Category : Energy and Power | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC561
Introduction
Mechanical energy storage is the type of energy storage technology that converts electricity to mechanical or potential energy and stores it as electricity for later use. The market for mechanical energy storage has witnessed significant growth due to rising demand from various applications such as automotive & transportation, grid energy storage and motor sports. The major factor driving the growth of market includes increase in global initiatives to use renewable and non-conventional energy sources to restrict and reduce the level of carbon emission globally.
Market Dynamics
The increase in demand for power, cross border transmission, smart grids, and global initiatives to use renewable and non-conventional sources have led to the growth of mechanical energy storage market globally. Increased use of mechanical energy storage systems in residential and commercial sectors is expected to change the dynamics of the market in near future. However, growing opportunities across Asia-Pacific market; as well as increased focus on the renewable energy production due to heavy public-private investments are major opportunity areas for the market. The major challenges faced by the market players include lack of standardized equipment and interoperability of communications and controls with existing utility control and communication systems, limited commercialization, and lack of ease of available energy for storage.
Market Classification and Overview
The mechanical energy storage market is bifurcated on the basis of type, application, end-use industry, and geography. The different types of mechanical energy storage include pumped hydro storage, compressed air energy storage and flywheels. Pumped hydro storage is the largest and most mature market as it caters to almost every type of application. Compressed air energy storage is the fastest growing market owing to its low cost and modern technology used for storage of mechanical energy and flexible energy supply. Based on application, the market is segmented into grid energy storage, transportation, wind turbines and motor sports among others. Transportation is the fastest growing application owing to the increase in demand of flywheels and compressed air energy storage (CAES) for effective energy storage systems. Based on end use industry, the market is further segmented into industrial, residential, commercial and others. Industrial segment accounts for majority of the global consumption of mechanical energy storage market and led the market demand followed by residential and commercial segments. Residential is the fastest growing market owing to rising standard of living and the demand for energy storage systems.
Regional Overview
The market for mechanical energy storage is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). Asia-Pacific was the major contributors to the growth of mechanical energy storage market in 2015. Europe was the second biggest market followed by North America. The market for mechanical energy storage in Asia-Pacific is further projected to witness highest growth in coming years owing to rapid industrialization, growth in use of renewable energy sources, R&D and utilization of flywheels in the region. The Europe market for mechanical energy storage is likely to grow at a significant rate owing to the increase in demand for compressed energy storage capacity, and technological innovations. The market will also experience increased demand from residential sector.
Report Coverage
|
Market |
Mechanical Energy Storage Market |
|
Analysis Period |
2015 – 2026 |
|
Historic Data |
2015 – 2016 |
|
Base Year |
2017 |
|
Forecast Data |
2018 – 2026 |
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Market Stratification |
Type, Application, End-Use Industry, Geography |
|
Regional Scope |
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA) |
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Report Coverage |
Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis |
Market Participants
Voith GmbH, Sulzer Ltd., DeWalt, Ingersoll Rand, Hitachi, Ltd., Porter-Cable, Kirloskar Pneumatic Co Ltd., Atlas Copco AB, Active Power Inc., Beacon Power, and Powerthru are the key players in the mechanical energy storage market.
Market Segmentation
Market By Type
· Pumped Hydro Storage (PHS)
· Compressed Air Energy Storage (CAES)
· Flywheels
· Others
Market By Application
· Grid Storage
· Transportation
· Wind Turbines
· Motor Sports
· Others
Market By End-Use Industry
· Industrial
· Commercial
· Residential
· Others
Market By Geography
· North America
o US
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Latin America
o Brazil
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
