The global flywheel energy storage market is anticipated to grow at a CAGR of 7.50% in terms of revenue during the forecast period of 2020-2028. In terms of volume, the global market is set to record a CAGR of 8.32%. The factors propelling the market growth are increasing the use of flywheels in the utility sector, growing adoption of renewable energy, and rising demand for uninterrupted power supply.
Flywheel energy storage is an energy storage system in which electric energy can be generated by spinning the flywheel throughout the day. Europe and North America are emphasizing the adoption of renewable energy for transportation, grid storage, and others. Rising adoption of renewable energy and high penetration of solar energy creates a huge demand for storage systems of renewable energy. A continuous power supply is of prime importance in commercial sectors. In the US, about $50 billion are lost annually due to power failures or related problems. Flywheel energy storage UPS systems can last up to 20 years. Flywheel technology is increasingly used in the utility sector as it stores excess energy efficiently and quickly than traditional generation sources. The market challenges faced by the market are increasing popularity of battery storage systems, high cost of installation, and low tensile strength of the outer binding cover of a cast metal flywheel.
The global flywheel energy storage market is geographically analyzed on the basis of the markets located across the regions of North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of North America holds the largest market share in terms of revenue and continues the trend by the end of the estimated period. This is attributed to the growing demand for UPS systems to maintain a continuous power supply to the commercial and industrial sectors. Europe is projected to be the fastest-growing market region in terms of revenue. The major factor boosting the market growth is the increasing investments from the public, private, and government agencies in the region.
Some of the major players registering their presence in the market are Beacon Power, LLC, The Piller Group GmbH, ABB, Ltd., Adaptive Balancing Power, Active Power, etc.
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