The global Flywheel Energy Storage Market is anticipated to reach USD 477.8 million during the forecast period. Energy storage systems (ESS) enables a means of enhancing the competency level of electrical systems in cases of imbalance between demand and supply. Fundamentally, they are the vital elements to enhance the permanence and quality in electrical networks. Flywheels have a high life, durability and augmented efficiency and readily stores loads of energies when aligned with storage banks. Commercially, with the rise in issues pertaining to energy crisis, flywheel energy storages have gained a positive traction.
The flywheel energy storage market is driven by rising industrialization and inclination towards eco-friendly sources of energy. Flywheel offers excellent properties such as low costs for maintenance and is an eco-friendly alternative. Rising demand for uninterrupted power supply and backup supplies is likely to boost up the market growth in the forecast period. Surge in demands for efficient energy supplies from the automotive industry is likely to pump the market growth during the forecast period.
Application segment for flywheel energy storage market includes distributed energy generation, transport, data centers and UPS. Geographical segmentation flywheel energy storage market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific market is likely to gain a significant CAGR in the forecast period owing to rise in population, significant investments and advances in the grid infrastructure in developing countries.
North American and European markets are likely to gain a significant CAGR in the forthcoming period due to the presence of manufacturing unit and setups. Significant investments and advances in the grid infrastructure in these regions is likely to propel the market growth in the forecast period. Middle East and African countries account for a remarkable market share owing to rise in product design and technological advances.
The key players mentioned in the flywheel energy storage industry include EnSync Energy, Beacon Power, Vycon Energy, Active Powder, Temporal Power Ltd, Pentadyne Power Corporation, and Kinetech Power Company.
Application Outlook (Capacity, KW; Revenue, USD Thousand, 2013 - 2024)
• Distributed Energy Generation
• Data Centers
Regional Outlook (Capacity, KW; Revenue, USD Thousand, 2013 - 2024)
• North America
• Asia Pacific
• South Korea
• Latin America
Research Support Specialist, USA