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Electro-Mechanical Energy Storage Systems Market Trends

Report ID: GMI9949
Published Date: Jun 2024
Report Format: PDF

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Electro-mechanical Energy Storage Systems Market Trends

EMESS, with their ability to provide fast response times and high-power densities, are becoming crucial for grid stability. Utilities and grid operators are investing in these systems to manage intermittency issues associated with renewable sources like solar and wind. There is a heightened need for technologies, which can stabilize fluctuations in power supply, is increasing renewable energy integration into the grid.

Flywheel-based EMESS are seeing advancements in materials science and engineering, leading to improved energy densities and longer operational lifetimes. These systems are valued for their rapid response capabilities, providing grid operators with instantaneous energy support during frequency regulation and grid balancing. Beyond grid applications, EMESS are gaining traction in industrial and commercial sectors. Industries are adopting these systems to manage peak demand charges more efficiently, thereby reducing overall energy costs. Commercial buildings are also utilizing EMESS to optimize energy consumption and enhance energy resilience.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of electro-mechanical energy storage systems reached USD 2.4 billion and is set to witness 8% CAGR through 2032, owing to the increasing demand for renewable energy integration and grid stability.

The flywheel segment will generate USD 1.5 billion by 2032, on account of its superior characteristics such as high efficiency, rapid response times, and long operational lifetimes.

Europe market is anticipated to surpass USD 2 billion by 2032, due to robust government support, stringent environmental regulations, and rapid adoption of renewable energy technologies.

AES Corporation, ABB, Duracell, Inc., Duke Energy, Furukawa Battery Co., Ltd., Fluence, General Electric, Hitachi Energy Ltd., Johnson Controls, LG Energy Solutions, Nextra Energy, and Panasonic Corporation among others.