\Flywheel energy storage systems (FESS) use electric energy input which is stored in the form of kinetic energy. Flywheel energy storage systems employ kinetic energy stored in a rotating mass with very low frictional losses. A flywheel energy storage system is a type of an electromechanical system which is used for storing energy in the form of kinetic energy. Flywheel systems are made up of various materials that contain those materials composed of steel, resin, carbon-fiber composite, glass rotors.
The first five-year cumulative revenue (2018–2022) is projected to be more than US$ 1.5 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period. The global flywheel energy storage market is expected to value at nearly US$ 0.3 Bn in 2019, and is projected to register a CAGR of 10.2%.
Global Flywheel Energy Storage Market: Market Dynamics
An increasing number of data centers, owing to augmented demand for cloud-based services and the rising need for supporting digitization across the globe are some of the major factors expected to drive growth of the global market. In addition, rising need for new utility infrastructure, coupled with increasing electricity rates and rising adoption of electric vehicles in developed as well as developing countries are expected to fuel growth of the global market.
Increasing demand for these systems owing to its various features as compared to other options and effort made by various companies to offer enhanced products are expected to drive growth of the market to a significant extent. For instance, in March 2018, a US-based company, Hawaiian Electric, launched operations of an 8-kW/32-kWh energy storage system (KESS) in partnership with Amber Kinetics and Elemental Excelerator, in order to increase the Hawaiian Electric grid’s renewable energy capacity
Rapid urbanization in emerging economies has resulted in an increasing need for additional electricity reserve capacity. Grid infrastructure in some emerging economies is comparatively weak and may be susceptible to frequent outages, owing to limited capacity to effectively integrate local renewable energy resources. This is another key factor expected to boost demand for flywheel energy storage systems to a significant extent.
Increasing demand for uninterrupted power supply to facilitate the rapid pace of industrial development activities across the globe is one of the key factor expected to create opportunities for major players operating in the global market to develop reliable and cost-effective electrical energy storage mechanisms such as flywheels, which turns in growth of the global market.
Global Flywheel Energy Storage Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global flywheel energy storage market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global flywheel energy storage market is estimated to expand at a CAGR of 10.2% over the forecast period.
Global Flywheel Energy Storage Market: Segmental Snapshot
The global flywheel energy storage market report has been segmented on the basis of type, application, and region. The type segment includes steel rims and composite rims. The application segment includes uninterrupted power supply, distributed energy generation, data centers, and others. The regions covered in the analysis include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Among type segments, the composite rims segment is expected to account for majority revenue share and is expected to continue its dominance over the forecast period. Moreover, the composite rimes segment is projected to register the highest CAGR of over 9.8% over the forecast period.
Among the application segments, the distributed energy generation segment in the target market has been estimated to account for majority revenue share and is expected to register CAGR of 10.1% over the forecast period.
North America market accounts for the largest revenue market share and is expected to sustain its dominance during the forecast period, attributable to rapid industrialization, and losses incurred because of outages in countries in this region is leading to increasing demand for UPS for providing continuous power supply and conditioning at data centers in various industrial verticals in the region.
The Europe market is projected to account for a second highest revenue share in the global market over the forecast period, attributable to increasing infrastructural spending and rising demand from energy generation sector for flywheel energy storage solutions.
The market in Asia Pacific region is projected to contribute significant revenue shares, owing to rising demand for UPS systems and necessity to maintain an uninterrupted supply of power for commercial and industrial sectors in economies such as China, Japan, and India, which turns in growth of the target market.
Global Flywheel Energy Storage Market: Competitive Analysis
The research report on the global flywheel energy storage market includes profiles of major companies such as Beacon Power, LLC, Calnetix Technologies, LLC, EnSync, Inc., Temporal Power, Ltd., VYCON, Inc., STORNETIC GmbH, Piller Group GmbH, Melrose Industries PLC (GKN Hybrid Power Limited), Alstom SA, and Pentadyne Power Corporation.
The Global Flywheel Energy Storage Market: Global Industry, Size, Share, Growth, Trends, and Forecast: 2018–2027 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global flywheel energy storage market for 2017–2027.