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Sustainable development goals of the UN are essential, and several countries have adopted policies & regulations to fulfill these objectives. Energy is crucial for the development of humans and technology. Wastage of energy occurs when the power supply is greater than power demand. To avoid wastage, energy storage systems are used with the advancement of technology that has been gaining traction in the past few years.
Based on the type, the mechanical energy storage market can be segmented in pumped hydro storage(PHS), compressed air energy storage, flywheel, etc. Pumped hydro storage dominates the mechanical energy storage market. The flywheel is generally used with rotary equipment. Flywheels are extensively used in hybrid and electric cars. Compressed air energy storage is in research, development, and demonstration stage. Based on end-user, the mechanical energy storage market is segmented in commercial, industrial, utility, etc.
The major market driver is the increasing demand for a clean source of energy. The mechanical energy storages are versatile and offer better reliability as compared to other alternatives. The major market restraint is the commercial viability of the mechanical energy storage. They add weight to the system and hence incur more cost of construction.
Key Market Driver -
Increase in demand of clean source of energy
Key Market Restraint -
Commercial viability of the equipment
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.
The global mechanical energy storage market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific is the leading region for mechanical energy storage. With an increasing number of renewable projects in the Asia-pacific region, the need for energy storage devices is increasing. With increasing environmental awareness, the demand for hybrid cars that use mechanical energy storage is growing in the Asia-Pacific region. The increasing population has spurred an increase in the number of commercial and industrial centers. These centers to save power and increase energy efficiency are adopting mechanical energy storage devices. The mechanical energy storage can be used to some extent to provide an uninterrupted power supply. Europe has utilized the maximum potential of the mechanical energy storage system. Pumped hydro storage and flywheel systems have been extensively used in the European region. North America is also a leading region for innovations for mechanical energy storage technology. Both Europe and Noth America are leading in the research and development of mechanical energy storage devices. The next breakthrough in mechanical energy storage will come from these two regions. The adoption of hybrid and electric cars is increasing in Europe and North America, which has boosted the mechanical energy storage market. Middle-East and Africa have the highest untapped potential for the mechanical energy storage market. Latin America has also witnessed the rapid growth of mechanical energy storage.
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