Flywheel Energy Storage Market

Market Overview:

The global flywheel energy storage market size reached US$ 295.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 474.9 Million by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028. The growing demand for renewable energy, the rising need for uninterrupted power supply, and the expanding product adoption across various industries represent some of the key factors driving the market.

Flywheel energy storage refers to the process of storing energy by accelerating rotors at high speed while retaining it in the system as rotational energy. It consists of a rotating mass, typically a heavy cylindrical rotor, which is enclosed in a vacuum chamber to reduce friction and air resistance. The rotor is connected to an electric generator, which can convert the rotational energy into electricity as needed. Flywheel energy storage technology operates in a high vacuum environment and uses electrical motors to transform electrical power into mechanical power. It is extensively used in power grid frequency modulation since it offers low friction, moderate wind resistance, a long-life span, environmental safety, and requires no maintenance.

Flywheel Energy Storage Market Trends:

The expanding product adoption across the automotive, transmission and distribution, and information technology (IT) industries represents the key factor driving the flywheel energy storage market growth. Besides this, the growing demand for uninterrupted and clean electricity supply in various end-use sectors is creating a favorable outlook for the market. In line with this, the implementation of numerous government initiatives encouraging the generation of clean power is acting as another significant growth-inducing factor. Moreover, the rising use of flywheel energy storage in transportation and aerospace applications for transferring energy and stabilizing or driving satellites is presenting remunerative growth opportunities for the market. Concurrent with this, the widespread product utilization in grid balancing, renewable integration, and providing power supply to islands and isolated grids is contributing to the market growth. In addition to this, the increasing popularity of electric vehicles (EVs), which employ flywheel energy storage in their regenerative braking systems, along with the escalating consumer concerns about the environment and the rising need to reduce carbon emissions, are aiding in market expansion. Furthermore, extensive investments in research and development (R&D) activities and innovations, such as the use of electrical machines, magnetic bearings, and high-strength composite materials obtained from carbon fibers, are positively impacting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global flywheel energy storage market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on application.

Application Insights:

• Uninterruptible Power Supply (UPS)
• Distributed Energy Generation
• Transport
• Data Centers
• Others
   

The report has provided a detailed breakup and analysis of the flywheel energy storage market based on the application. This includes uninterruptible power supply (UPS), distributed energy generation, transport, data centers, and others. According to the report, uninterruptible power supply (UPS) represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for flywheel energy storage. Some of the factors driving the North America flywheel energy storage market included the rising demand for renewable and clean energy, expanding installment of smart grid networks, and the growing consumer demand for electronic vehicles (EVs).

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global flywheel energy storage market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include ABB Ltd, Adaptive Balancing Power GmbH, Amber Kinetics Inc., Beacon Power LLC, Calnetix Technologies LLC, Energiestro, Langley Holdings plc, Oxto Energy, Phillips Service Industries Inc., Schwungrad Energie Limited, Siemens Aktiengesellschaft, Stornetic GmbH, and Teraloop Oy. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global flywheel energy storage market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global flywheel energy storage market?
• What is the impact of each driver, restraint, and opportunity on the global flywheel energy storage market?
• What are the key regional markets?
• Which countries represent the most attractive flywheel energy storage market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the flywheel energy storage market?
• What is the competitive structure of the global flywheel energy storage market?
• Who are the key players/companies in the global flywheel energy storage market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the flywheel energy storage market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global flywheel energy storage market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the flywheel energy storage industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.