Publishing: October 2021 | Report Code: PE11959 | Available Format: PDF
The global flywheel energy storage market was valued around $300.0 million in 2020. This is driven by the increasing need for electricity in remote places, rising government policies related to the production of electricity, and surging need to change the traditional energy generation methods, which are currently expensive. Moreover, flywheel storage systems are a vital necessity to aggregate traditional generating plants, in order to meet the booming energy demand, solve power quality problems, such as automatic resets, data errors, equipment/circuit board failures, and limit carbon dioxide emissions.
In the beginning of 2020, COVID-19 began to spread, and it has infected millions of people worldwide, due to which the government of several countries implemented a complete lockdown, along with some other strict regulations. Thus, owing to the strict measures of lockdowns and limited operations, manufacturers across the world, including those in the flywheel energy storage market, have been negatively impacted.
The uninterrupted power supply (UPS) category accounted for the major share in the flywheel energy storage market in 2020, and it is expected to attain significant growth during the forecast period, based on application. This will primarily be due to the increase in the demand for a continuous electricity supply across all sectors, in order to operate electrical devices and equipment without breaks. Moreover, UPSs are witnessing a high demand due to the surging need for effective power backup alternatives, especially in developing regions, which witness frequent power outages.
The data center category held the larger share in the flywheel energy storage market in 2020, based on end-user. Moreover, the category is expected to retain its leading position in the coming years. This will be due to large IT corporations, including Google, rapidly deploying flywheels at their massive data centers, the number of which itself is increasing. In the event of a transient power outage, flywheels provide instant power to the connected systems, thereby giving backup generators time to start.
Geographically, North America held the dominating share in the flywheel energy storage market in 2020, and it will continue to dominate the market in the coming years. This can be attributed to the growing number of flywheel projects to conserve power across the region. Moreover, flywheels are being connected to renewable energy sources to ensure that the intermittent nature of renewable energy can be made more consistent.
The Asia-Pacific (APAC) flywheel energy storage market is expected to witness a significant growth rate during the forecast period owing to the increasing demand for a continuous power supply, along with the government efforts to supply clean energy.
The demand for flywheels for powering military operations and ground vehicles, as well as weapons, navigation, communications, and their associated intelligent systems, is increasing. Vehicles, systems as well as the different types of weapons in the military require energy to respond uninterruptedly. Here, flywheels appear as an appropriate energy storage technology. Moreover, a flywheel energy storage system improves the system stability and assists in the penetration of the current in power systems. Therefore, the electrification of military systems is the major trend in the market for flywheel energy storage systems.
Brazil, Russia, India, China, and South Africa (BRICS) and other developing countries that are undergoing rapid industrialization are the major consumers of energy. Flywheel storage systems are a vital necessity to aggregate traditional generating plants, in order to meet the rising energy demand and supplement intermittent RES for their integration into the electrical network. Moreover, because of the increasing demand for backup power sources, such as UPSs, and the integration of intermittent power sources, such as microgrids, the demand for the flywheel energy storage technology is booming. Thus, the high demand for electricity contributes in the growth of the market for flywheel energy storage systems.
|Base Year (2020) Market Size||~$300.0 million|
|Report Coverage||Market Trends, Drivers, and Restraints; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Application; By End User; By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Agency for Non-conventional Energy and Rural Technology; American Council on Renewable Energy; Centre for Renewable Energy Systems Technology; China Electricity Council; Electric Association of Chicago; Electrical Contractors' Association; Electricity Association; Energy Information Administration; National Renewable Energy Laboratory; National Rural Electric Cooperative Association; World Council for Renewable Energy; World Energy Council; World Wind Energy Association|
In recent years, players in the global flywheel energy storage industry have been involved in acquisitions and product launches in order to attain a significant position. For instance,
The flywheel energy storage market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Application
Based on End User
The market for flywheel energy storage technology valued about $300.0 million in 2020.
The flywheel energy storage industry report has three segments: application, end user, and region.
North America dominates the market for flywheel energy storage systems, while APAC will grow the fastest.
The key flywheel energy storage industry growth drivers are the booming electricity demand and surging government focus on producing renewable energy.
The market for flywheel energy storage solutions is witnessing product launches and acquisitions.
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