This review presents a detailed summary of the latest technologies used in flywheel energy storage systems (FESS). This paper covers the types of technologies and systems employed within FESS, the range of materials used in the production of FESS, and the reasons for the use of these materials. Furthermore, this paper provides an overview of the types of uses of FESS, covering vehicles and the transport industry, grid leveling and power storage for domestic and industrial electricity providers, their use in motorsport, and applications for space, satellites, and spacecraft. Different types of machines for flywheel energy storage systems are also discussed. This serves to analyse which implementations reduce the cost of permanent magnet synchronous machines. As well as this, further investigations need to be carried out to determine the ideal temperature range of operation. Induction machines are currently stoutly designed with lower manufacturing cost, making them unsuitable for high-speed operations. Brushless direct current machines, the Homolar machines, and permanent magnet synchronous machines should also be considered for future research activities to improve their performance in a flywheel energy storage system. An active magnetic bearing can also be used alongside mechanical bearings to reduce the control systems’ complications, thereby making the entire system cost-effective.
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