Pune, India -- (SBWIRE) -- 09/27/2017 -- Market Highlights
Mechanical energy storage has by far been the largest form of energy storage around the world so far as it is comprised of systems such as, pumped hydro storage (PHS), compressed air energy storage (CAES) and flywheels. These systems are extensively used and are beneficial on large scale at various industrial, commercial and residential uses.
Currently, the mechanical energy storage market is in the growth stage. This is due to the increase in demand for power, and cross-border power transmission, global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to restrict carbon emission, will boost the global mechanical energy storage market. The Global Mechanical Energy Storage Market is expected to grow at a CAGR of 6.5% during the forecast period.
The key players of global mechanical energy storage market are
- 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)
- Schwungrad Energie Limited, (Ireland).
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Market Research Analysis
Asia-Pacific region is expected to grow at the fastest rate
The mechanical energy storage market in the Asia-Pacific region is currently leading and is followed by Europe and North America market. The rapid industrial development in the countries such as India and China where there are issues with continuous reliable electricity supply, is driving the market for mechanical energy storage. Also R&D and utilization of modern flywheels in China and India with the growing trend of compressing air and storing them it in large repositories, such as underground salt caverns, and releasing it to drive a turbine during periods of demand, will drive mechanical energy storage market.
Mechanical energy storages are classified based on their end user as industrial, commercial and residential. The industrial application of mechanical energy storage system is extensive as it is used on large scale for this segment. Pumped hydro storage (PHS) accounts for more than 99% of bulk storage capacity worldwide: around 127,000 MW across 200 large sites, globally. Compressed air energy storage (CAES) works best at the production scale of 10MW to 100MW, and is used as a source of flexible resource to deliver continuous load response and peak-generation.
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on "Mechanical Energy Storage Market Research Report- Forecast to 2023"
Pumped hydro storage market is expected to grow at the highest rate.
The pumped hydro storage market is expected to hold a larger market size as compared to other two prominent mechanical energy storages. This is due to the working efficiency level of pumped hydro plants, which is about 65-85% at peak load with 0-0.5% losses/day, generation capacity up to 5,000 MW and high life span of the project with minimum maintenance cost. Also the growing awareness towards use of non-conventional energy resources and stringent government norms for low carbon emission electricity generation technique will drive the pumped hydro storage market for the forecast period.
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Table of Content
1 Executive Summary
2 Research Methodology
2.1 Scope of the Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter's Five Forces Analysis
4 Global Mechanical Energy Storage Market, By Type
4.2 Pumped Hydro Storage (PHS)
4.3 Compressed Air Energy Storage (CAES)
5 Global Mechanical Energy Storage Market, By End User
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