Presently, the burning of coal and crude oil creates the bulk of the world’s energy, but the process also releases harmful gases into the atmosphere, which won’t be the case with flywheel energy storage. With the rising number of people as well as the industrialization and urbanization rate, coupled with the focus on generating electricity cleanly, the flywheel energy storage market has a bright growth prospect. Flywheel energy storage works via a continuously rotating device, where the in-built motor acts as a generator, to supply power, if it is rotated in reverse.
The main scientific principle birthing the flywheel energy storage market is the conversion of kinetic energy into electrical power. As the flywheel rotates in near vacuum, which decreases friction, hindrance, and drag, kinetic energy is created. Even when the flywheel energy storage mechanism is used to draw out the power, the wheel keeps rotating, with the principle of inertia at work here. The motor, which becomes a generator when its functioning is reversed, is linked to the local power supply line.
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The major end users in the flywheel energy storage market are the transportation, aerospace, renewable energy, and defense industries. As is presumable, the widest usage of the flywheel energy storage mechanism is in the renewable energy sector, and the same trend will continue in the coming years. This would be because more and more power is being produced using the wind and sun; the IEA says that, while 1,000 terawatt hours (TWh) was produced by these two natural resources, individually, in 2018, by 2040, each of them would be responsible for an individual electricity output of 5,000 TWh, thereby helping the flywheel energy storage market grow.
Presently, North America is the largest flywheel energy storage market, on account of the presence of numerous information technology (IT) companies, for whom continuous and stable power supply is essential. Moreover, rapid digital transformation is being witnessed in the region, which is raising the amount of digital data being created. As such information is being stored in data centers, the increasing usage of UPSs is providing traction to the flywheel energy storage market in North America.
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