New York, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Mechanical Energy Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Mechanical Energy Storage Market Research Report, Type and End User and Region - Forecast till 2030”., the market is projected to register 7.31% CAGR in the forecast period (2022-2030).
List of the companies profiled in the mechanical energy storage market research report include-
- Active Power Inc.(U.S)
- Ingersoll Rand (U.S)
- Beacon Power (U.S)
- Powerthru (Canada)
- Hitachi Ltd. (Japan)
- Porter-Cable (U.S)
- Schwungrad Energie Limited (Ireland)
- Voith GmbH (Germany)
- DeWalt (U.S)
- Sulzer Ltd. (Switzerland)
- Kirloskar Pneumatic Co Ltd. (India)
- Atlas Copco AB (Sweden).
- Among others.
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The global mechanical energy storage market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Mechanical Energy Storage Market
COVID-19 Analysis
The COVID-19 outbreak’s sudden surge devastated the whole world completely in terms of economy and also health. Almost every sector has faced several challenges in constantly doing their work. For the lockdown, industrial operations were also closed and the supply chains also got disturbed heavily. The mechanical energy storage market too had encountered the several drastic consequences of the outbreak. Various projects too got delayed as well as the proper functioning of work had been restricted. But during the outbreak, the need for power increased that pushed the market need higher and also helped in increasing the market value. Besides, the role of industry market players to bring out new market trends to fulfill customer needs has also boosted market growth. The need for non-polluting energy in the current age and day is exhilarating the potential of the global market and helping to maintain a stable growth.
Browse In-depth Market Research Report (188 pages) on Mechanical Energy Storage
https://www.marketresearchfuture.com/reports/mechanical-energy-storage-market-3276
Drivers
Growing Energy Storage Equipment to Boost Market Growth
The growing energy storage equipment is boosting market growth. This is owing to the lowering reliance on companies in the industrial and commercial sectors on public power grids.
Opportunities
Growing Need for Power to Offer Robust Opportunities
The growing need for power, smart grids, cross border transmission, and global initiatives for using non-conventional and renewable sources will offer robust opportunities for the market over the forecast period.
Besides, the long-lasting life and increased efficiency have increased market need. Its key features such as less overall cost and high power output are also boosting market growth. Also the need for non-polluting energy to resolve environmental issues and the lower installation cost of mechanical energy storage are also boding well for the market growth.
Restraints
Lack of Proper Government Support to act as Market Restraint
The lack of proper government support for initiation of capital inducement projects and safety concern may act as market restraint in the forecast period.
Challenges
High Cost to act as Market Challenge
The high cost related to hydro storage infrastructure coupled with increasing energy storage alternatives may act as market challenges over the forecast period.
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Market Segmentation
The global mechanical energy storage market is bifurcated based on types and end users.
By type, the pumped hydro storage segment will lead the market over the forecast period. Rapid increase in the number of wind and solar energy projects as well as improved solar capacity is adding to the growth of the segment. A pumped hydroelectric is popular for being the largest capacity type of grid energy storage.
By end users, the industrial segment will dominate the market over the forecast period.
Regional Analysis
APAC to Head Mechanical Energy Storage Market
APAC will head the mechanical energy storage market over the forecast period. The presence of a large and rapidly urbanizing population, increased expansion of industrial and commercial sector to cater to the growing urban demands, the presence of developing countries like Vietnam, China, and India, positive government support in the region, emerging economies attracting international market players, expanding commercial and industrial sector, the presence of several market opportunities, with an increasing number of renewable projects, the need for energy storage devices, increasing environmental awareness, the need for hybrid cars which use mechanical energy storage, increasing population, increase in industrial and commercial centers, such centers for saving power and increasing energy efficiency are adopting mechanical energy storage devices, need for uninterrupted power supply, rapid industrialization, R&D and use of flywheels, and growth in usage of renewable energy sources are adding to the global mechanical energy storage market growth in the region.
Europe to Have Admirable Growth in Mechanical Energy Storage Market
Europe will have admirable growth in mechanical energy storage market over the forecast period. The application of pumped hydro storage and flywheel systems, increasing innovations in mechanical energy storage technology, and the region leading in the R&D of mechanical energy storage devices are adding to the global mechanical energy storage market growth in the region.
Segmentation of Market covered in the research:
Mechanical Energy Storage Market Information Report by Type (Pumped Hydro Storage (PHS), Compressed Air Energy Storage (CAES) and Flywheels), By End User (Industrial, Commercial and Residential) and By Regions - Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
