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 by Grand View Research, Inc. 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.
Request a free sample copy or view report summary: Flywheel Energy Storage System Market Report
In terms of revenue, the other 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
Grand View Research has segmented the global flywheel energy storage system market based on the application and region:
Flywheel Energy Storage System Application Outlook (Power Capacity, kW, Revenue, USD Million, 2019 - 2030)
UPS
Data Center
Distributed Energy Generation
Transport
Others
Flywheel Energy Storage System Regional Outlook (Power Capacity, kW, Revenue, USD Million, 2019 - 2030)
North America
U.S.
Europe
Germany
U.K.
Asia Pacific
Japan
South Korea
Central and South America
Brazil
Middle East and Africa
List of Key Players in the Flywheel Energy Storage System Market
Langley Holdings plc
Amber Kinetics, Inc.
Stornetic GmbH
POWERTHRU
Energiestro
VYCON, Inc.
Bc New Energy (Tianjin) Co., Ltd. (BNE)
Beacon Power, LLC
PUNCH Flybrid
Kinetic Traction Systems, Inc.
"The quality of research they have done for us has been excellent..."