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. mechanical energy storage market is expected to grow over the CAGR of around 6.5% during the period 2017 to 2023
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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Scope of the Report
This study provides an overview of the global mechanical energy storage market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The scope of the study segments the global mechanical energy storage market by its type, by end user and by region.
• Pumped Hydro Storage (PHS)
• Compressed Air Energy Storage (CAES)
By End User
• North America
• Asia Pacific
• Rest of the World
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A mechanical energy storage is a phenomenon normally used to store mechanical energy, which can further be converted into various forms of energy such as, heat energy, electricity etc. as per requirement. The main application of mechanical energy storage is to store energy and propagate it to the end user as per requirement. Mechanical energy storage is widely used by power plants, industrial plants and conventional electric utility companies, automobile and residential users.
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.
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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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