Flywheel Energy Storage Systems Market: UPS Is The Leading Segment Due To Frequent Power Outages
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The flywheel energy storage system produced by the Flywheel Energy Storage Systems Market is used to store power in the form of kinetic energy. When compared to batteries, it is a renewable and ecofriendly source of power compared to batteries which release harmful chemicals when used.
Flywheel energy is used for the majority of the frequency regulation applications since it stores and regulates energy by spinning continuously. It responds to signals clearly and is quicker than traditional generation sources.
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The Flywheel Energy Storage Systems Market has applications in the utility sector to balance the grid, regulate voltage up and down, for spinning reserve, and for voltage support.
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Scope & Regional Forecast of the Flywheel Energy Storage Systems Market
Growing demand for uninterrupted power supply from commercial sector will drive the Flywheel Energy Storage Systems Market. Awareness about the losses due to power failures has prompted the installation of flywheel energy system.
Growing automobile and energy storage markets will drive the growth of the market further.
Distributed energy generation has the largest share in the Flywheel Energy Storage Systems Market. Advantages like increased efficiency and reduction of transmission losses have made distributed energy generation more popular than centrally generated power.
Due to growing demand of flywheel power storage from commercial workstations, the distributed energy generation segment will have a higher growth during forecast period.
North America accounted for largest share in the Flywheel Energy Storage Systems Market due to IT and automobile companies in the US. They require continuous power supply.
This leads to more demand for flywheel electricity storage. Europe will be the fastest growing region due to growing demand of flywheel energy and power storage systems in Germany and UK.
Increasing use of renewable sources like wind, solar, and biofuels will drive the growth of flywheel storage system.
Segmentations & Key Players Involved in the Flywheel Energy Storage Systems Market
The Flywheel Energy Storage Systems Market can be broken down into various segmentations on the basis of –
- Product- Steel Rims, Composite Rims, and Others.
- Application- Transportation, UPS, Wind Turbines, Automobile, and Others.
- Region- North America, Europe, China, Japan, Southeast Asia, and India.
Some of the key players involved in the Flywheel Energy Storage Systems Market are as follows:
- Active Power
- Amber Kinetics
- Beacon Power
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