Global Gravity Energy Storage System Market Overview:
Gravity-based energy storage is a development of pumped hydro storage (PHS) technologies, which use the mass of water at various elevations to store significant amounts of energy. A constant supply of dispatch-able electricity is provided to the grid by the combination of gravity storage and solar PV generation or batteries (for lifting up the object). The combination of gravity storage and solar PV generation completely eliminates the need for backup, storage, additional transmission, or distribution in fossil fuel power facilities. Its performance is unaffected by frequent charging and discharging for more than 60 years, unlike batteries. Low investment and operation cost and easy integration into any high voltage transmission grid are some factors that will drive the market.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | -2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- Low Investment Cost, Low Operational Cost, and Long Service Time
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- Discharging Time Can Be Adjusted based on Operator Requirements
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- Least Requirement of Raw Material for Construction
Roadblocks
Opportunities
- Greater Demand for Electricity on the Transmission Network
Challenges
- Dependence on Secondary Energy Source
- Increasing No. of Substitutes in Energy Storage Systems
Competitive Landscape:
Gravity Energy Storage System is a consolidated market due to few players. The players are focusing on investing more in launching gravity-based storage systems. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions to help them sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Energy Vault (Switzerland), New Energy Let's Go (Germany), StratoSolar Inc (United States), Gravitricity (United Kingdom), Gravity Power (United States), Energozapas (Russia), Advanced Rail Energy Storage (United States), Sink Float Solutions (France), Gravity Energy AG (Germany) and Quidnet Energy (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Gravity Energy Storage System market by 2027. Considering Market by Sales Channels, the sub-segment i.e. Direct will boost the Gravity Energy Storage System market. Considering Market by Power Generation(MWh), the sub-segment i.e. Below 100 MWh will boost the Gravity Energy Storage System market. Considering Market by Connection Type, the sub-segment i.e. On-Grid will boost the Gravity Energy Storage System market. Considering Market by End-User, the sub-segment i.e. Power generator companies will boost the Gravity Energy Storage System market.
Latest Market Insights:
In September 2021, a merger between Energy Vault and Novus Capital Corporation II was announced. The merged business is worth USD 1.1 billion. Beginning with USD 388 million in cash, the new business will include USD 100 million in pledges from private investors to Novus and USD 100 million that Energy Vault had raised from venture capitalists, notably Saudi Aramco Energy, in August. Energy Vault was using these investments to support its gravity-based storage system.
In June 2022, Gravitricity unveiled its plan to create the North Yorkshire (UK) first below-ground gravity energy storage system. Gravitricity secured a USD 1,076,160 from the Department of Business Energy & Industrial Strategy (BEIS) to develop feasibility plans for a purpose-built below-ground system. After completion, it could store up to four-megawatt hours (4MWhs) of electricity, sufficient to power more than 9,000 homes for an hour.
What Can be Explored with the Gravity Energy Storage System Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Gravity Energy Storage System Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Gravity Energy Storage System
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Gravity Energy Storage System market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Gravity Energy Storage System market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Gravity Energy Storage System Distributors, Regulatory Bodies, Gravity Energy Storage System Manufacturers, Electric Utility and Industrial & Commercial.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.