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Global Flywheel Energy Storage Market Overview
The key trend identified in the global flywheel energy storage market is the increasing use of flywheel in renewable energy and defense industries. Flywheels by improving system stability assist in the penetration of wind and solar energy in power systems. The fast-response characteristics of flywheels make them preferred option in applications involving renewable energy system (RES) for grid frequency balancing. Other major trend is the inclusion of electricity in military operations, such as in ships and other ground vehicles, as well as for weapons, navigation, communications, and their associated intelligent systems. These vehicles and systems require energy storage to respond uninterruptedly. Hereby, flywheels appear as an appropriate energy storage technology for these applications.
Flywheel energy storage uses kinetic energy as input. Kinetic energy can be described as “energy of motion,” and in this case, the motion of a spinning mass, called a rotor. The rotor spins in a nearly frictionless enclosure. When short-term backup power is required because utility power fluctuates or is lost, the inertia allows the rotor to continue spinning and the resulting kinetic energy is converted to electricity. To maintain efficiency, the flywheel system is operated in a vacuum to reduce drag. The flywheel is connected to a motor that interacts with the utility grid through advanced power electronics. The flywheel energy storage market is segmented based on application, end-use, and region.
The market based on application is categorized into power quality, frequency regulation, voltage sag control, uninterruptible power supply (UPS), and others. Among all, the UPS category holds the considerable share in the flywheel energy storage market due to the increase in demand for continuous electricity supply across all the sectors in order to operate electric devices and equipment all the time without power breakdown.
The flywheel energy storage market in terms of end use is categorized into transportation, aerospace, renewable energy, defense, and others. Among all, the renewable energy category is expected to hold substantial share in the market due to the rapid adoption of solar and wind energy for power generation, simultaneously reducing CO2 emission level. Flywheel energy storage system can increase power-generation efficiency since in wind energy, it can rectify the wind oscillations and improve the system frequency. Also, in solar systems, the system can be integrated with batteries to improve the system output and increase battery life.
Geographically, North America accounts for substantial share in the flywheel energy storage market owing to large IT companies that require continuous power supply to run their data centers and other business operations. Europe is also expected to hold substantial share in the market on account of growing automotive industry in the region, which requires uninterrupted power sources.
Flywheel Energy Storage Market Dynamics
The households and industries with high growth rates in BRIC and developing countries are witnessed as major consumers of energy, and the requirement is continuously increasing. Traditional energy generation methods are less able to adapt the change due to, increasing price, market deregulation, power quality problems, and pressure to limit carbon dioxide emissions. Flywheel storage system is a vital necessity to aggregate traditional generating plants in order to meet an excessive demand. Hereby, all these factors are the major growth drivers for the flywheel energy storage market.
The factor that may hinder the growth of the flywheel energy storage market is that flywheels are not suitable for long-term energy storage due to shorter discharge time. Further, lack of awareness regarding the use of flywheel energy storage and availability of other energy storage system also restrict the market growth.
Flywheel Energy Storage Market Competitive Landscape
Some of the major companies operating in the global flywheel energy storage market are ABB Group, Beacon Power LLC, STORNETIC GmbH, VYCON Inc., Active Power Inc., Rotonix USA Inc., POWERTHRU, Teraloop, Williams Grand Prix Engineering Limited, and Amber Kinetics Inc.
The study provides the historical as well the forecast market size for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.
Flywheel Energy Storage Market Size Breakdown by Segment
The Flywheel Energy Storage Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Application
Based on EndUse