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Growing electrification needs along with rising demand to incorporate advanced energy storage systems to efficiently operate for a longer duration is expected to propel the growth of the global flywheel energy storage market. The system stores energy in the form of rotational energy by accelerating a flywheel or a high mass rotor to a very high speed. It saves the excess energy in terms of mechanical power rather than electrical power so that the system can supply continuously in outage conditions. Flywheel energy storage offers a range of advantages including long operational life, minimal friction loss, low maintenance, and small environmental impact. It is readily used to over other conventional energy storage systems like lead-acid batteries owing to their better efficiency and long cycle life.
Based on the application, the global flywheel energy storage market can be majorly divided into the uninterrupted power supply (UPS), transportation, data centers, distributed energy generation, and others. The uninterrupted power supply segment will dominate the global flywheel energy storage market owing to the increased demand for continuous electricity across all sectors.
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The key market driver for the global flywheel energy storage market is the increasing demand for uninterrupted power supply from various end-user segments around the world. The operational advantage of long life, good efficiency, and low maintenance will also augment the growth of the global flywheel energy storage market during the given forecast period.
The key market restraint for the global flywheel energy storage market is the availability of upcoming advanced alternatives for energy storage. The growth of the battery storage market can also hinder the growth of the global flywheel energy storage market.
Some of the key participants working in the flywheel energy storage market are EnSync Energy Systems, ABB, Active Power, Amber Kinetics, Inc., Energiestro, Stornetic GmbH, Teraloop Oy, OXTO Energy, Active Power, Temporal Power Ltd., Fluence, Pentadyne Power Corporation, Piller Power Systems, GKN Hybrid Power Limited, and Calnetix Power Solutions.
Segmentation of the Global Flywheel Energy Storage Market
· Uninterrupted Power Supply (UPS)
· Distributed Energy Generation
· Data Centres
· North America (U.S. and Canada)
· Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global flywheel energy storage market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia pacific region stands as the major opportunity for the growth of the flywheel energy storage market owing to the increasing energy demand from the growing population in the region. The growing automotive sector in the region, along with the need to find solutions for interrupted power supply will augment the growth of the flywheel energy storage market in the region. North America and Europe region will also witness a stable growth in the flywheel energy storage market with the ongoing technological advancements taking place in the regions to curb the power interruptions. The growth of the industrial and automotive sectors will also have a positive impact on the growth of the flywheel energy storage market in both regions.
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