The mechanical energy storage market size has the potential to grow by 58.27 GW during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.01%.
This mechanical energy storage market research report provides a detailed analysis of the market by technology (pumped hydroelectric energy storage, flywheel energy storage, and others) and geography (APAC, Europe, MEA, North America, and South America).
Mechanical Energy Storage Market Size
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Who are the Major Mechanical Energy Storage Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- ABB Ltd.
- Andritz AG
- Beacon Power LLC
- General Electric Co.
- Gilbert Gilkes & Gordon Ltd.
- Hitachi Ltd.
- Melrose Industries Plc
- Siemens AG
- STORNETIC GmbH
- Toshiba Corp.
The mechanical energy storage market is fragmented and the vendors are deploying growth strategies such as offer high-tech, customized ESS for different end-user applications to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.
The market players also significantly leverage external market drivers such as growing energy storage requirements to achieve growth opportunities. However, factors such as increasing energy storage alternatives will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Download a free sample of the mechanical energy storage market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
This mechanical energy storage market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
What are the Key Mechanical Energy Storage Market Drivers and Trends?
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Which are the Key Markets for Mechanical Energy Storage?
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39% of the market’s growth will originate from APAC during the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for mechanical energy storage in APAC. Market growth in this region will be faster than the growth of the market in MEA.
The growing number of renewable energy developments and the need for offsetting the intermittent nature of renewable power generation will facilitate the mechanical energy storage market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.
What are the Major Mechanical Energy Storage Segments in the Mechanical Energy Storage Market?
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The pumped hydroelectric energy storage segment accounts for the largest share of the global mechanical energy storage market. The segment's growth is mainly driven by the rising demand for renewable energy projects, which have a direct impact on the market and its expansion. The rapid increase in the number of solar and wind energy projects and enhanced solar capacity worldwide are fueling demand for bulk energy storage such as pumped hydroelectric energy storage systems.
This report provides an accurate prediction of the contribution of all the segments to the growth of the mechanical energy storage market size. Fetch actionable market insights on post COVID-19 impact on each segment.
Key Highlights of the Mechanical Energy Storage Market Report for 2021-2025
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive mechanical energy storage market growth during the next five years
- Precise estimation of the mechanical energy storage market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the mechanical energy storage industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of mechanical energy storage market vendors
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