Global Mechanical Energy Storage Market 2018-2022
About this market
Renewables integration with energy storage to gain traction in the market. Renewable energy technologies such as PV solar and wind power give intermittent outputs. With proper support from the governments and industry, energy storage technologies can enhance the deployment of renewable energy sources and enable the production of greater amounts of clean energy in the future. Technavio’s analysts have predicted that the mechanical energy storage market will register a CAGR of more than 5% by 2022.
Government initiatives to promote energy storage
The need for switching to more efficient, less polluting, and reliable energy sources has grown to achieve a cleaner economy worldwide. As the cost of adopting renewables is high at present, the governments of several countries are offering purchase incentives, subsidies, and feed-in tariffs to facilitate higher adoption.
High upfront costs
The energy storage market has a high potential for growth during the forecast period. However, the high upfront costs of installing energy storage systems threaten to hamper growth.
For the detailed list of factors that will drive and challenge the growth of the mechanical energy storage market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Hitachi Mitsubishi Hydro and Toshiba the competitive environment is quite intense. Factors such as the government initiatives to promote energy storage and the renewables integration with energy storage, will provide considerable growth opportunities to mechanical energy storage manufactures. Amber Kinetics, ANDRITZ, Beacon Power, GENERAL ELECTRIC, Hitachi Mitsubishi Hydro, and Toshiba are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Mechanical Energy Storage Market 2018-2022
Technavio recognizes the following companies as the key players in the global mechanical energy storage market: Amber Kinetics, ANDRITZ, Beacon Power, GENERAL ELECTRIC, Hitachi Mitsubishi Hydro, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the renewables integration with energy storage.”
According to the report, one of the major drivers for this market is the government initiatives to promote energy storage.
Further, the report states that one of the major factors hindering the growth of this market is the high upfront costs.
Hitachi Mitsubishi Hydro
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