Rise in renewable energy sources, such as solar and wind, which are intermittent in nature, drives the need for effective energy storage solutions. FES systems store and release energy quickly, balancing supply and demand. Effective energy storage solutions such as FES have the ability to reduce the reliance on fossil fuel-based backup power plants, which are typically used to balance supply and demand.
This reduces greenhouse gas emissions and promotes a cleaner energy grid. WILMINGTON, Del. , Aug.
7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, " Flywheel Energy Storage Systems Market by Component (Flywheel Rotor, Motor-Generator, Magnetic Bearings, and Others), and Application (Uninterrupted Power Supply, Distributed Energy Generation, Transport, Data Centers, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2033". The global flywheel energy storage systems market was valued at $353 million in 2023 and is estimated to reach $744.3 million by 2033, exhibiting a CAGR of 7.
8% from 2024 to 2033. Download PDF Brochure: https://www.alliedmarketresearch.
com/request-sample/A70218 Prime determinants of growth Supportive government policies and incentives aimed at promoting renewable energy and energy storage solutions are driving the adoption of FES systems. These policies often include subsidies, tax benefits, and funding for research and development. However, the upfront costs for installing FES systems can be high due to the special.