Mechanical Energy Storage Market to Witness Growth due to Technological Advancements

As the condition of the environments is getting worse due to the excessive utilization of fossil fuels, the demand for alternate resources for generating energy is growing. The concerns regarding global warming is increasing day by day, which is why governments of different countries have started focusing on encouraging the utilization of clean and green energy resources in order to cater to the energy needs of rapidly growing population. Energy generated from renewable resources however, depends largely upon energy storage devices, owing to which, their demand is growing as well. Because of all these factors, the mechanical energy storage market is expected to advance at a significant pace in the near future. 

A major reason for the growth of the mechanical energy storage market is that the energy installation cost per kWh of these systems in relatively lower than other types of energy storage technologies. For example, the installation costs of compressed air energy storage (CAES) and pumped hydro storage (PHS) are $53/kWh and $21/kWh, whereas, the range lies somewhere between $100–$1000/kWh for other energy storage systems types. Therefore, these systems are predicted to be adopted more in the coming years, thereby driving the mechanical energy storage market. 

CAES, PHS, and flywheel energy storage (FES) are the three major types of mechanical energy storage systems. Out of these, the demand for PHS technology is projected to be substantial in the years to come, as it is well established, which is further expected to expand the mechanical energy storage market. As per the World Energy Council, over 95% of the worldwide energy storage demand is met by the PHS technology. It is further a cost-effective solution for providing large-scale storage solutions and supporting grid balancing services. Other than this, FES and CAES technologies are still being developed. 

Mechanical energy storage technologies are utilized in utility, commercial, residential, and industrial sectors. A considerable demand for mechanical energy storage is expected to be generated from the utility sector in the years, which, in turn, will drive the mechanical energy storage market. Utility services need a number of services, including ancillary services, bulk energy services, renewable energy integration for reducing network congestion during peak hours, and grid support services, in order to increase system energy generation efficiency. This is projected to boost the demand for mechanical energy storage systems in the coming years. 

In the coming years, Asia-Pacific is predicted to emerge as a major mechanical energy storage market, which can be ascribed to the increasing number of government investment in energy storage solutions in the region, particularly in developing countries including India and China. For example, as per the estimates of India Energy Storage Alliance, the energy storage market is projected to reach over 300 GWh in 2025 and an investment of $3 billion will be needed. Other than this, North America is also expected to be a major mechanical energy storage market in the near future, owing to growing demand for electrical energy storage systems in the region. 

Hence, the growing utilization of renewable energy is creating need for mechanical energy storage systems.

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to gro...
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 an...
Read more

Solar Encapsulant Industry Set to Exhibit Huge Expansion in Future

Image
The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years. One of the prominent trends currently being observed in the solar encapsulant market is the rising incorporation of thin-film solar cell technology. This is mainly credited to the fact that the conventionally used crystalline silicon solar technology-based solar modules have high production costs and fragile nature. In addition to this, the thin-film solar cell technology has lower costs than the crystalline silicon solar technology ...
Read more