Flywheel Energy Storage System Market: Industry Analysis and Forecast (2024-2030)

The Flywheel Energy Storage System Market was valued at US $ 351.14 Mn. in 2023, and it is expected to reach US $ 583.31 Mn. by 2030 with a CAGR of 7.52% during the forecast period.
Flywheel Energy Storage System Market Overview:
Flywheel energy storage (FES) systems operate by spinning a flywheel at a high frequency and storing energy in the form of rotary energy in the device. When the energy is captured, the fly-rotational wheel's speed is reduced as a result of the energy savings principle; adding more power to the device causes the fly-wheel speed to increase. The modern FES systems are generally made up of composites of high-performance carbon-fiber rotors suspended by magnet bearings and rotating at speeds ranging from 20,000 to over 50,000 rpm in a vacuum environment.

These flywheels can reach their energy capacity significantly faster than any other form of storage, in a couple of minutes. A flywheel is supported by a motor-generator rolling element bearing in a typical setup. To reduce friction and energy loss, the float wheel and often the engine generator are placed in a vacuum chamber. The first generation of flywheel energy storage systems features a large steel flywheel rotating on mechanical lockers.To know about the Research Methodology :- Request Free Sample Report
COVID–19 Influence on Flywheel Energy Storage System Market:
The COVID-19 pandemic had a significant impact on the global economy as well as public health. It caused chaos in the economy, and not a single country was protected. Businesses all over the world have been driven to adjust their ways as a result of the virus. The report gives more details about the influence of each region, allowing users to plan their actions and take substantial steps toward recovery after an epidemic.
Key Trends:
Flywheel implementation for military operations.

Flywheels are in high demand for military operations and ground vehicles, as well as weapons, navigation, communications, and their associated intelligence systems. Vehicles, systems, and many sorts of weapons in the military all require energy to function properly. Flywheels appear to be an appropriate energy storage method in this case. Also, a flywheel energy storage technology increases system stability and improves current absorption in power systems. As a result, the market for flywheel energy storage systems is dominated by the electrification of military systems.
Flywheel Energy Storage System Market Dynamics:
The demand for a reliable and clean electrical source is growing.

Over the forecast period, the market is expected to be driven by rising demand for energy storage systems across various industries, as well as the implementation of favorable regulatory policies surrounding clean power generation and lowering reliance on fossil-fuel-based power sources. Flywheel is a stable energy storage solution in developing countries with unreliable grid infrastructure and high electricity bills, as well as on islands where grids rely on biofuels and diesel generators. Flywheel storage is used in combination with renewable wind and solar power in remote locations, eliminating the inconsistent nature of renewable energy while delivering a constant power supply to the grid or other facilities.

High cost & limited duration.

When it comes to storing energy, the technology has significant advantages over batteries. Unlimited daily cycle capacity, no chemical reaction, no capacity degradation, and great round-trip efficiency are the benefits of the FES system. However, factors such as the high cost and short lifespan of flywheel power are likely to hamper market growth throughout the forecast period.

Enormous R&D investments.

Industry players are investing extensively in research and development to find a solution to technology's high maintenance costs. Manufacturers are concentrating on improving the geometry and metallurgical qualities of flywheel rotors, as well as the chemical composition and refinement of low-carbon steel alloy processes. Thus, it is likely to present lucrative growth opportunities for the market during the forecast period.
Flywheel Energy Storage System Market Segment Analysis:
Based on Application, the Flywheel Energy Storage System Market is segmented into six types as follows, Uninterruptible Power Supply (UPS), Distributed Energy Generation (DEG), Automotive, Data Center, Defense, and Aerospace.

In 2023, the UPS segment was dominant and held the largest market share of xx% of the overall market share and the segment is expected to experience significant growth over the forecast period. This is mostly related to an increase in demand for a continuous electricity supply across all industries to operate electrical devices and equipment without interruption. Furthermore, UPSs are in high demand thanks to the growing need for adequate power backup solutions, particularly in developing nations where power outages are common.

