Flywheel Energy Storage System Market is expected to grow from USD 344.12 million in 2021 to USD 743.47 million by 2029, at a CAGR of 10.5% during the forecast period 2022-2029 : GreyViews

GlobeNewsWire
Thursday, June 23, 2022 at 12:35pm UTC

Pune India, June 23, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the flywheel energy storage system market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the flywheel energy storage system market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global flywheel energy storage system market are Langley Holdings plc, Amber Kinetics, Inc., Stornetic GmbH, POWERTHRU, Energiestro, VYCON, Inc., Bc New Energy (Tianjin) Co., Ltd., Beacon Power, LLC, PUNCH Flybrid, and Kinetic Traction Systems, Inc. among others. To achieve a substantial market share in the worldwide flywheel energy storage system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, VYCON, Inc. is one of the most significant manufacturers and distributors present in the global flywheel energy storage system market.

Flywheel energy storage system enables the smart method to store electricity in the form of kinetic energy. However, the flywheel is typically a mechanical battery which consists of a mass rotating around an axis. Hence, this technology has become a promising technology to replace conventional lead acid batteries as an energy storage system.  Presently, the flywheels are being made of a carbon fiber composite due to their high tensile strength and ability to store much more energy. 

In the flywheel energy storage system, electrical energy is stored in a flywheel in the form of kinetic energy. The modern flywheel energy storage systems have spinning speed of about 16,000 rpm with a capacity of up to 25 kWh. Hence, these systems provide an environmentally-friendly alternative for electrochemical batteries and plays a significant role in sustainable energy transitions. In addition, this system is often used for the renewable wind and solar power in remote locations. Hence, employment of favorable government regulations associates with the clean power generation and the rising need to lower reliance on fossil-fuel-based power sources has driven demand for flywheel energy storage systems.  Therefore, demand for a reliable and clean electrical power is projected to boost growth of the global flywheel energy storage market.

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Scope of Flywheel energy storage system Market Report

Report MetricInformation
Study Period2021-2029
Base Year              2021
Forecast Period2022-2029
Market Share UnitUSD million
Segments CoveredApplication and region
Regions CoveredNorth America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major PlayersLangley Holdings plc, Amber Kinetics, Inc., Stornetic GmbH, POWERTHRU, Energiestro, VYCON, Inc., Bc New Energy (Tianjin) Co., Ltd., Beacon Power, LLC, PUNCH Flybrid, Kinetic Traction Systems, Inc.

Segmentation Analysis

Data centers segment is expected to be the fastest growing segment in 2021.

The application segment includes UPS, distributed energy generation, transport, data centers, and others. Data centers segment is expected to witness highest growth rate during the forecast period. The massive demand for data storage has fueled the global data center industry growth. However, the data center are mission critical facilities; hence, data center operators are investing in the flywheel energy storage systems to ensure continuous electrical power within the facilities. For instance, in May 2019, The Travel Corp. (TTC), a global vacation company replaced the UPS systems’ dual strings of lead-acid batteries with four of VDC-XXE flywheel energy storage systems by VYCON in its data center.

On the other hand, in a typical data canter facility, flywheel systems needs 50 to 75% less space as compared with an equivalent power-rated battery bank. In addition, these systems does not require a specifically temperature-controlled environment and comfortably operates from 0 to 40 °C. These features makes the preferable option in the global data center industry to replace batteries.  This factor is further expected to create lucrative growth opportunities for the segment.

                                                              

Regional Analysis                                                               

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the flywheel energy storage system include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

North America region witnessed a major share as the flywheels energy storage systems are mainly being preferred to be used in combination with renewable energy sources. The U.S. is significantly focusing on reducing the carbon emissions, which is contributing to the demand for renewable technologies such as flywheel energy generation and storage. However, Europe is expected to witness highest growth rate during the forecast period. Growth of automobile industry in this region has significantly created demand for flywheel energy storage systems.

Country Analysis

Germany

Germany flywheel energy storage system market size was valued at USD 13.76 million in 2021 and is expected to reach USD 29.31 million by 2029, at a CAGR of 10.3%from 2022 to 2029.

Significant growth of the automotive sector in this country boosts demand for flywheel energy storage systems. In addition,

The rising focus of European Union on reduction of CO2 emissions is further projected to create lucrative growth opportunities for commercially production of hybrid and electric vehicles which uses flywheel energy storage systems. This factor has further contributed to the growth of the market in the country. 

China                                    

China flywheel energy storage system market size was valued at USD 18.58 million in 2021 and is expected to reach USD 38.85 million by 2029, at a CAGR of 10.1% from 2022 to 2029. Huge energy storage demand in this country boosts growth of the market. For instance, in July 2021, China announced its plans to install over 30 gigawatts of new energy storage capacity by 2025. This strategy is the part of efforts in the country to boost renewable power consumption as well as to ensure stable operation of the electric grid system. Through this strategy, the country is expected to use novel energy storage processes that uses electrochemical, flywheel, compressed air, and super capacitor systems. This strategy is opportunistic for growth of the flywheel energy storage systems market.

India         

India flywheel energy storage system market size was valued at USD 8.95 million in 2021 and is expected to reach USD 19.61 million by 2029, at a CAGR of 10.7% from 2022 to 2029. Significant demand for electric power in the country is fuelling growth of the market. For instance, according to the U.S. Energy Information Administration, India is the third-largest electricity market with about 6.6 % of global electricity demand. In addition, this country is observing a continuous transition from fossil fuels towards the renewable energy sources, creating demand for flywheel energy storage systems. The country is seeing renewable integration into the grid, data centers, diesel optimization, telecom towers back up, and solar rooftop. This factor has further boosted demand for flywheel storage system market.

Covid-19 Impact               

Covid-19 had a major impact on almost all of the industries such as construction, energy & utilities, manufacturing, automobile, etc. Similarly, the demand for flywheel energy storage system has slightly decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of flywheel energy storage system were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for flywheel energy storage system significantly decreased.

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