According to the latest report by IMARC Group, titled "Flywheel Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global flywheel energy storage market reached a value of US$ 273 Million in 2021. Flywheel energy storage stores rotational energy by accelerating a flywheel or a high-mass rotor to a very high speed. A flywheel is reinforced by a motor-generator rolling element bearing in a usual setup. It preserves the excess energy in the form of mechanical power rather than electrical power so that the system can provide continuously in outage conditions. The first generation of these storage systems features a large steel flywheel rotating on mechanical lockers. It offers various advantages, including long operational life, minimal friction loss, low maintenance, and negligible environmental impact. It is widely used over conventional energy storage systems like lead-acid batteries due to their better efficiency and long cycle life.
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Global Flywheel Energy Storage Market Trends:
The global market is majorly driven by the growing demand for rural electrification. In addition, the rising need to integrate advanced energy storage systems to function efficiently for a longer duration is positively influencing the market. Furthermore, the increasing demand for uninterrupted power supply from various end-user segments worldwide is catalyzing the market. Apart from this, the operational advantage of long life, good efficiency, and low maintenance are augmenting the market growth. Moreover, the escalating demand for flywheels for military operations and ground vehicles, as well as weapons, navigation, communications, and their associated intelligence systems, is propelling the market expansion. Besides, the implementation of favorable regulatory policies pertaining to clean power generation and the lowering reliance on fossil-fuel-based power sources is creating a positive outlook for the market. Additionally, multiple players are focusing on improving the geometry and metallurgical qualities of flywheel rotors, as well as the chemical composition and refinement of low-carbon steel alloy processes. Consequently, this is expected to create numerous growth opportunities in the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 435.3 Million by 2027, exhibiting a CAGR of 8.4% during 2022-2027.
- On the basis of the application, the market has been segmented into Uninterruptible Power Supply (UPS), distributed energy generation, transport, data centers, and others.
- On the basis of the region, the market has been divided into 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.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players 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.
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