Flywheel Energy Storage Market to Grow at 20% CAGR Driven by Wind, Solar and Biofuels to 2020
According to the flywheel energy storage market report, many countries are moving toward renewable power generation and this creates the necessity to increase energy storage. Globally, various governments are providing support to manufacturers of flywheel energy storage systems.
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Fossil fuel is the most extensively used power source worldwide. However, combustion of fossil fuels releases a large amount of GHGs, causing global warming and extreme weather conditions. Several developed and developing countries are working on sustainable and clean energy sources such as wind, solar, and biofuels. Market research analyst predicts the global flywheel energy storage market to grow steadily at a CAGR of almost 20% during the forecast period.
Complete report on flywheel energy storage market spread across 48 pages, analyzing 4 major companies and providing 24 data exhibits is now available at http://www.reportsnreports.com/reports/470956-global-flywheel-energy-storage-market-2016-2020.html.
Market outlook of flywheel energy storage
The increasing use of flywheel in the utility sector is one of the primary growth drivers for the market. Flywheel technology responds to control signals promptly and can be 100 times quicker than traditional generation sources. Thus, flywheel energy storage systems are increasingly used in the utility sector to balance the grid-regulate voltage up or down, for spinning reserve, and for voltage support.
Segmentation by application and analysis of the flywheel energy storage market – UPS, Load following for distributed generation, Transportation and Others
The UPS segment led the flywheel energy storage market during 2015, with a market share of over 33%. Rapid industrial development and growing population have increased the global demand for power. In developing nations, the energy demand-supply gap frequently leads to power outages, thereby propelling the demand for power backups such as UPS.
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EMEA accounted for about 41% of the market share during 2015 and is likely to grow at a CAGR of close to 18% during the forecast period. Europe majorly uses flywheel in the transportation sector, which is the one of the primary factor contributing to market growth in EMEA. Moreover, the rising industrial demand in this region positively affects the growth of the flywheel energy storage market.
The global flywheel energy storage market is witnessing the entry of many new vendors and government agencies, yet they find it difficult to contend with the existing well-diversified international vendors in terms of quality, functionalities, and services. It is expected that an increase in technological innovations and applications of the flywheel will intensify the competition in the market over the next few years.
The key vendors analyzed in flywheel energy storage report are Active Power, Beacon Power, Calnetix Technologies, and EnSync Energy.
Other prominent vendors in the market include Acumentrics, Piller, Power Thru, and Power Tree.
Further, the report states that high initial cost will negatively affect the growth of the global flywheel energy storage market during the forecast period.
Another related report is Global Energy Storage Market in Microgrids Market 2015-2019, the analysts forecast global energy storage market for microgrids to grow at a CAGR of 27.8% over the period 2014-2019. Countries worldwide are continuously pushing for energy independence and implemention of environmentally friendly technology. Governments in many countries are supporting advanced battery development as a part of national energy policies. Countries such as Japan and South Korea are recognizing the importance of advanced battery technologies as a key component to gain market competitiveness, and are providing extensive support to the advanced battery industry. Browse complete report @ http://www.reportsnreports.com/reports/434943-global-energy-storage-market-for-microgrids-2015-2019.html.
Key players in the global energy storage market in microgrids: AES Energy, Axion Power, BYD, East Penn Manufacturing, Exide, LG Chem, NGK Insulators, Saft and Samsung SDI
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