Global Flywheel Energy Storage Systems Market is valued at approximately USD 312 million in 2019 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2020-2027. Flywheel energy storage is a system that works by speeding-up a rotor to a very high speed and retaining the energy in the system as rotational energy. Most flywheel energy storage systems use power to accelerate and deaccelerate the flywheel, although the systems that use mechanical energy are being transformed with power from electrical power sources and when necessary, flywheels drive generators to generate power. Also, flywheel energy storage systems are one of the emerging electrical energy storage technologies that have an efficient and capable to store energy. With the recent innovations, the efficiencies of flywheel energy storage systems have been achieved by about 80%, which is the highest in comparison to any other storage device. Further, these systems usually work with kinetic energy for renewable integration, grid balancing, and delivering power supply to grids. Hence, they are clean energy storage systems that serve as a consistent alternative of fossil fuel thus, supporting the reduction of carbon emission levels. Due to this reason, this system finds extensive application both hybrid and electric vehicles as a significant intermediate energy storage. Increasing sales of hybrid & electric vehicles, along with increasing electricity demand are the few factors responsible for the market growth over the forecast period. According to the survey of the International Energy Agency in 2018, more than 1 million electric cars were sold in 2017 with more than half of global sales in China. Also, it is anticipated that the total number of electric cars on the road surpassed 3 million across the globe, an expansion of over 50% from 2016. Further, In terms of share, Norway remains the world’s most advanced market for electric car sales, with over 39% of new sales in 2017. This, in turn, is likely to strengthen the market growth all over the world. However, the high storage cost associated with flywheel technology is one of the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Flywheel Energy Storage Systems market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing government standards to promote the adoption of energy management systems, coupled with higher government funding towards energy management projects in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the increasing investments in the development of grid infrastructure and the rapid pace of industrialization would create lucrative growth prospects for the flywheel energy storage systems market across the Asia-Pacific region.
Major market player included in this report are:
Amber Kinetics, Inc.
Beacon Power, LLC
Calnetix Technologies, LLC.
Piller Group GmbH
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
High-Speed Motor Generator
Active Magnetic Bearings
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Flywheel Energy Storage Systems Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers