Press release
Flywheel Energy Storage Market - Global Industry Analysis and Forecast | 2024
Unlike storable objects, electricity cannot be stored for a longer duration without being lost to some extent. Storing electricity and releasing it during times of high demand or when its cost is profitable is a major challenge faced by utility companies worldwide. Researchers and technology companies are constantly on the lookout for effective and reliable ways of storing electric energy. Although a number present-day electricity grids operate effectively without electricity storage, cost-effective ways of electrical energy storage can help them in becoming more reliable and efficient. Effective storage mechanisms can also help utilities save massive revenues and substantial amount of electrical energy.
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Flywheel energy storage is one such emerging electrical energy storage technology that has demonstrated significant growth in the past few years. Flywheels store energy by virtue of the angular motions of a spinning element. While charging, a motor spins up the flywheel with the input of electrical energy; while discharging the same motor, now acting as a generator, produces electrical energy from the rotational energy of the flywheel. One of the major benefits of flywheels is their high service life (several hundred thousand complete charge-discharge cycles) and low maintenance requirement. The low environmental impact of flywheels also bodes well for this relatively newer electrical energy storage technology, paving the way for substantial growth opportunities in the global market.
This report on the global flywheel energy storage market gives an expansive account of the crucial elements and segments of the market, outlining the major growth opportunities and lucrative application areas. The report presents a thorough overview of the major growth drivers, challenges, and key trends in the market. An overview of the potential impact of these factors on the overall development of the market over the period from 2016 through 2024 is also included in the report.
Global Flywheel Energy Storage Market: Trends and Opportunities
The rising global demand for uninterrupted power supply to support the rapid pace of industrialization is one of the major factors driving the global market for reliable and cost-effective electrical energy storage mechanisms such as flywheels. The rising burden of the huge cost of power cuts on national revenues and the corresponding need for modernizing grid infrastructures are also some of the major factors driving the global market for flywheel energy storage.
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The demand for flywheel energy storage technology is also rising owing to the increased demand for backup power sources such as uninterrupted power supply (UPS) and the integration of intermittent power sources such as microgrids. Microgrids may source electrical energy from renewable sources such as wind energy, solar power, and hydraulic power, leading to a need for more adaptable and scalable grid infrastructure with innovative power storage mechanisms.
Some of the major application areas of flywheel energy storage are UPS, transportation, and distributed power generation. Of these, the UPS segment is currently leading the global flywheel energy storage market owing to the issue of frequent power outages in developing regions and the demand for effective power backup options in response.
Global Flywheel Energy Storage Market: Region-wise Outlook
From a geographical perspective, the global flywheel energy market has been examined for North America, Europe, Asia Pacific, and the Rest of the World. The market for flywheel energy storage holds immense growth potential in Asia Pacific due to factors such as the rapid pace of industrialization, mounting population, and increased investments in the development of grid infrastructure in the region’s emerging economies.
Global Flywheel Energy Storage Market: Competitive Landscape
The competitive landscape of the global flywheel energy storage market is marked by the presence of several international players, with many new vendors making inroads at an encouraging rate. The competition is intense and companies are continuously experimenting with product designs and technological expertise to excel in terms of functionalities, quality, and services.
Some of the major vendors in the market are EnSync Energy, Beacon Power, Active Power, Calnetix Technologies, Vycon Energy, Temporal Power Ltd, Pentadyne Power Corporation, and Kinetech Power Company
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