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Global Flywheel Energy Storage Market Size, Share, Trends, Growth & Forecast to 2030 | Top Market Players are ABB Group, Beacon Power LLC, STORNETIC GmbH, VYCON Inc., Active Power Inc., Rotonix USA Inc., POWERTHRU, Teraloop, Williams Grand Prix Engineerin

04-14-2020 09:23 AM CET | Energy & Environment

Press release from: P&S Intelligence

Flywheel energy storage uses electric motors to drive the flywheel to rotate at a high speed so that the electrical power is transformed into mechanical power and stored, and when necessary, flywheels drive generators to generate power. In the past renewable energy such as solar and wind witnessed a rapid growthbecause renewable energy technologies are an effective solution in the effort to reduce CO2 emissions. In an electrical system the supply and demand must be in balance to keep the electrical grid stable.

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Since most renewable energy, for example wind and solar power, are of intermittent nature the production cannot be controlled. The supply varies with season, time and weather conditions. To mitigate this demand-supply gap energy storage system such as flywheel is can provide a solution in solar and wind energy because it can assist in the penetration of wind and solar energy in power systems by improving system stability. The fast response characteristics of flywheels make them suitable in applications involving renewable energy system (RES) for grid frequency balancing.

Flywheel energy storage can be used in various application such as power quality, frequency regulation, voltage sag control, uninterruptible power supply (UPS), transportation, spacecraft, renewable, and military. UPS is one of the active markets and the most successfulapplication for high power flywheels to supply power for occasions which usually don't last longer. Since power outages can cause voltage and frequency problems, as well as power interruptions so in that case UPS as a backup storagebridges the gap between the loss of the grid andthe start of backup sources during an interruption.

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Geographically, North America is the one of major market for the growth of flywheel market owing to the increasing demand for electricity storage systems. For instance, as per the environmental and energy study institute, the U.S. generated 4 billion megawatt-hours (MWh) of electricity, but only had 431 MWh of electricity storage available in 2017. Europe is also expected to increase the market share in the flywheel energy storage market on account of growing automotive industry in the region which requires uninterrupted power sources.

The major players operating in the market are ABB Group, Beacon Power LLC, STORNETIC GmbH, VYCON Inc., Active Power Inc., Rotonix USA Inc., POWERTHRU, Teraloop, Williams Grand Prix Engineering Limited, and Amber Kinetics Inc.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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