Flywheel Energy Storage Market Worth $477.8 Million by 2024: Grand View Research, Inc.
SAN FRANCISCO, Oct 17, 2016 (PR Newswire Europe via COMTEX) — SAN FRANCISCO, October 17, 2016 /PRNewswire/ —
The globalflywheel energy storage market [http://www.grandviewresearch.com/industry-analysis/flywheel-energy-storage-market ]is projected to reach USD 477.8 million by 2024, according to a new report by Grand View Research, Inc. Increasing demand for uninterrupted power supply and growing energy storage industry are expected to fuel the growth of this market. Flywheel systems store and regulate electricity by spinning continuously and hence are used for the majority of the frequency regulation applications. The major difference between photovoltaic solar cells and the flywheel storage systems is that the latter can produce power throughout the day and night.
The data centers segment held the largest share of 16% in terms of applications in 2015. Growing energy storage industry in the U.S. and the European region projected to drive the market. Growing demand for uninterruptible power supply, particularly from the industrial sector, has provided much-needed momentum.