Increasing need to replace the conventional energy storage encouraging clean energy storage technology systems is accelerating the demand for flywheel energy storage market
Flywheel energy storage technology systems emerged as the clean energy storage alternative has the potential to be effectively installed as a reliable option replacing fossil fuels diminishing the dependency on them ultimately achieving zero-carbon emission goals. Thus, flywheels are gaining significant attention expected to experience surge in adoption thus resulting in substantial growth of 632.32 million at a CAGR of 8.3%. Flywheel technology is centred around the concept of angular motion, it allows storage of kinetic energy by using inertia of the integrated rotor system which sets in motion a continuous cycle of energy storage and regeneration of power.
Flywheel system displays advanced capabilities catering to massive energy storage requirements for large companies with an added advantage of its high service life which allows flywheels to conduct several hundred thousand cycles of charging and discharging. Besides, flywheel energy storage systems do now incur higher costs associated with the maintenance of the technology which is an added advantage for companies.
The future progress of the flywheel energy storage market is aligned with the existing growth scales and patterns highlighting current market appeal. Major influential factors of the flywheel energy storage market focus on the growth prospects and market opportunities. Major drivers such as burgeoning electricity needs of developing regions across the globe with constantly escalating global population reflecting upon the growing energy consumption are altogether contributing to the acceleration of the global flywheel energy storage market growth over the forecast.
Increasing awareness of people towards clean energy and growing inclination of companies and manufacturers to generate and use renewables is further boosting the demand for flywheel energy storage technology systems augmenting the market growth during the forecast period. Increasing demand from remote industrial sites, islands and remote communities for uninterrupted electricity supply is expected to boost the market growth significantly.
Adroit Market Research report on the global flywheel energy storage market provides a holistic overview of the market from 2018 to 2028 covering key qualitative and quantitative aspects including the market drivers, restrains, trends, opportunities, and challenges. The market study outlines the survey starting with historic years from 2018 to 2020, with 2020 considered as the base year of analysis and forecast of estimation from 2021 to 2028. The report comprises of current market status followed by evaluation of the future potential trends and characteristics at a global and compartmentalised into country level. The study also consists of a Porter’s five forces analysis along with an accurate SWOT analysis. The study also positions the major market players based on their market profile, geographic footprint, overall revenue and product portfolio.
The flywheel energy storage market has a fierce competition among the already established well-known market giants and the new entrants. Also, the flywheel energy industry players are pursuing potential untapped market spaces to gain a competitive lead through new mergers, acquisitions, funding and investments in new start-ups and projects and deals to expand the competency and product portfolio.
Based on the application segment, the flywheel technology market is bisected into USP, distribution energy generation, data centers, and others. Data center market segment has accounted for a significant market share in the past years and projects a sustainable rise in the growth rate over the forecast owing to the increasing adoption of flywheel by large IT companies worldwide the best example being Google using flywheel energy storage technology within its massive data center. Distribution energy generation segment and USP are expected to grow significantly over the forecast owing to rapid industrial commercial sector growth anticipating increasing dependence on electronics and rising number of isolated grids
Asia Pacific is expected to witness lucrative growth opportunities with a promising future with developing economies such as India and China accelerating the demand for efficient electricity owing to the increasing incidences of power outages. The market is highly predominant in Europe with government initiatives strengthening the clean energy and renewables industry particularly across countries like Germany and UK. North America is the industry leader with largest flywheel energy storage market holding significant market share which can be attributed to the establishment of some of the large market players driving revenue growth anticipating exponential growth over the forecast period.
The major players of the global flywheel energy storage market are Piller Group GmbH, Beacon Power, Calnetix Technologies, Temporal Power, Energiestro, Active Power, EnSync Energy, Powerthru, Stornetic GmbH, Pentadyne Power Corporation, Oxto Energy Vycon Energy and Amber Kinetics. The flywheel energy storage market consists of local as well as international players well-connected globally, both advancing the technologies with new innovative strategies and concepts for remaining competitive in the global market.
Key Segments of the Global Flywheel Energy Storage Market
Application Overview, 2018-2028 (USD Million)
- Data Centers
- Distribution Energy Generation
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa