Mechanical Energy Storage Market: Everything you need to know post COVID19 Outbreak | Industry Growth, Trends, Regional Demand, & Future Opportunities

Valuable items will be stored if they are easily available but not needed at the moment. Mechanical energy is such a valuable item and should be stored whenever it is available but not consumed. There are three types of mechanical energy storage system available include pumped hydro storage (PHS), compressed air energy storage (CAES), and flywheel energy storage (FES) but only for the FES thesupplied and the consumed energies are in mechanical form while for the other two namely CAES and FES are for electrical power production at peak demand. Currently market is observing a trend of utility adoption of energy storage and associated grid technologies because using mechanical storage in energy generation system such as solar provide smooth peak demand curves and provide back-up power.

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Key Questions Addressed:

What is the current scenario of the Renewable Energy Market?
What are the emerging technologies for the development of Renewable Energy Market?
What is the historical and the present size of the market segments and their future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
Which are the key geographies from the investment perspective?
What are the key strategies adopted by the major players to expand their market share?

PHS is the most widely used mechanical energy storage system due to its high flexibility and reliability. PHS has potential tobalance the generation and demand by adjusting the electrical power generation or demand,whenever there is a deviation from the usual amount in the system. Further, funding in the hydropower sector also boost the growth of PHS market. For instance, On August2018, Water Power Technologies Office (WPTO), Oak Ridge National Laboratory released a Funding Opportunity Announcement (FOA) worth up to $9 million for innovations that reduce cost and maximize the value of new stream-reach hydropower development and PHS.

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Mechanical energy storage mainly used to store large amount of energy as these systems are very costly and require high operation and maintenance cost therefore mostly used in the utility application as utility project is the largest source of electricity generation therefore require storage system to store energy in off peak time and use it during the high demand of energy. Further, using these storage systems in utility project can aid in increasing efficiency and as a result high profit margin for the asset owner because surplus energy will not be loss instead of that store in energy storage systems.

Asia Pacific (APAC) is the prominent region for the global mechanical energy storage because high energy demand due to rapid increase in population in economies like China, India, and Indonesia and to cater the increase in demand high energy will produce which will directly or indirectly increase the demand for mechanical energy storage system in order to store the energy for the peak time. Further, government investment in energy storage system in countries like India is likely to boost the demand for mechanical energy storage system. For instance, The India Energy Storage Alliance (IESA) estimates that the market for energy storage will grow to over 300 GWhin 2025 and will need an investment of $3 billion.

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Mechanical Energy Storage Market Size Breakdown by Segment

Based on Type

Pumped Hydro Storage (PHS)
Compressed Air Energy Storage (CAES)
Flywheel Energy Storage (FES)
Based on Application

Residential
Commercial
Industrial
Utility
Geographical Analysis

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Asia-Pacific (APAC)
China
India
Japan
South Korea
Latin America (LATAM)
Brazil
Argentina
Middle East & Africa (MEA)
South Africa
Saudi Arabia

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