The consumption of energy has risen considerably all across the globe, which can be attributed to the rapidly rising population. The conventional energy resources, however, are not capable of fulfilling this growing demand for energy. Fossil fuels, which are currently the major source for producing power, are declining swiftly because of excessive use. In addition to this, their increased use has also negatively affected the environment. Owing to all these factors, the focus has now shifted to renewable sources, such as solar and wind energy.
Such resources, however, have variable energy output, which is why, energy storage systems are important for maintaining the supply and demand. One of the energy storage technologies that is being adopted widely is the flywheel energy storage system. These systems are being integrated in traditional energy generating plants, which are finding it hard to adapt to the changes that are taking place, for meeting the excessive demand for power. This is predicted to result in the growth of the flywheel energy storage market in the years to come.
Flywheels assist in the penetration of solar and wind energy in power systems by enhancing the system stability. The fast-response attribute of these systems make them a viable option for applications involving renewable energy systems for grid frequency balancing. Flywheel energy storage systems are being used in defense industry as well. A number of military operations, such as weapons, ships, ground vehicles, communications, navigation, and associated intelligent systems, need electricity.
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The key end-use sectors of flywheel energy storage systems are defense, transportation, aerospace, and renewable energy. Out of all these, the demand for these systems has been high in the renewable energy sector in the sector, which is further projected to create high demand for flywheel energy storage systems in the coming years. The swift adoption of wind and solar energy for energy production and for decreasing carbon emissions are leading to the increasing demand for these systems.
Hence, the market is growing due to the increasing demand for energy and utilization of flywheels in renewable energy and defense sectors.