The growing population in many countries, especially developing nations and the BRIC countries (Brazil, Russia, India, and China) is significantly increasing the energy requirements, which is, in turn, fueling the demand for energy storage systems such as the flywheel energy storage system. This system uses the kinetic energy produced from the rotor as input. This kinetic energy is used for producing power during times of power fluctuation, low voltages or load shedding. The efficiency of the system is maintained by operating the flywheel system in a vacuum.
Apart from the booming population and the growing residential sector, the flourishing industrial sector in many countries is also boosting the sales of flywheel energy storage systems around the world. In addition to this, the rising energy costs, market deregulation, the increasing concerns being raised over the surging carbon dioxide (CO2) emissions, and the various problems associated with energy generation and power quality are also contributing to the soaring popularity of flywheel energy storage systems. These systems are being increasingly incorporated in power plants in several countries to meet the rising demand for energy.
Get More Insights: Flywheel Energy Storage Market Revenue Estimation and Growth Forecast Report
Globally, the flywheel energy storage market is presently registering rapid growth in North America, according to the findings of P&S Intelligence, a market research firm based in India. This is credited to the huge energy demands from the various information technology (IT) companies in the region for operating their data centers and running their business operations. In the coming years, the usage of the flywheel energy storage systems will increase sharply in Europe, mainly because of the growing power requirements in the region owing to the presence of a thriving automotive industry and a booming residential sector.
Hence, due to the ballooning demand for energy in several countries on account of the growing population and rapid industrialization, the sales of flywheel energy storage systems will shoot-up across the world in the forthcoming years.