Mechanical Energy Storage Market is projected to register a moderate 6.5% CAGR in the forecast period.
Mechanical energy storage executes complex processes that utilize water, heat, or air with turbines, compressors, and other machinery and is a tough alternative to electrochemical battery storage. The mechanical energy storage market is evolving at a faster rate and is known for the largest form of energy storage across the globe. It is comprised of PHS or pumped hydro storage, flywheel in an automotive engine, CAES, or compressed air energy storage, which is largely used and beneficial for several commercials, residential and industrial uses. The utilization of the energy storage systems across various fields is escalating the global market value.
In the present times, mechanical energy storage systems have an immense demand due to their large energy storage capacities and short recharge time. Moreover, these systems require less periodic maintenance and are extremely inexpensive when it comes to maintenance. It is an important part of modern life energy storage, which is surrounded by several common aspects like a hydropower plant, compressed air storage in large repositories, flywheel, etc. The mechanical energy storage global market is growing rapidly as it is non-polluting, safe, reliable, and energy-efficient. All these energy storage systems use various technologies and advanced techniques for storing energy that can be used later on.
The prominent players of the mechanical energy storage market are:
According to the mechanical energy storage market outlook, the innumerable advantages of these systems are elevating the potential of the market. High power density, high energy output, and less overall cost make mechanical energy storage one of the best systems for energy. The growing population and rapid industrialization are propelling the market growth. For developing nations, demand to supply gap often leads to power shortages. Therefore, the demand for power backups is rising, which eventually leads to the progression of the market value.
The report focuses on the mechanical energy storage market structure and addresses the overall growth aspects of the global market. It includes a description of the COVID19 pandemic effect on the mechanical energy storage industry and highlights factors impacting the market potential. It also explains several market segments along with the prominent players that elevate the market growth. The report mentions the analysis on different areas and elaborates on the market presence. As the need for mechanical energy storage is skyrocketing in present times, the market revenue is expected to have a substantial rise.
The COVID19 pandemic sudden surge completely devastated the entire world in terms of economy as well as health. Almost all sectors have to face several challenges in continuing their work. Due to the lockdown, industrial operations also remained closed, and the supply chain got heavily disturbed. The mechanical energy storage market also encountered the drastic consequences of the pandemic. Several projects got delayed, and the proper functioning of work was restricted. However, during the pandemic, the requirement for power increased, which pushed the market demand higher and helped to increase the market value.
In addition, the role of key market players in bringing out new market trends for fulfilling consumer requirements has also boosted the market growth. The demand for non-polluting energy in today’s day and age is exhilarating the global market potential and helps to maintain stable growth.
The utilization of mechanical energy storage for several industrial, residential and commercial purposes is boosting the growth of the mechanical energy storage market. Systems like pumped hydro storage, flywheels, compressed air energy storage are highly beneficial that use various technologies and techniques to store energy for using it afterward. As the environmental concern is rising day by day, such non-polluting energy becomes an ideal option to resolve environmental issues. The lower cost of installation of mechanical energy storage compared to several other storage methods is fuelling the demand of the market and leads to the expansion of market size.
As per the mechanical energy storage market analysis, the short recharge time and large energy storage capacity are raising the growth of the market. Less periodic maintenance and low overall cost are also certain factors that are fuelling the market potential in the forecast period.
With the increased efficiency and long-lasting life, mechanical energy storage systems create a huge demand in the global mechanical energy storage market. Its beneficial features like high power output and less overall cost are boosting the market growth and will continue to elevate it in the upcoming years. As the population is growing at a rapid pace, the demand to supply gap keeps widening, which is resulting in power shortages. Therefore, the mechanical energy storage industry can help in power backups and fulfill the need for environment-friendly efficient energy.
New product launches and increased research and development by market players are also creating immense opportunities for the growth of the mechanical energy storage market.
The complete or partial lockdown across different countries due to the COVID19 pandemic has acted as a big restraint in the market growth path. The global pandemic impacted industrial processes and created a disturbance in vendors’ operations. The lockdown restrictions restricted the product commercialization and breakdown of the supply chains. Moreover, the fluctuating supply and cost of raw materials hampered the growth of market share. However, the effects of market players will help in restoring the market potential in the post-lockdown period.
Although the mechanical energy storage market has several opportunities for growth, some limitations also restrict it. The Government’s disapproval in certain regions for starting capital inducement projects can constrain the market potential. In addition, the high cost involved in pumped hydro storage infrastructure along with safety concerns is also a reason for restricting the market growth. The developments in technology that leads to alternative product launch can limit the growth of the market in the coming years.
According to the mechanical energy storage market analysis, the market demand is exploring greater heights and is emerging at a faster rate. In the forecast years, the market revenue will reach optimum levels and will exceed all historical growth rates. In 2019, the value of the market size reached USD 14.08 billion, which reflects that in the upcoming times, the market growth will escalate to much higher levels with the surging demand and key players’ attempts.
The global mechanical energy storage market is fragmented into many segments based on type, region, and end-users.
The mechanical energy storage market analysis is done on different geographies like North America, Asia-Pacific, Europe, and other parts of the world. The Asia-Pacific region accounts for the major market share around the world. The growing population and increased demand for power are boosting the market in this region. Asia-Pacific is followed by Europe as well as North America.
The rising demand for cross-border power transmission, the initiative taken for renewable and non-conventional energy sources, and the requirement for reducing carbon footprints will fuel the market growth in the forecast years.
|Market Size||2027: Significant Value|
|CAGR||6.5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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) and Schwungrad Energie Limited, (Ireland)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The mechanical energy storage market is expected to have a growth rate of 6.5 percent between 2020 and 2027.
The type-based segments are Compressed Air Energy Storage (CAES), Pumped Hydro Storage (PHS), and flywheel.
The end-user segments are residential, industrial, and commercial.
The Asia-Pacific region is supposed to lead the mechanical energy storage market.
Powerthru (Canada), Voith GmbH (Germany), DeWalt, (U.S), Sulzer Ltd. (Switzerland), Ingersoll Rand (U.S), Porter-Cable (U.S), Hitachi, Ltd. (Japan), Kirloskar Pneumatic Co Ltd. (India), Active Power Inc.(U.S), Atlas Copco AB (Sweden), Beacon Power (U.S), and Schwungrad Energie Limited, (Ireland).