Global Mechanical Energy Storage Market 2018-2022| Renewables Integration with Energy Storage to Promote Growth| Technavio
LONDON--(BUSINESS WIRE)--Jan 4, 2019--The global mechanical energy storage market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by .
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Technavio has published a new market research report on the global mechanical energy storage market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the government initiatives to promote energy storage. In order to achieve a cleaner economy globally is driving the need for switching to more efficient, less polluting, and reliable energy sources. At present, as the cost of adopting renewables is high, the governments of several countries are offering purchase incentives, subsidies, and feed-in tariffs to facilitate higher adoption. Among the initiatives; purchase incentives are of utmost relevance and the most effective instruments for promoting renewable installations. In countries such as the US, China, and Japan, energy storage installations have increased over the years.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
In this report, Technavio highlights the renewables integration with energy storage as one of the key emerging trends in the global mechanical energy storage market:
Global mechanical energy storage market: Renewables integration with energy storage
Energy storage has remained a critical issue in terms of managing renewable energy. Renewable energy technologies such as solar PV and wind power give irregular outputs. This variability of renewable energy is categorized as short-duration and long-duration variability. They are caused by wind speed variations and fluctuations of sunlight owing to cloud movements.
“Energy storage technologies have a high potential to streamline electricity supply from these renewable energy sources to ensure that the supply matches with the demand. Energy storage technologies store the energy generated by wind and solar energy sources in shorter timeframes and mitigates variability by smoothing out the energy supply. These technologies could replace fossil fuels and reduce greenhouse gas emissions. The share of renewables in the power mix has been growing due to better energy storage capacities,” says a senior analyst at Technavio for research on power.
Global mechanical energy storage market: Segmentation analysis
This market research report segments the global mechanical energy storage market by technology (pumped hydroelectricity energy storage and flywheel energy storage) and geographical regions (APAC, EMEA, and the Americas).
The pumped hydroelectricity energy storage segment held the largest market share in 2017, accounting for 99% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 and the region is expected to dominate the market through 2022, however there will be a decrease in its market share by 2%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 01/04/2019 10:25 AM/DISC: 01/04/2019 10:25 AM