A grid-scale energy storage system generally refers to technologies that are used for energy storage that can be utilized during power shortages, power blackouts, or during high demand for power supply.
Natural gas storage involves the accumulation of natural gas in several storage facilities for future consumption. The purpose of storage is to meet the fluctuating energy demand during peak and off-peak seasons. Generally, natural gas is stored during the off-peak season and utilized during the peak season. This will reduce the demand and supply gap and increase the reliability of supply. The two types of natural gas storage are described in the exhibit below.
A flywheel energy storage system is a mechanical battery that stores kinetic energy in the form of rotating mass. In the flywheel energy storage system, a flywheel or rotor is accelerated at high speed and the energy is maintained as rotational energy. The speed of this system is reduced when the energy is extracted from the system. 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. These qualities will enable the growth of the Global Flywheel Energy Storage market in the forecast period.