The mechanical energy storage market will register a CAGR of more than 5% by 2022
NEW YORK, Jan. 8, 2019 /PRNewswire/ -- 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.
Read the full report: https://www.reportlinker.com/p05691272
Market Overview
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.
Competitive Landscape
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.
Read the full report: https://www.reportlinker.com/p05691272
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article