Several countries worldwide are facing the consequences of rapid climate change, which is why it has not become increasingly crucial to find renewable energy sources that can provide power without being dependent on fossil fuels. Though solar & wind energy technologies are being utilized extensively for many years, the challenge remains with the efficient storage of these energies for later use. Here comes the role of flywheels that allow us to store the abundant energy generated by renewables and use it whenever required.
Today's flywheel energy storage systems have high-performance carbon-fiber rotors suspended by magnet bearings that move at significantly high speeds (from 20000 to over 50000rpm) in a vacuum environment. These flywheels can reach their energy density just in a couple of minutes and way faster than any other energy storage form. Hence, in view of these aspects and the rising demand for flywheels, a recent research report has cited that the Global Flywheel Energy Storage System Market is set to register around 8.2% CAGR during 2023-28. The flourishing energy storage & automobile industries worldwide and the ever-evolving requirements for uninterrupted power supplies in different end-user sectors are the prime aspects projected to drive the industry in the forecast years
Key Highlights from the Research Report
North America Promises Lucrative Prospects for the Industry
The ever-increasing requirement for UPS systems to ensure a continuous power supply for commercial & industrial operations, coupled with the rising demand for data centers for storing massive amounts of data, are the prime aspects contributing to the increasing number of flywheel projects for power conservation. Moreover, the booming automotive sector with the growing penetration of electric mobility and significant technological advancements is another prominent factor stimulating the North America Flywheel Energy Storage Systems Market.
In the US, flywheels are used in combination with renewable energy sources to provide storage capacity & balance the unpredictable nature of renewables. As around 40% of carbon emissions in the country are due to power generation, technologies like flywheel energy generation & storage are gaining immense traction and, in turn, contributing to the regional market expansion.
Remarkable developments in the renewable energy sector and the mounting proliferation of EVs are set to create lucrative prospects for the Flywheel Energy Storage System Market in the nearer future. More & more countries are devising policies to expand the utilization of sustainable energy sources and reduce the emission levels caused by fossil fuels. While kinetic energy storage is a groundbreaking idea in the renewable resources sector, companies are actively working on developing more innovative, sustainable, & highly efficient flywheel designs, which shall provide the necessary impetus to the industry over the coming years.