Farmington, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Global Flywheel Energy Storage Market Size Was Valued At USD 297.6 Million In 2021. The Market Is Projected To Grow From USD 316.8 Million In 2022 To USD 551.9 Million By 2030, Exhibiting A CAGR Of 8.3% During The Forecast Period. Flywheel energy storage units experienced higher-than-expected demand in all regions compared to pre-pandemic levels due to the overwhelming unprecedented COVID-19 pandemic. According to our research, the global market for flywheel energy storage devices grew by 4.9% in 2020 compared to 2019.
The very high-speed accelerated rotor is used in flywheel energy storage (FES), which maintains system energy as rotational energy. Due to energy savings, the system flywheel turns less when power is removed. As more energy is added, the system moves faster. These devices use a source of electrical energy that is converted to kinetic energy and stored.
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Recent Developments:
- July 2022 – Active Power partners with Central Power to provide a live POWERHOUSE outage demo with Central Power standby generators. POWERHOUSE introduces the company's flagship 1.33 MW CLEANSOURCE PLUS MMS UPS with automatic transfer.
- June 2022 – Adaptive Balancing Power will offer new charging infrastructure with flywheel storage, allowing the region to transition to electric buses without expanding the electric grid. The pantograph charging station using the high-performance flywheel mass storage device is scheduled to go into operation in September. The test phase of normal driving operation is scheduled for 18 months. After a successful trial, the infrastructure model is also transferred to other regions.
Segment Overview
Application Insights
Based on the application, the market has been segmented into Uninterruptible Power Supply (UPS), Distributed Power Production, Transportation, Data Centers, and others.
The segment with the largest market share is that of uninterruptible power supplies. The global demand for continuous and uninterrupted electricity is growing rapidly. The International Energy Association (IEA) estimates that global energy demand will increase by 6% in 2021. Increased interruptions and changes in energy supply are the result of expanding demand. This increases the need for a constant power supply.
The decentralized power generation sector is another lucrative application, as flywheel energy storage is known for providing faster power backup. Distributed power generation is often installed in disaster-prone areas, allowing these areas to get electricity during a crisis.
Regional Outlook:
Most of the global flywheel energy storage market is in the Asia Pacific region. One of the key drivers of market development is the increasing demand for uninterruptible power. Due to its high efficiency and long service life, flywheel energy storage technology is widely adopted in China, Korea, Japan, India and the Philippines. The growing demand for uninterruptible electricity and growing investments in storage technologies are driving the market for flywheel energy storage.
The most attractive energy storage market is North America. Most of North America's installed capacity is in the United States. However, Canada is making significant efforts to improve the efficiency of flywheel energy storage systems. Both countries have flywheel energy storage projects underway, with some projects already planned for the future. The aforementioned factors fuel the expansion of the market.
Europe is expected to witness tremendous growth during the forecast period. Energy storage facilities have gained popularity in Europe as a result of the shift to renewable energy sources in order to become carbon neutral. Due to their enormous power capacity and environmentally friendly nature, flywheels are a popular technology. Therefore, the aforementioned factors fuel the expansion of the market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 8.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 551.9 Million |
| By Application | Uninterrupted Power Supply (UPS), Distributed Energy Generation, Data Center, Transport, Others |
| By Companies | Active Power (U.S.), Amber Kinetics, Inc (U.S.), Beacon Power, LLC (U.S.), Calnetix Technologies, LLC (U.S.), Piller Group GmbH (Germany), Powerthru (U.S.), VYCON, Inc (U.S.), Stornetic GmbH (Germany), Energiestro (France), Oxto Energy (U.K.), Revterra (U.S.), Adaptive Balancing Power GmbH (Germany) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
The increasing adoption of renewable energy production to create lucrative opportunities for market expansion
Distributed Generation (DG) and Renewable Energy Sources (RES) are seen as complementary products to meet the growing demand for electricity. However, renewable energy sources are generated sporadically for variable periods of time, creating significant power supply difficulties due to reliability issues.
This has resulted in careful analysis of energy storage systems currently available and those to be developed soon. Unlike many other energy storage devices that are limited by fire hazards, chemical corrosion, temperature limitations, and short lifespans, flywheels do not deteriorate over time and operate over a wide range of temperatures. They do not have high management and operating costs.
Driving Factors:
Increased energy storage to meet growing electricity demand Facilities to fuel market expansion
When demand is high, generation costs are high, or other generation options are not available, energy storage systems (ESS) can use stored energy to balance electrical power supply and demand. Energy prices have risen due to increased energy demand in several developing countries, including Brazil, Russia, India, China, and South Africa. To supplement intermittent RES to meet growing demand by combining existing power plants and integrating them into the power grid, ESS is an important requirement.
Restraining Factors:
High component costs and low power density will limit market expansion.
The leading technology for energy storage is the Flywheel Energy Storage System (FESS). FESS has a higher power output than batteries, measured in watts (W), but cannot store much energy, measured in watt hours (Wh), for long periods of time. As a result, lower adoption rates are expected when long-term energy storage is required.
Key Segments Covered:
Top Market Players:
Active Power (U.S.), Amber Kinetics, Inc (U.S.), Beacon Power, LLC (U.S.), Calnetix Technologies, LLC (U.S.), Piller Group GmbH (Germany), Powerthru (U.S.), VYCON, Inc (U.S.), Stornetic GmbH (Germany), Energiestro (France), Oxto Energy (U.K.), Revterra (U.S.), Adaptive Balancing Power GmbH (Germany), and others.
By Application
- Uninterrupted Power Supply (UPS)
- Distributed Energy Generation
- Data Center
- Transport
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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