Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global flywheel energy storage market size was valued at USD 297.6 million in 2021 and USD 316.8 million in 2022. The market is expected to reach USD 551.9 million by 2029 with a CAGR of 8.3% during the forecast period. The rising transition toward renewable energy sources is expected to propel the market course in a growing direction. Growing demand for electricity for energy storage installation is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Flywheel Energy Storage Market, 2022-2029.
Key Industry Development:
July 2022- Active Power partnered with Central Power to bring POWERHOUSE power outage demonstrations live and Central Power standby generators. The POWERHOUSE has the company’s flagship CLEANSOURCE PLUS MMS 1.33MW UPS with automatic transfer
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.3% |
| 2029 Value Projection | USD 551.9 Million |
| Base Year | 2021 |
| Market Size in 2021 | USD 297.6 Million |
| Historical Data for | 2018-2020 |
| No. of Pages | 137 |
| Segments covered | Flywheel Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Application (Uninterrupted Power Supply, Distributed Energy Generation, Transport, Data Centers, and Others) And Regional |
| Growth Drivers | Rising Demand for Electricity to Drive Market Development |
| Increase in the Geographical Presence by Key Players to Improve Market Growth |
Drivers and Restraints:
Growing demand for electricity demand has propelled the demand for energy storage, which is anticipated to drive the flywheel energy storage market growth. Energy Storage Systems (ESS) have the ability to balance supply and demand for electrical energy. The energy demand continues to increase across various developing countries, such as Brazil, Russia, India, China, and South Africa, which have increased energy prices. Increasing production capacity for environment-friendly storage systems is expected to boost market growth.
However, lower energy density and high component costs are expected to impede market growth.
COVID-19 Impacts:
Delay in Various Projects During Pandemic Affected Market Progress
The COVID-19 pandemic impacted the market negatively as various projects were delayed. Major renewable and fossil-based energy-producing countries such as China and the U.S. took stern actions, which led to impeding the market growth. The imposition of lockdown and travel bans caused delay in several planned projects across the energy storage industry.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segmentation:
UPS to Lead the Segment Due to Increasing Demand for Uninterrupted Energy
On the basis of application, the market is divided into Uninterrupted Power Supply (UPS), distributed energy generation, transport, data centers, and others. Uninterrupted Power Supply (UPS) segment is anticipated to lead due as the demand for continuous and uninterrupted energy is rapidly increasing across the globe. The distributed energy generation segment is set to increase owing to faster power backup.
Regional Insights:
Asia Pacific to Lead Market Share Due to Demand for Uninterrupted Electricity
Asia Pacific is expected to lead the flywheel energy storage market share due to rising demand for uninterrupted electricity. Countries such as China, South Korea, Japan, India, and the Philippines have been adopting technology for flywheel energy storage due to high efficiency and long service life advantage.
North America is set to be the one of the most lucrative markets. The U.S. accounted for majority of installed capacity in the region and Canada has been working on enhancing the storage capacity for flywheel.
Europe is set to grow owing to the transition toward renewable energy to achieve carbon-neutral status. It is one of the preferred technologies due to its environment-friendly nature and strong power capacity.
Latin America is set to have foreseeable growth due to transition in energy. Countries have been rapidly transitioning from traditional sources of energy such as hydroelectricity and crude oils to a diverse energy mix, including various cleaner fuels.
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Competitive Landscape:
The global market has various small and large players. They have been operating on local, regional, and international footholds and emphasizing enhancing their global position. In November 2021, Active Power added markets and geographies with new flywheel energy storage installations, as it is helping industries transition to net-zero operations. Such development by the company is set to push its presence geographically.
A List of Key Manufacturers Operating in the Global Market:
- Active Power
- Amber Kinetics, Inc
- Beacon Power, LLC
- Calnetix Technologies, LLC
- Piller Group GmbH
- Powerthru
- VYCON, Inc
- Stornetic GmbH
- Energiestro
- Oxto Energy
- Revterra
- Adaptive Balancing Power GmbH
Flywheel Energy Storage Market Segmentation:
By Application:
- Uninterrupted Power Supply (UPS)
- Distributed Energy Generation
- Data Centers
- Transport
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Flywheel Energy Storage Market
5. Global Flywheel Energy Storage Market Analysis (USD Million), Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Application
5.2.1. Uninterrupted Power Supply
5.2.2. Distributed Energy Generation
5.2.3. Transport
5.2.4. Data Centers
5.2.5. Others
5.3. Market Analysis, Insights and Forecast – By Region
5.3.1.North America
5.3.2.Europe
5.3.3.Asia Pacific
5.3.4.Latin America
5.3.5.Middle East & Africa
Continued…
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