment includes an analysis of the competition in the mechanical energy storage market. Players observed in the market include Active Power Inc.(U.S), Ingersoll Rand (U.S), Beacon Power (U.S), Powerthru (Canada), Hitachi, Ltd. (Japan), Porter-Cable (U.S), Schwungrad Energie Limited, (Ireland), Voith GmbH (Germany), DeWalt, (U.S), Sulzer Ltd. (Switzerland), Kirloskar Pneumatic Co Ltd. (India), and Atlas Copco AB (Sweden).
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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 Components, Application, Logistics 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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