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[November 05, 2012]
Research and Markets: The Global Flywheel Energy Storage Market to Grow At A CAGR Of 12.35 Percent over the Period 2011-2015
(M2 PressWIRE Via Acquire Media NewsEdge) Dublin - Research and Markets (
) has announced the addition of the "Global Flywheel Energy Storage Market 2011-2015" report to their offering.
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.
Key vendors dominating this market space include Active Power Inc., Amber Kinetics Inc., Beacon Power LLC, and VYCON Inc.
Other vendors mentioned in the report: Power Thru, Power Tree Corp., and Boeing Management Co.
Commenting on the report, an analyst from TechNavio's Clean Tech team said: In various developing countries such as in the Americas, the advancements in technology that are taking place with regard to grid storage are enormous. Countries across the globe are investing in various energy storage systems and batteries in the Grid Storage sector. Investment is also being made in capacitors, compressed air energy storage, and lead acid batteries, in addition to the flywheel energy storage systems in the Grid Storage sector. Another major technology that is in demand is Electrical Vehicles (EVs) which use flywheel energy storage systems. This is a major trend affecting the Global Flywheel Energy Storage 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.
Further, the report discusses that one of the major challenges confronting the market is lack of familiarity with flywheel technologies.
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