What is Mechanical Energy Storage Market?
Energy storage is a capture of energy produced for lateral use. Mechanical energy is the energy which is possessed by an object due to its motion or due to its position. Mechanical energy has two types of kinetic energy i.e. the energy of motion and potential energy i.e. stored energy of position. Mechanical energy storage converts electrical energy into mechanical energy and stores the energy as kinetic in the form of a rotating wheel or as potential energy in the form of pumped water.
The market study is being classified by Type (Pumped Hydro Storage (PHS), Compressed Air Energy Storage (CAES) and Flywheels), by Application (Industrial, Commercial and Residential) and major geographies with country level break-up.
Sulzer Ltd. (Switzerland), Amber Kinetics (United States), Voith GmbH (Germany), Ingersoll Rand (United States), DeWalt (United States), Hitachi, Ltd. (Japan), ANDRITZ AG (Austria), Porter-Cable (United States), Kirloskar Pneumatic Co Ltd. (India), General Electric (United States), Atlas Copco AB (Sweden) and Active Power Inc. (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Beacon Power (United States), Powerthru (Canada), Schwungrad Energie Limited (Ireland) and Beacon Power, LLC (United States).
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Mechanical Energy Storage market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Mechanical Energy Storage market by Type, Application and Region.
On the basis of geography, the market of Mechanical Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increased Demand for Power Worldwide
- Government Initiatives to Promote Energy Storage
Market Trend
- Renewables Integration with Energy Storage
Restraints
- High Initial Investment of Mechanical Energy Storage System
Opportunities
- Global Initiatives to Use for Renewable and Non-Conventional Energy Sources
- Rising Demand from Emerging Countries
Challenges
- Lack of Ease of Available Energy for Storage
Key Target Audience
Mechanical Energy Storage System Manufacturers, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user