New York, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) — Approximately 30% of the developing world’s population lives without access to electricity, which is a key driver of flywheel market growth. According to the United Nations’ “Sustainable Energy for All” initiative, investments of around 45,000 million US dollars are expected for access to modern electrical energy. Flywheel Energy Storage Systems are considered essential in these investments as they enable better use of existing and new energy resources. Therefore, the significant investment by the energy sector is expected to boost regional demand for flywheel energy storage systems over the next seven years.

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Effects of COVID-19

The outbreak of the COVID-19 pandemic has drastically changed the economic outlook for the future. Currently, government regulations and strict lockdowns around the world are having an adverse impact on the industry and have led to disruptions in the global supply chain. Stopping production activities has significantly reduced energy requirements. In addition, during the easing phase and the uncertainty that still prevails, the manufacturing sectors have significantly reduced production and operations. The decline in manufacturing activities leads to lower demand for continuous energy and power, limiting the revenue potential of the market.

However, the demand for flywheel storage systems has been on an upward trend during these unprecedented times. Hospitals and the increasing number of quarantine centers have created a need for flywheels to ensure security and smooth power distribution. The systems allow hospitals to work efficiently without risking the patient’s life and are reliable alternatives to UPS systems use lead-acid batteries.

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