Boom Expected in Global Mechanical Energy Storage Market in Future

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The increasing concern over the damage caused to the environment because of the large-scale usage of fossil fuels for power generation is one of the biggest factors contributing toward the development of mechanical energy storage systems all around the world. For instance, according to the International Energy Association (IEA), the world will need to increase the amount of stored energy from 176.5 GW in 2017 to 266 GW by 2030 for keeping global warming below 2 °C.

The cost per kilo watt hour (kWh) of installation of mechanical energy storage systems is much lower as compared to the other types of energy storage systems. For example, the installation costs of compressed air energy storage (CAES) and pumped hydro storage (PHS) types of mechanical energy storage are $53/kWh and $21/kWh respectively, which are much lower than the other types of energy storage, which are usually between $100–$1000/kWh. Driven by these factors, the global mechanical energy storage market is predicted to demonstrate considerable growth over the coming years.
A major trend currently being witnessed in the mechanical energy storage market is the application of energy storage solutions and various associated grid technologies in the utilities sector. Many utility asset companies and owners are increasingly adopting energy storage solutions in order to meet the high demand for energy during the peak hours and also for providing back-up power. According to a report published by the World Energy Council in January 2016, a sharp decline is expected to be observed in the costs of most of the energy storage technologies during the 2015–2030 period.

Globally, the Asia-Pacific (APAC) region is currently observing substantial usage of mechanical energy storage systems. This is attributed to the soaring

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