Research and Markets recently released a report on the global flywheel energy storage market, forecasting that it will grow at a Compound Annual Growth Rate (CAGR) of 12.35 percent between 2011 – 2015.
One of the key factors contributing to this market growth is the increasing investment in smart grid construction. The Global Flywheel Energy Storage market has also been witnessing increasing investment in energy storage technology. However, the lack of familiarity with flywheel technologies could pose a challenge to the growth of this market.
According to the report, it is predicted that by 2035 the global energy demand will increase tremendously, but the energy consumption pattern is likely to vary in each country.
The current demand for energy is expected to more than double globally by 2020. It is not possible to meet the future demand with the existing power generation capacity. The storage of energy will help to maintain a backup to cater to the high future demand.
Large-scale grid energy storage systems will meet this need and flywheel energy storage systems will enable this grid power storage to take place. Consequently, the growing energy demand will increase the growth of the Global Flywheel Energy Storage market.
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