Rising demand for continued and clean electricity in the industries drive the growth of Global Flywheel Energy Storage System Market.
According to TechSci Research report, “Global Flywheel Energy Storage System Market By Component (Rotor System, Bearing System, Generator System) By Application (Uninterrupted Power Supply, Power Quality, Frequency Regulation, Voltage Control, & Others) By End User (Transportation, Data Centres, Aerospace, Renewable Energy, Defence, & Others) By Region, Competition Forecast & Opportunities, 2026”, the Global Flywheel Energy Storage Systems is expected to grow at an impressive CAGR during the forecast period, 2022-2026. The growth of global flywheel energy system market can be understood by understanding the increasing demand of electricity for the industrial productions. With the ever rising industrialization number of manufacturing units, production centers, and processing factories are increasing worldwide. These industries require a continued flow of electricity for their uninterrupted production. Thus, driving the flywheel energy storage system market to its projected growth.
Flywheel energy storage system stores the kinetic energy and later converts it into required electricity supply and supplies the same to the industrial sector. The rotor systems are employed for the purpose of the same and it converts the kinetic energy into electricity which is then transmitted to industries. Unlike other energy storage systems like wind turbines and photovoltaic cells, flywheel energy storage system does not exhaust itself after few hours of energy storage. It has the capacity to store the kinetic energy and convert it into electricity round the clock thus is more preferred and the growth of the market is quite promising in the next five years.
Due to the onset of COVID-19 and imposition of complete lockdown to mitigate the coronavirus, there has been shutdown of many service vendors and disruption in the supply chain and other end user industries resulting in interrupted production and lesser supply of the services all around the globe. Also, the economy has been adversely affected in many countries resulting in the hinderance to the growth of the Flywheel Energy Storage Systems market. However, after relief from lockdown market is again going to pick up pace to grow significantly.
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Global Flywheel Energy Storage Systems market is segmented by component, application, end user and regional distribution. Based on end users the market is further fragmented into transportation, data centres, aerospace, renewable energy, defence, & others. Renewable energy sector shows the clear dominance in the market in the historical year. It is also projected to continue its dominance over the market owing to the fact that power generation is actively done by renewable resources over the fossil fuels. Fossil fuels are on the verge of exhaustion and also have the issue of massive CO2 emission levels. Renewable resources like solar energy and wind energy overcome these setbacks and is actively employed to store the energy in the form of kinetic energy and later be converted into electricity and be used in the industrial sector. Flywheel energy storage system can rectify the wind oscillations and improve the system frequency for the wind energy along with battery integration in the solar energy systems thereby, improving the system output.
Some of the major players in the market are Active Power Inc., Amber Kinetics, Inc., Beacon Power, LLC, Calnetix Technologies, LLC, Piller Group GmbH, Powerthru,VYCON, Inc., Stornetic GmbH, Energiestro, Oxto Energy, among others. The competitors are continuously involved in research and development and various mergers and acquisitions for the advancement of their services as well as the growth of market.
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“North American region has substantial amount of IT industries, so is seen as a maximum energy storage system demanding region in the whole world. Europe has a huge automotive industry thereby amounting to as much as demand for continued flow of electricity. New investors can focus on the regions for a quick and substantial market slot.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Flywheel Energy Storage System Market By Component (Rotor System, Bearing System, Generator System) By Application (Uninterrupted Power Supply, Power Quality, Frequency Regulation, Voltage Control, & Others) By End User (Transportation, Data Centres, Aerospace, Renewable Energy, Defence, & Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Flywheel Energy Storage Systems and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Flywheel Energy Storage Systems.
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