The data center segment held a considerable market share of xx%. Furthermore, the segment is expected to maintain its dominance over the forecast period. This is expected to be related to the rapid deployment of flywheels by huge IT organizations, such as Google, at their massive data centers, the number of which is growing. Flywheels offer instant electricity to connected systems in the case of a transient power interruption, giving backup generators time to start.
Flywheel Energy Storage System Market Regional Insights:
In 2023, North America was the dominant region and held the highest share 78% of the Market. In terms of revenue and power capacity, it is the largest market for flywheel energy storage systems, with the United States accounting for the majority of regional market share. Flywheels are used in combination with renewable energy sources in the United States to provide storage capacity and balance the inconsistent nature of renewables. Also, power generation accounts for around 40% of carbon emissions in the United States. As a result, renewable technologies like flywheel energy generation and storage are expected to effectively reduce carbon emissions.

In terms of capacity, Europe was the second-largest regional segment in 2023 and is expected to rise significantly throughout the forecast period. Government programmes that promote clean energy generation and storage have given the market a significant uplift. Flywheel technology is used in a range of applications in the United Kingdom, Germany, and France.

The Asia Pacific market is likely to grow because of frequent power disruptions in developing economies such as China and India. Flywheels have a long lifespan and are unaffected by the number of charge cycles. These properties make it a reliable energy storage solution for a variety of end-use applications, including Asia Pacific economies' ever-growing industrial and commercial sectors.

Increasing demand for distributed power generation, combined with rising renewable energy adoption in various Asia Pacific countries is expected to accelerate regional market growth. Operators store excess renewable energy in flywheel systems and use it for local power generation and grid power supply during peak demand periods.
Recent Advancements:
• In January 2021, The VDC-xxT flywheel model has been added to VYCON's VDC line of clean energy storage solutions. VYCON is a high-speed energy storage flywheel system creator and producer. For 24/7 power protection, the VDC-xxT flywheel is combined with three-phase uninterruptible power supplies (UPS). In comparison to UPSs that use lead-acid or lithium-ion batteries, VYCON's VDC-xxT provides a more environmentally friendly and cost-effective alternative. This expansion contributes to the company's product portfolio in the market.

• In April 2021, in Clear Creek, Ontario, NRStor Inc., a developer of energy storage projects, purchased a 5MW linked energy storage facility. Temporal Power created the Clear Creek plant to demonstrate flywheel energy storage technology. NRStor planned to increase its flywheel energy storage offering in the market with this acquisition.

The objective of the report is to present a comprehensive analysis of the Flywheel Energy Storage System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Flywheel Energy Storage System Market dynamics, structure by analyzing the market segments and project the Flywheel Energy Storage System Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Flywheel Energy Storage System Market make the report investor’s guide.
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Flywheel Energy Storage System Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 351.14 Mn.


Forecast Period 2024 to 2030 CAGR:
7.52%
Market Size in 2030:
US $ 583.31 Mn.


 Segments Covered:
by Application
Uninterruptible Power Supply (UPS)
Distributed Energy Generation (DEG)
Automotive
Data Center
Defense
Aerospace



Flywheel Energy Storage System Market Key Players
1. Active Power
2. Amber Kinetics Inc.
3. Beacon Power LLC.
4. Calnetix Technologies, LLC.
5. Piller Group GmbH
6. Powerthru
7. Vycon, Inc.
8. Stornetic GmbH
9. Energiestro
10. Oxto Energy
11. Langley Holding PLC
12. Schwungrad Energie Ltd.
13. Phillips Service Industries Inc.
14. Kinetic Traction Systems
15. Beijing Qifeng
16. Punch Flybrid
17. BC New Energy

Frequently Asked Questions:

1. Which region has the largest share in Global Flywheel Energy Storage System Market?
Ans: North America region held the highest share in 2023.

2. What is the growth rate of Global Flywheel Energy Storage System Market?
Ans: The Global Flywheel Energy Storage System Market is growing at a CAGR of 7.52% during forecasting period 2024-2030

3. What is scope of the Global Flywheel Energy Storage System Market report?
Ans: Global Flywheel Energy Storage System Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Flywheel Energy Storage System Market?
Ans: The important key players in the Global Flywheel Energy Storage System Market are – Active Power, Amber Kinetics Inc., Beacon Power LLC., Calnetix Technologies, LLC., Piller Group GmbH, Powerthru, Vycon, Inc., Stornetic GmbH, Energiestro, Oxto Energy, Langley Holding PLC, Schwungrad Energie Ltd., Phillips Service Industries Inc., Kinetic Traction Systems, Beijing Qifeng, Punch Flybrid, BC New Energy, and Others

5. What is the study period of this Market?
Ans: The Global Flywheel Energy Storage System Market is studied from 2023 to 2030