How do you store a lot of energy cheaply and sustainably? This has been a riddle plaguing the renewable energy field from the get-go. But it turns out flywheels might just provide the answer to the storage conundrum.
A flywheel energy storage system is a mechanical battery that stores kinetic energy in the form of rotating mass. In this system, a flywheel or rotor is accelerated at high speed and the energy is maintained as rotational energy. When energy is extracted from the system, the speed of the system is reduced.
The Global Flywheel Energy Storage Market is expected to more than double by in size by 2018, posting a CAGR of 21 percent during the forecast period.
This impressive growth is due to the fact that flywheel energy storage systems have a longer life, are more reliable, require less maintenance, and have increased efficiency when compared to other energy storage systems.
Top 5 Benefits of Flywheel Energy Storage:
Many Global Governments are on Board
Governments globally are encouraging many players to invest in the Global Flywheel Energy Storage Market. For instance, the 20 MW flywheel energy storage project by Beacon Power cost approximately US$48 million, of which about US$28 million was provided by the government. Additionally, the US government provided US$3 million out of a total of US$10 million to Amber Kinetics for a 50 kW flywheel energy storage project.
Longer Life Span
The life span of flywheel energy storage is much higher compared to other energy storage technologies such as lithium-ion batteries, which have a life span of just 36 months. For example, Beacon Power’s flywheel energy storage product “Smart Energy 25” is designed to last for 20 years with only minimal maintenance.
Monetary Benefits
Any renewable energy technology has to have a cost benefit, and flywheel energy storage has this in spades. The installation of a flywheel can help users in the commercial and residential sectors, it help users reduce their electricity costs up to 50 percent and lets utilities reap some major economic benefits. For instance, a flywheel energy storage installation in Metlakatla, Alaska has reduced annual utility costs by US$400,000, with a payback period of just three years.
They Play Nice With Smart Grids
By 2015, investment in smart grid technology is estimated to be around US$200 billion globally, and the emergence of the smart grid is facilitating the growth of other technologies, including flywheel energy storage systems.
One of the major emerging sectors in smart grid is micro grids. Micro grids require the storage of electricity for load balancing. As a flywheel energy storage system provides 85 percent of efficiency in energy storage, this technology can hold a considerable share in the Smart Grid market, which is developing rapidly.
Increase in R&D on Flywheel Energy Storage Systems
Intensive R&D is taking place in the energy storage industry, and flywheel energy storage technology is one of the emerging grid storage technologies, which is expected to gain importance in the utility market over the next four years
