Mechanical Energy Storage Market by Technology and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2021
  • Pages: 120
  • SKU: IRTNTR46678
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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

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?

  • The growing energy storage equipment is driving the mechanical energy storage market because of the lowering dependence on companies in the commercial and industrial sectors on public power grids.
  • This will enhance the demand for mechanical energy storage systems, especially amid increasing incidences of inclement weather conditions and power grids becoming problematic.
  • It also supports the advancement and integration of renewable energy resources and mitigates the requirement for new transmission setups.
  • Renewables integration with energy storage will be a key trend in the mechanical energy storage market.
  • The share of renewables in the power mix has been growing because of better energy storage capacities.
  • The growing GHG emissions have prompted governments worldwide to focus on renewable energy resources such as biomass, wind, and solar energy.
  • The addition of renewables into the energy mix has raised the need for energy storage systems (ESS) to smoothen the intermittent nature of renewable power. 

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Which are the Key Markets for Mechanical Energy Storage?

Mechanical Energy Storage Market Share by Geography

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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?

Mechanical Energy Storage Market Share by Technology

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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.   

 

Mechanical Energy Storage Report

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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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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Technology

  • Market segments
  • Comparison by Technology
  • Pumped hydroelectric energy storage - Market size and forecast 2020-2025
  • Flywheel energy storage - Market size and forecast 2020-2025
  • Others - Market size and forecast 2020-2025
  • Market opportunity by Technology

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2020-2025
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The mechanical energy storage market growth will increase by $58.27 GW during 2020-2025.
The mechanical energy storage market is expected to grow at a CAGR of 6.01% during 2020-2025.
Technavio has segmented the mechanical energy storage market by technology (Pumped hydroelectric energy storage, Flywheel energy storage, and Others) and geographic (APAC, North America, Europe, South America, and MEA).
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. are a few of the key vendors in the mechanical energy storage market.
APAC will register the highest growth rate of 38.89% among the other regions. Therefore, the mechanical energy storage market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Japan
  • Germany
  • South Korea (Republic of Korea)
The key factors driving the mechanical energy storage market growth are:
  • Growing energy storage requirement
  • Renewables integration with energy storage
The mechanical energy storage market vendors should focus on grabbing business opportunities from the pumped hydroelectric energy storage segment as it accounted for the largest market share in the base year.
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