The report presents a comprehensive research of the global flywheel energy storage market by application, including uninterrupted power supply, energy services, and transportation. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growth in data center construction market
The augmented demand for cloud-based service offerings and the need to improve digitization across many countries is driving the growth of data centers. In developed nations such as the US and the UK, the data center market is experiencing a decent growth. It is also witnessing a considerable amount of growth in regions such as APAC and Latin America. The growth is expected to continue throughout the forecast period.
According to a senior analyst at Technavio for energy storage research, “The demand for cloud-based services is encouraging communication service providers to increase their data center footprint through the establishment of hyper-scale data center facilities. It also helps in the growth of data centers by colocation and telecommunication service providers. In most of the countries in Eastern Europe, Africa, and Southeast Asia, the government agencies are establishing data centers.”
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Market trend: growth in advanced energy storage market
Power utilities are adopting advanced ESS due to the growing electricity demand along with the need for overcoming grid-related issues and negating demand-supply gap. Such systems are extensively used in large utility-scale power projects to meet grid demand and peak periods. To improve the efficiency and operations of advanced ESS, several companies are heavily investing in R&D initiatives. Factors such as an increase in the need for power management in electrical grids, rise in power consumption, and global growth in infrastructure or construction has led to the rise of the global advanced energy storage market. Such development in the advanced energy storage market has augmented growth for the global flywheel energy storage market during the coming years.
Market challenge: competition from fossil fuels
In 2016, the share of renewable energy in the global electricity production was 23% and is expected to increase to 60% by 2040. Fossil fuels have been dominating the global power generation since its discovery and accounted for around 67% in 2016. The share of solar and wind power has also increased globally. Countries with abundant coal reserves are hesitant to replace the coal-based electricity with cleaner but costlier renewable energy sources, such as solar and wind power. The lack of investments is also proving to be a challenge for emerging countries to increase their wind power generation.
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