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Flywheel Energy Storage Market To Witness Growth Owing To Rapid Industrialization & Increased Investments In Development of Grid Infrastructure Till 2021 | Million Insights

November 22
09:04 2017

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According to new report available with Million Insights, Flywheels can bridge the gap between short-term ride-through power and long-term energy storage with excellent cyclic and load following characteristics.The major factors driving the global market arereliable and cost-effective electrical energy storage mechanisms such as flywheels.

Global Flywheel Energy Storage Market is segmented on the basis of type, application, and region. A flywheel energy storage system can be described as a mechanical battery suchthat it does not create electricity but simply converts and stores the energy in form of kinetic energy until needed. In a matter of seconds, the electricity can be created from the spinning flywheel making it the ideal solution to help regulate supply in the electrical grid.Kinetic energy can be described as “energy of motion,” and in this case the motion of a spinning mass called a rotor. The rotor spins in a nearly frictionless enclosure. When short-term backup power is required since the utility power fluctuates or is lost and the inertia allows the rotor to continue spinning and the resulting kinetic energy is converted to electricity.

To maintain efficiency, the flywheel system is operated in a vacuum to reduce drag. The flywheel is connected to a motor-generator that interacts with the utility grid through advanced power electronics. Some of the key advantages of flywheel energy storage are low maintenance, long life, and negligible environmental impact. Flywheels store energy by asset 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.

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Flywheels can bridge the gap between short-term ride-through power and long-term energy storage with excellent cyclic and load following characteristics.The major factors driving the global market arereliable and cost-effective electrical energy storage mechanisms such as flywheels. The rising burden of the huge cost of power cuts on national incomes and the consistent need for updating grid infrastructures are also some of the major factors driving the global market for flywheel energy storage.

Flywheel Energy Storage Market is classified, by product typeinto Steel rims, Composite rims.Flywheel Energy Storage Market is classified, by application UPS, transportation, and distributed power generation. Distributed energy generation accounted for the largest share in 2015. Distributed energy generation is a process in which power is generated at the place of consumption. Advantages such as increased efficiency and reduction of transmission losses have made distributed energy generation more popular than centrally generated power.

UPS segment is expected to grow at highest CAGR over the predicted period due to the issue of frequent power outages in developing regions and the demand for effective power backup options in response. Flywheel Energy Storage Market is segmented, geographically into North America, Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, Middle East and Africa.

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North America accounted for the largest market share of the Flywheel Energy Storage Market in 2015. This region is dominated by the U.S., which houses some of the major IT and automobile companies in the world.Europe is expected to be the fastest growing region in this market, over the predicted period. This is due to thegrowing demand from countries such as Germany and the England have resulted in boosting the market in this region.

The market for flywheel energy storage holds huge 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 regions developing economies.The market in this region is led by Japan, and South Korea. MEA is also expected to be important to the growth of this industry.Flywheel Energy Storage Market key players 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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