Flywheel Energy Storage System Market To Predict Global Expansion, Due To Increasing Demand From UPS
Flywheel Energy Storage System Industry Overview
The global flywheel energy storage system market size is expected to reach USD 737.99 million, registering a CAGR of 9.8% during the forecast period from 2022 to 2030, according to a new report by Grand View Research, Inc. The rise in climate change issues and environmental concerns led various countries, around the world, to reduce their carbon footprint for power generation and transportation sector and to opt for cleaner and green energy technologies owing to the demand for flywheel energy storage is growing in its specific application segments.
The data center is the highest penetration application segment in the flywheel energy storage market due to the growing demand for energy storage devices, in order to overcome the risk of interruptions at the main power supply. UPS, with the second-highest penetration, is one of the most important application areas of flywheel energy storage systems. The growing demand for uninterrupted power supply from industries across various sectors is driving the market for UPS.
Flywheel Energy Storage System Market Segmentation
Grand View Research has segmented the global Flywheel Energy Storage System Market report based on application and region:
Based on the Application Insights, the market is segmented into UPS, data center, distributed energy generation, transport and others
The others segment led the market and accounted for 44.74% share of the global revenue in 2021. Frequency regulation applications of flywheels are included in this segment. These applications are gaining importance due to the growing demand for uninterrupted power from commercial workstations and factories.
Uninterruptible power supply (UPS) is one of the major application areas of flywheel energy storage systems. Power failures can cause huge losses in businesses and commercial workstations.
Flywheel UPS systems can be used to overcome the problems faced by sudden dips or glitches in electric and voltage supplies. Also, since this technology does not involve the use of fossil fuels, it is environmentally friendly.
Flywheels are used as intermediate energy storage systems for transport applications such as automobiles.
Flywheel storage energy systems are more commonly used in Formula 1 cars and hybrid vehicles. However, manufacturers such as Maruti Suzuki have adopted this technology for passenger vehicles also.
Distributed energy generation involves the generation of power at the place of consumption. This method has several advantages such as elimination of cost, inefficiencies, and complexities related to power generation as compared to centrally generated power.
Distributed energy generation aids to provide faster power backup in case of natural disasters such as floods and earthquakes. This has been one of the major drivers for the deployment of distributed energy generation sources in areas, which are prone to natural disasters.
Flywheel Energy Storage System Regional Outlook
North America
Europe
Asia Pacific
Central and South America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Industry players are practicing several growth policies such as strategic partnerships with other local market players, to set up flywheel energy storage systems across various countries. Such policies enable companies to improve their foothold in the global market. Some of the major manufacturers are exploring other markets and expanding their presence in emerging economies. Thus the companies are keenly looking at certain ways to grow their existence in untapped countries to enhance their market share.
Some of the prominent players in the global flywheel energy storage system market include:
Langley Holdings plc
Amber Kinetics, Inc.
Stornetic GmbH
POWERTHRU
Energiestro
VYCON, Inc.
Bc New Energy (Tianjin) Co., Ltd. (BNE)
Beacon Power, LLC
PUNCH Flybrid
Kinetic Traction Systems, Inc.
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