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Mechanical Energy Storage Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

The mechanical energy storage market is expected to grow at a CAGR of more than 6% between 2020 and 2025. Rising demand for renewable energy storage as well as grid-level energy storage is driving the market. Mechanical energy storage systems are used to store kinetic energy. In these systems, energy is stored using flywheels, compressed air, and pumped hydro. Flywheels are the most commonly used type of mechanical energy storage because they are inexpensive and have a long lifespan.

The mechanical energy storage market is classified into three segments: type, application, and geography. There are three types of markets: flywheels, compressed air, and pumped hydro. There are three types of applications in the market: utility, industrial, and commercial. North America, Europe, Asia Pacific, and the rest of the world comprise the global mechanical energy storage market. North America has the largest mechanical energy storage market, followed by Europe and Asia Pacific. ABB Ltd., GE Renewable Energy, Siemens AG, Voith GmbH, and Andritz AG are the major participants in the global mechanical energy storage industry.

2. Market Introduction
According to a new analysis by MarkWide Research, the global mechanical energy storage market is predicted to reach USD 2.09 billion by 2025. The market is expected to grow at a CAGR of 5.4% over the forecast period. Increased power demand as a result of rising populations and rapid industrialization is expected to drive the mechanical energy storage market.

Between 2018 and 2025, the flywheel energy storage segment is expected to grow at the fastest CAGR of 6.1%.This expansion can be attributed to the increasing use of flywheel energy storage devices in a variety of industries, such as data centres, wind farms, and autos.

From 2018 to 2025, the automotive application segment is predicted to develop at the fastest CAGR of 6.2%. This growth could be attributed to the rising demand for electric vehicles and the need for energy storage in these vehicles.

From 2018 to 2025, the Asia-Pacific region is predicted to develop at the fastest CAGR of 6.3%. This region’s growth can be attributed to three factors: a rising population, increased industrialization, and rising electrical demand.

Alfke Energy, Inc., American Flywheel Systems, Inc., Beacon Power, Inc., General Electric Company, Green Power Solutions, Inc., and JUNKERS Gas- und Dieselmotoren GmbH are among the leading companies in the mechanical energy storage market.

The global mechanical energy storage market is divided into three parts in this report: technology, application, and geography.

Perspectives on Technology (Capacity, MW; Revenue, USD million, 2018–2025) (Capacity, MW; Revenue, USD million, 2018–2025)

• Compressed Air Energy Storage (CAES) (CAES)

• Flywheels for Energy Storage

Pumped hydroelectric storage

• Magnetohydrodynamic (MHD) (MHD) (MHD)

• Additional Technologies

Outlook for Applications (Capacity, MW; Revenue, USD Million, 2018–2025) (Capacity, MW; Revenue, USD million, 2018–2025)

• Automobiles

• Data centres for computers

• Commercial

• Defense

• Other individuals

Outlook for the Region (Capacity, MW; Revenue, USD million, 2018–2025) (Capacity, MW; Revenue, USD million, 2018–2025)

• America (United States of America) (United States of America)

• U.S.

• Virgin Islands (British)

3. Market Forces
The following are the three key market drivers for mechanical energy storage systems:

1) The price of electricity: The price of electricity varies dramatically during the day in several marketplaces. This incentivizes businesses and consumers to instal energy storage systems to “smooth out” their electricity use and avoid paying high peak costs.

2) The need for backup power: As renewable energy sources such as wind and solar become more prevalent, the demand for backup power systems that can provide electricity when the sun isn’t shining or the wind isn’t blowing grows. Mechanical energy storage technologies are ideal for this application.

3) A desire to minimise carbon emissions: mechanical energy storage technologies can assist in reducing carbon emissions by allowing renewable energy sources to displace fossil-fueled power plants.

4. Market Restriction
During the projected period of 2020–2025, the mechanical energy storage market is expected to develop at a CAGR of more than 5%. However, the market is subject to some constraints that may limit its expansion throughout the forecast period.

The first constraint is the significant initial expenditure necessary for mechanical energy storage system installation. The significant initial investment is due to the high cost of storage systems, which include the compressor, motor, flywheel, and other associated equipment. This hefty initial cost may discourage the use of mechanical energy storage systems, particularly in underdeveloped nations.

The second constraint is a lack of trained workers for mechanical energy storage system installation and maintenance. The lack of skilled individuals is caused by a lack of knowledge about the technology. Due to a lack of trained staff, the systems may be installed incorrectly, resulting in their failure.

The lack of standardisation in the design of mechanical energy storage devices is the third constraint. The absence of standardisation may result in system incompatibility with existing grid infrastructure. This incompatibility may cause the systems to fail.

The high maintenance costs associated with mechanical energy storage technologies are the fourth constraint. The high maintenance cost is due to the requirement for routine maintenance and part replacement. This high maintenance cost may discourage the use of mechanical energy storage technologies.

5. Market Possibilities

1.The mechanical energy storage business is predicted to expand rapidly over the next decade.

2. The mechanical energy storage sector is still in its early phases, with enormous growth potential.

3. Energy storage Technologies that can supply both short-term and long-term energy stability are in high demand.

4. There is an increasing demand for environmentally friendly and low-carbon energy storage technologies.

5. Scalable energy storage technologies that can be easily incorporated into existing infrastructure are required.

A new MarkWide Research Inc. study estimates that the global mechanical energy storage industry will be worth USD 1.63 billion by 2025.The market is estimated to increase at a CAGR of 4.8% over the forecast period. The market for mechanical energy storage is likely to be driven by increased power demand and the need for grid stabilisation throughout the forecast period.

The market is segmented into three parts: technology, application, and region. The market is classified into three technology categories: flywheels, compressed air, and pumped hydro. The flywheels category is estimated to grow at the quickest CAGR throughout the forecast period. Based on application, the market is segmented into three sections: transportation, utilities, and industrial. The transportation segment is predicted to grow at the quickest CAGR during the projection period.

The market is segmented into four regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to be the largest market for mechanical energy storage over the forecast period. This is owing to the region’s presence in well-established sectors such as transportation and utilities. Asia-Pacific is likely to be the fastest-growing market for mechanical energy storage over the forecast period. This is due to the region’s rising electrical demand.

Mechanical energy storage industry leaders include ABB Ltd., Siemens AG, General Electric Company, Voith GmbH, and Toshiba Corporation.

Johnson Controls, Inc.:

Johnson Controls is a leading manufacturer and supplier of energy storage technologies and equipment. The company offers a full range of energy storage equipment and solutions for home, commercial, and industrial applications. Among its products are batteries, controllers, and inverters. Johnson Controls also provides engineering, procurement, and construction services for energy storage.

Tesla:

Tesla is a pioneer in the manufacture of electric vehicles and batteries. Furthermore, the firm offers energy storage technology and solutions for both residential and commercial uses. Tesla is a company that makes batteries, solar panels, and inverters. Tesla also provides engineering, procurement, and construction services for energy storage projects.

LG Chemical Company:

LG Chem is a leading manufacturer of batteries and energy storage systems. The company offers a broad variety of energy storage devices for residential, commercial, and industrial applications. LG Chem is a company that makes batteries, controllers, and inverters. LG Chem also provides engineering, procurement, and construction services for energy storage projects.

Panasonic: 

Panasonic is a significant battery and energy storage device manufacturer. The company offers a broad variety of energy storage devices for residential, commercial, and industrial applications. Panasonic is a manufacturer of batteries, controllers, and inverters. Panasonic also provides engineering, procurement, and construction services for energy storage projects.

Samsung:

Samsung is a leading manufacturer of batteries and energy storage systems. The company offers a broad variety of energy storage devices for residential, commercial, and industrial applications. Samsung manufactures batteries, controllers, and inverters, among other things. Samsung also provides engineering, procurement, and construction services for energy storage projects.

BYD :

BYD is a major manufacturer of batteries and energy storage equipment. The company offers a broad variety of energy storage devices for residential, commercial, and industrial applications. BYD sells batteries, controllers, and inverters, among other things. BYD also provides project engineering, procurement, and construction services for energy storage projects.

Finally, the energy storage industry is expected to grow quickly in the next few years. This is due to an increase in demand for energy storage technologies that can provide grid stability while also assisting in the increased penetration of renewable energy sources.

Grid ancillary services are one of the most important uses for energy storage. This includes frequency regulation and other grid support services that thermal power plants often offer. As the use of renewable energy sources expands, so does the demand for energy storage systems capable of providing these services.

Energy storage can also be used to switch between different energy sources. For example, energy storage can be used to store energy when prices are low and then release it when prices rise. This can help reduce overall energy bills. Another key application for energy storage is to provide backup power during a power outage. This is particularly important for mission-critical applications such as hospitals and data centres.

The energy storage industry is expected to grow rapidly in the next few years. This is due to an increase in demand for energy storage technologies that can provide grid stability while also assisting in the increased penetration of renewable energy sources. Grid ancillary services are one of the most important uses for energy storage. This includes frequency regulation and other grid support services that thermal power plants often offer. As the use of renewable energy sources expands, so does the demand for energy storage systems capable of providing these services.

Energy storage can also be used to switch between different energy sources. For example, energy storage can be used to store energy when prices are low and then release it when prices rise. This can help reduce overall energy bills. Another key application for energy storage is to provide backup power during a power outage. This is particularly important for mission-critical applications such as hospitals and data centres. The energy storage industry is expected to grow rapidly in the next few years. This is due to an increase in demand for energy storage technologies that can provide grid stability while also assisting in the increased penetration of renewable energy sources. Grid ancillary services are one of the most important uses for energy storage. This entails providing frequency control.

Key Players Covered:

Some of the major companies that are present in the mechanical energy storage market are Voith Group, ENERGIESTRO, Stornetic GmbH, Amber Kinetics, Inc., OXTO Energy, Active Power Plant Operations, Stantec, Hydrostor, LightSail Energy, SustainX, and  Apex CAES.

Segmentation:

ATTRIBUTES  DETAILS
 

By Type

 

 

    • Pumped Hydro Storage
    • Compressed Air Energy Storage
    • Flywheel
    • Others
 

By End-User

 

 

    • Industrial
    • Commercial
    • Utility
    • Others
 

By Geography

 

 

    • North America (US and Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
    • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Brazil, Mexico, and Rest of Latin America)
    • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
ATTRIBUTES  DETAILS
 

By Type

 

 

    • Pumped Hydro Storage
    • Compressed Air Energy Storage
    • Flywheel
    • Others
 

By End-User

 

 

    • Industrial
    • Commercial
    • Utility
    • Others

Voith Group, ENERGIESTRO, Stornetic GmbH, Amber Kinetics, Inc., OXTO Energy, Active Power Plant Operations, Stantec, Hydrostor, LightSail Energy, SustainX, and  Apex CAES.

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