Mechanical Energy Storage Market Size, Share, Opportunities, And Trends By Energy Type (Kinetic Energy, Potential Energy), By System Type (Pumped Hydropower Storage System, Flywheel Energy Storage System, Compressed Air Storage System, Liquified Air Energy Storage System), By End-user (Power & Energy, Transportation, Others), And By Geography - Forecasts From 2023 To 2028

Mechanical energy storage, which employs turbines, compressors, and other equipment to carry out complex activities involving water, heat, or air, is a viable replacement for electrochemical battery storage. The mechanical energy storage business, which has the most energy storage capacity in the world, is growing at a faster rate. It consists of PHS, or pumped hydro storage, a car's flywheel, and CAES, or compressed air energy storage, which is widely used and beneficial for a variety of commercial, residential, and industrial tasks. The market for energy storage systems is increasing in value due to greater application in a range of sectors.

According to the Sustainable Energy for Everyone project of the United Nations, an investment of around USD 45,000 million is anticipated to be made to provide access to contemporary electric power. In these investments, flywheel energy storage devices are seen as crucial since they enable greater exploitation of both new and old energy resources. Mechanical energy storage systems are in high demand right now because of their enormous energy storage capacity and quick recharging periods.

The rise in pumped hydropower storage will drive the market growth

The PHS, CAES, and FES segments make up the mechanical energy storage market. Because PHS technology is well established and other megawatt-scale technologies are in the development stage, the PHS category now has the biggest market share. According to the World Energy Council, PHS technology accounts for more than 95% of all energy storage worldwide and has long been a viable option for large-scale storage solutions and grid-balancing services. According to the Pumped Storage Report 2021, National Hydropower Association, The PSH (Pumped Hydropower Storage System) was chosen as the recommended long-term energy storage source in California. There is presently a 0.9 GW requirement in the 2019-2020 IRP. Commencing in 2026, for California to reach its 2030 GHG reduction targets. This Shows That the demand for mechanical energy storage systems is increasing with the adaption of hydropower and other energy sources as well which will propel the market growth.

The low energy installation cost will boost the mechanical energy storage market growth.

Compared to other forms of energy storage methods, mechanical energy storage systems have a cheap energy installation cost per kilowatt hour (kWh). According to ESA (Energy storage association), the installation prices of the mechanical energy storage types PHS and CAES are $21 per kWh and $53 per kWh, respectively, but the installation costs of other kinds of energy storage are between $100 and $1,000 per kWh. Additionally, the market for mechanical energy storage is expanding as a result of growing concern over the effects of fossil fuels on the environment. According to the International Energy Association (IEA), the world would need 266 GW of energy storage by 2030, up from 176.5 GW in 2017, in order to keep global warming below 2°C. this shows that as the government moves towards less use of fossil fuels and by observing the low energy cost of mechanical energy storage will drive the potential of the market to grow globally at a rapid pace.

During the forecast period, Asia pacific tends to grow in the mechanical energy storage market

The leading region for mechanical energy storage is Asia-Pacific. The Asia-Pacific area is seeing an increase in the number of renewable energy projects, which is driving up demand for energy storage technology. The demand for hybrid vehicles that utilize mechanical energy storage is rising in the Asia-Pacific area as a result of rising environmental consciousness. The number of commercial and industrial hubs has increased as a result of the rising population. These facilities are using mechanical energy storage systems to reduce power consumption and improve energy efficiency. According to the IEA, China led the world in pumped storage hydropower capacity in 2021, with more than 36.3 gigatonnes. Japan came in second with a capacity of around 21.9 gigatonnes.

In January 2022 the Power Construction Corporation of China (Power China) announced that it will begin construction of more than 200 pumped hydro projects by 2025, with a total combined generating capacity of 270GW.

In April 2022 A 30MWh pumped hydro storage project in Western Australia started construction, with a target start date for commercial operation in the second half of 2023. The pumped hydro energy storage (PHES) project employs two farm dams to store 30MWh of energy and has a maximum power output of 1.5MW. These projects within the Asia-pacific region are expected to boost mechanical energy storage systems around the globe and will help in the growth of this market.

Market Key Developments.

• In September 2019, With US$37 million (AU$54,6 million) in expansion finance obtained, Hydrostar intends to build Australia's first innovative compressed air energy storage (A-CAES). The 5 MW/10 MWh project in South Australia will use a closed underground mine to store extra solar and wind energy.
• In May 2019, in order to test a cutting-edge flywheel storage system, Voltalia enters into a collaboration with the French startup Energiestro. Energiestro has developed a revolutionary technology that enables for the storage of kinetic energy using ceramic flywheels to address energy storage difficulties sustainably and cost-effectively.

Mechanical Energy Storage Market Scope:

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Energy Type, System Type, End-user, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Amber Kinetics , Siemens AG, Hydrostor Inc, Elytt Energy, Langley Holdings Plc, Stornetic, Powerthru, Teraloop, Beacon Power LLC, Ridge Energy Storage and Grid Services LP
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Energy Type
  • Kinetic Energy
  • Potential Energy
• By System Type
  • Pumped Hydropower Storage System
  • Flywheel Energy Storage System
  • Compressed Air Storage System
  • Liquified Air Energy Storage System
• By End-user
  • Power & Energy
  • Transportation
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Market Segmentation

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

5. MECHANICAL ENERGY STORAGE SYSTEM MARKET ANALYSIS, BY ENERGY TYPE

5.1. Introduction

5.2. Kinetic Energy

5.3. Potential Energy

6. MECHANICAL ENERGY STORAGE SYSTEM MARKET ANALYSIS, BY SYSTEM TYPE

6.1. Introduction

6.2. Pumped Hydropower Storage System

6.3. Flywheel Energy Storage System

6.4. Compressed Air Storage System

6.5. Liquified Air Energy Storage System

7. MECHANICAL ENERGY STORAGE SYSTEM MARKET ANALYSIS, BY END-USER

7.1. Introduction

7.2. Power & Energy

7.3. Transportation

7.4. Others

8. MECHANICAL ENERGY STORAGE SYSTEM MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1.  Amber Kinetics - 

10.2. Siemens AG 

10.3. Hydrostor Inc 

10.4. Elytt Energy 

10.5. Langley Holdings Plc 

10.6. Stornetic 

10.7. Powerthru 

10.8. Teraloop 

10.9. Beacon Power LLC 

10.10. Ridge Energy Storage and Grid Services LP 

Amber Kinetics 

Siemens AG

Hydrostor Inc

Elytt Energy

Langley Holdings Plc

Stornetic

Powerthru

Teraloop

Beacon Power LLC

Ridge Energy Storage and Grid Services LP