Flywheel Energy Storage Market Research Report
The GMI Research expects the flywheel energy storage market
to expand at a significant rate. From a regional perspective, North America is
projected to lead the market due to the strong presence of large industries and
IT companies and the high demand for rapid power supply to run their data
centers and other business operations.
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Flywheel Energy Storage Market Dynamics (including
market size, share, trends, forecast, growth, forecast, and industry analysis)
Key
Drivers
The global flywheel
energy storage market size is predicted to witness an upsurge in demand
during the forecast period due to the strong demand for constant and clean
electricity supply, growing electricity demand in the commercial sector, and
rising energy storage industry. Moreover, the high demand for the flywheel
energy storage system due to its numerous benefits in comparison to chemical
batteries, such as the capability to work in very low temperatures, longer
life, and high-power density of storing a substantial amount of energy in a
short period of time is further stimulating the growth of the flywheel
energy storage market share in terms of revenue.
The increasing industrialization, followed by the growing
demand for continuous power supply in industries and factories, is further
fuelling the demand for the market. The system is rapidly utilized for grid
balancing and offering power supply to islands and isolated grids. In addition
to this, flywheels are extremely used to change the typical lead-acid batteries
and to overcome the restrictions of intermittent energy supplies, including
wind turbines and solar PV that don't generate 24/7 electricity. This driver is
expected to boost the growth of the market. On the other hand, the factors
hindering the growth of the market in the upcoming years include increased
storage costs regarding flywheel technology and variation in raw material
costs.
Application
Segment Drivers
Based on the application, the market is segmented into UPS
(Uninterrupted Power Supply), transport, distributed energy generation, data
centers, and others. The UPS application segment is expected to increase at a
higher CAGR in the upcoming years due to the growing dependency on electronic
equipment, rising industrial and commercial sectors, coupled with the high
demand for constant electricity supply to run electric equipment and devices.
Furthermore, flywheel UPS provides reliable power-backup, prevents the
voltage-sensitive device, avoids uncertain data losses, and protects any losses
during regular power outages across several facilities. All these drivers will
accelerate the growth of the flywheel energy storage market.
Flywheel Energy Storage Market’s leading
Manufacturers:
·
Langley Holdings Plc
·
Beacon Power, LLC
·
Amber Kinetics, Inc.
·
Calnetix Technologies, LLC
·
Schwungrad Energie Ltd.
·
Phillips Service Industries, Inc.
·
VYCON
·
STORNETIC GmbH
·
Energiestro
·
OXTO Energy
Flywheel Energy Storage Market Segmentation:
Segmentation
by Application:
·
UPS
·
Distributed Energy Generation
·
Transport
·
Data Centres
·
Others
Segmentation
by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
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