Dublin, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The "Flywheel Energy Storage System Market Size, Share & Trends Analysis Report By Application (UPS, Distributed Energy Generation, Transport, Data Centers), By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
Flywheel Energy Storage System Market Growth & Trends
The global flywheel energy storage system market size is expected to reach USD 737.99 million, registering a CAGR of 9.8% during the forecast period from 2022 to 2030, according to a new report. The rise in climate change issues and environmental concerns led various countries, around the world, to reduce their carbon footprint for power generation and transportation sector and to opt for cleaner and green energy technologies owing to the demand for flywheel energy storage is growing in its specific application segments.
The data center is the highest penetration application segment in the flywheel energy storage market due to the growing demand for energy storage devices, in order to overcome the risk of interruptions at the main power supply. UPS, with the second-highest penetration, is one of the most important application areas of flywheel energy storage systems. The growing demand for uninterrupted power supply from industries across various sectors is driving the market for UPS.
During the forecast period, the penetration of the distributed energy generation segment is projected to grow at the highest rate. This method of power generation helps in cost reduction as the power is generated at the point of consumption. Besides, the generation of power on-site eliminates inefficiencies and complexities associated with transmission and distribution.
The North America region is leading the market in 2021. The North American flywheel energy storage market is characterized by growing demand for UPS systems, to maintain a continuous supply of power for commercial and industrial applications.
Flywheel Energy Storage System Market Report Highlights
- In terms of revenue, the others segment of flywheel wheel energy storage system accounted for a prominent share in the market during 2021 and is further expected to witness steady growth during the forecast period
- As of 2021, the Asia Pacific accounted for about 4.66% revenue share in the overall market. Asia Pacific region is prone to frequent power cuts, and energy storage systems in applications such as UPS and data centers are of utmost importance here, in both, the commercial as well as residential sectors
- Germany is known as the automobile and engineering hub of Europe. Some of the major automobile manufacturers such as Volkswagen, Mercedes Benz, and Porsche are headquartered in this country. Thus, the growing automobile industry is one of the biggest drivers of the flywheel energy storage market in Germany
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Flywheel Energy Storage System Market Variables, Trends & Scope
Chapter 4. Flywheel Energy Storage System Market Application Outlook
Chapter 5. Flywheel Energy Storage System Regional Outlook
Chapter 6. Competitive Landscape
Companies Mentioned
- Langley Holdings plc
- Amber Kinetics, Inc.
- POWERTHRU
- STORNETIC GmbH
- Energiestro
- VYCON, Inc.
- Bc New Energy (Tianjin) Co., Ltd. (BNE)
- PUNCH Flybrid
- Kinetic Traction Systems, Inc.
- Beacon Power, LLC
For more information about this report visit https://www.researchandmarkets.com/r/xsz3jc
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