Market Segmentation
The primary function of flywheel is energy storage. The market for energy storage is growing at an alarming rate, with measures being taken to lessen dependence on fossil fuels. Therefore, various countries are meeting their carbon targets and striking a balance between countries’ energy supply by optimizing demand and supply effectively. Rise in deployment of renewable energy in the last decade has been witnessed with rise in environmental concerns globally. Increase in rate of renewable energy such as solar and wind are resulting in intermittent nature of supply. Thus, this factor has resulted countries around the world to switch towards energy storage systems to maintain reliability of the grid and to ensure constant power supply in the grid. The growing energy storage market, in turn, is expected to have a positive impact on the growth of the flywheel energy storage systems market.
Uninterruptible power supply is of utmost importance in commercial sectors. The losses incurred due to power failure are huge. In the U.S. alone, around USD 50 billion are annually lost due to power failures and related problems. Flywheel energy storage UPS systems have several advantages when compared to a battery-operated UPS system. Flywheel energy storage UPS systems do not degrade with use, are compact, and can last for up to 20 years. Flywheel based UPS systems are completely environmentally friendly as compared to fossil-fuel based UPS systems. Use of flywheel-based UPS systems can further aid the companies to limit their carbon footprint at a significant level. Thus, the growing demand for UPS systems coupled with environmentally friendly advantages of flywheel-based UPS systems as compared to conventional UPS systems is projected to drive the flywheel energy storage systems market in the forecast period.
Apart from flywheels, some of the other commonly used energy storage systems include sodium-sulfur (Na-S) batteries, lithium-ion batteries, and lead acid batteries. The use of non-aqueous electrolytes helps these batteries achieve high operating voltages as compared to other batteries. With new technologies and developments, manufacturers have brought the price down to affordable levels of lithium -ion batteries. The biggest hurdle faced by the flywheel energy storage system is overcoming the competition it faces from these battery storage systems. Furthermore, with rise in research & development efforts going on to bring down prices of batteries further, rise in utilization of battery storage in electric vehicles is expected. These developments are expected to hinder the growth of flywheel energy storage as prices of battery storage systems is expected to reduce further in the forecast period.
This section will provide insights into the contents included in this flywheel energy storage system market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2019 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance