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.


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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.


Some of the major companies operating in the global mechanical energy storage market are Siemens AG, Hydrostor Inc., Apex Compressed Air Energy Storage LLC, Ridge Energy Storage and Grid Services LP, LightSail Energy, SustainX Inc., Airlight Energy, Storelectric Ltd., Pacific Gas and Electric Company, Magnum Development LLC., ABB Group, Beacon Power LLC, STORNETIC GmbH, VYCON Inc., Active Power Inc., Rotonix USA Inc., POWERTHRU, Teraloop, Williams Grand Prix Engineering Limited, Amber Kinetics Inc., Voith GmbH, Sulzer Ltd., and Hitachi Ltd.