Global demand for mechanical energy storage is expanding quickly. The market's expansion is attributed to rising electricity and cross-border power transmission demand. The market is expanding due to the increasing worldwide initiatives to use smart grids and more renewable and non-conventional energy sources. Also, there is a significant increase in market demand due to the growing carbon emissions' negative environmental effects.
Furthermore, advances in mechanical energy storage capabilities and capacities propel market expansion. The mechanical energy storage market is expected to expand at a compound annual growth rate (CAGR) of 6.5% during the assessment period 2024–2030, according to Market Research Future (MRFR). The market is growing primarily because to the growing uses of mechanical energy storage in portable electronic gadgets. Systems for mechanical energy storage have a lot of promise to grow.
Large scale usages of mechanical energy storage systems in various industrial, commercial, and residential uses boost market growth. Additionally, the benefits of backup energy storage and cost-competitive energy source positively impact the development of the regional market. Rising need for energy conservation and the demand for high-performance energy storage systems in the automotive sector bolster the growth in the market.
On the flip side, the high investments required for technology and product developments are the significant factors projected to impede market growth. Also, the fierce competition across high capacity storage providers is a significant challenge the market is currently confronting. Moreover, the high cost of pumped hydro storage infrastructure and modern technology development with alternative product launch hamper market growth.
Global Mechanical Energy Storage Market – Segmentation
The report is segmented into three dynamics;
By Type : Pumped Hydro Storage (PHS), Compressed Air Energy Storage (CAES) and Flywheels.
By End User: Industrial, Commercial, and Residential.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Mechanical Energy Storage Market – Regional Analysis
The Asia Pacific region dominates the global mechanical energy storage market. The largest market share attributes to the presence of a large number of industry players and an increase in the usages of energy storage across end-user industries substantiate the regional market growth. Besides, the availability of futurist technologies at many affordable costs drives the growth of the regional market.
Rapidly growing countries, such as Japan, South Korea, China, and India, account for a considerable share in the regional market. The APAC mechanical energy storage market is projected to retain its dominance throughout the estimated period.
North America stands second in the global mechanical energy storage market. The region demonstrates a huge potential for revenue generation, particularly from the industrial and commercial verticals. Additionally, the market growth is driven by considerable technological advances and the early adoption of innovative energy storing technologies. The presence of well-established infrastructures supports market progress, allowing implementations of advanced technologies.
The US and Canada account for considerable shares in the regional market. The North American mechanical energy storage market is expected to generate a substantial revenue pocket during the assessment period.
The Europe mechanical energy storage market is emerging as a profitable market globally. Factors such as the burgeoning end-use industry verticals and the growing R&D investments, and stringent regulations pertaining to renewable boost the growth of the regional market. Furthermore, the presence of major electronics manufacturers and rising demand for digital technologies influence the regional market growth.
The UK and Germany contribute to the market growth in the region majorly. The European mechanical energy storage market is predicted to grow at a considerable CAGR during the review period.
Global Mechanical Energy Storage Market – Competitive Analysis
Highly competitive, the Mechanical Energy Storage market appears to be fragmented due to the presence of numerous well-established players. Strategic moves such as innovation, brand reinforcement, and mergers & acquisitions, and support the expansion plans of these players.
Industry players make substantial R&D investments in product developments that can deliver reliable, leading-edge performance and services. Focused on enhancing their product portfolios with the latest technologies, they follow organic and inorganic growth approaches, engaging in product development. The market competition would intensify further due to new product launches and the new entrants in the market.
Market Players
Players leading the mechanical energy storage System market include Sulzer Ltd. (Switzerland), Voith GmbH (Germany), DeWalt, (US), Hitachi, Ltd. (Japan), Ingersoll Rand (US), Porter-Cable (US), Atlas Copco AB (Sweden), Kirloskar Pneumatic Co Ltd. (India), Active Power Inc.(US), Powerthru (Canada), Beacon Power (US), and Schwungrad Energie Limited, (Ireland), among others.
Industry/ Innovation/ Related News
September 02, 2020 ---- Leclanché (Switzerland), a leading battery and storage system provider, announced its foray in Dutch grid services markets. This move of the Flywheel-lithium battery hybrid energy storage system brand signifies that though began as a small-scale project of the twinned technologies has grown to grid-scale and into commercial operation.
A hybrid energy storage system combining lithium-ion battery systems with mechanical energy storage in flywheels from technology providers Leclanché and S4 Energy has gone into operation in the Netherlands.
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