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The global mechanical
energy storage market is expected to exhibit a strong 7.31% CAGR over the
forecast period till 2030, 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.
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.
Competitive Leaderboard:
·
Voith GmbH (Germany)
·
Sulzer Ltd.
(Switzerland)
·
DeWalt (U.S)
·
Ingersoll Rand (U.S)
·
Hitachi Ltd. (Japan)
·
Porter-Cable (U.S)
·
Kirloskar Pneumatic Co
Ltd. (India)
·
Atlas Copco AB
(Sweden)
·
Active Power Inc.(U.S)
·
Beacon Power (U.S)
·
Powerthru (Canada)
·
Schwungrad Energie
Limited (Ireland)
Segmentation:
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.
Regional Analysis:
Asia Pacific is the leading regional Kinetic
energy storage market 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.
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