Flywheel Energy Storage Market Size, Share, Growth, and Industry Analysis, By Type (Based on Synchronous Motor Type, Based on Reluctance Motor Type, Based on Induction Motor Type and others), By Application (Transportation, UPS, Distributed Power Generation and others), Regional Forecast To 2031

Updated On: 08 April 2024

Flywheel Energy Storage Market REPORT OVERVIEW

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The global Flywheel Energy Storage market size is expected to grow from USD 410.4 million in 2021 to USD 800.35 million by 2031 at a CAGR of 6.8% from 2021 to 2031.

The flywheel is an ingenious method of storing energy. Flywheel energy storage is a clever method of storing energy that involves rapidly spinning a flywheel and retaining the energy as rotational energy in the system. This technology is the best alternative to traditional lead-acid batteries and has gained popularity in recent years. Flywheel energy storage is made of carbon fibre composites suspended in magnetic bearings and rotate between 20,000 and 50,000 revolutions per minute. Because minor energy is lost during charging and discharging, the efficiency of these energy storage systems is around 96-97%.

Another advantage of energy storage is that, unlike electric batteries, they are not affected by temperature fluctuations and are widely used in industries such as automotive, information technology, transportation, and distribution. Furthermore, these energy storages are used for grid balancing, providing power to isolated grids as needed.

COVID-19 Impact: Lockdown impacts the market positively

The COVID-19 pandemic has drastically altered the economic outlook for the future. Currently, government impositions and severe lockdowns around the world are having a negative impact on industries and causing disruptions in the global supply chain. The decrease in manufacturing activities reduces demand for continuous energy and power, limiting the market's revenue potential. However, in these unprecedented times, demand for energy storage has increased. The growing number of hospitals and quarantine centres has created a demand for flywheels to provide backup and smooth power distribution. The systems allow hospitals to operate efficiently without endangering patients' lives and are dependable alternatives to lead-acid battery-powered UPS systems. Furthermore, the outbreak has a positive impact on the enterprise's business operations, which affects the market as a whole. This has had an effect on the industry.

LATEST TRENDS

"Launch of new advanced cloud technologies to stimulate market expansion"

Electricity is now essential in all fields, particularly critical facilities. When the main power is out, the applications require backup power to continue operating. Customers benefit greatly from flywheel-based UPS systems over battery-based UPS systems. Furthermore, because of their lower carbon footprint and real-time monitoring capabilities, these systems are an excellent alternative to their competitors. The advanced technology of the flywheel UPS allows for remote monitoring and alarm notifications, as well as messages and emails for critical events, allowing the user to make decisions. The growing popularity of cloud computing and visualisation has increased the number of data centres around the world, driving up demand for flywheel energy storage. Thus, the process of developing new launches and cloud technologies is a major trend that is creating opportunity for the industry to flourish. The market's overall expansion is primarily the result of these recent changes.

Flywheel Energy Storage Market SEGMENTATION

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• By Type

The market is divided into categories based on type, Based on Synchronous Motor Type, Based on Reluctance Motor Type, Based on Induction Motor Type and others.

• By Application

The market is divided into Transportation, UPS, Distributed Power Generation and other categories based on application.

DRIVING FACTORS

"Increased in the adoption of clean energy that Boosts the Market"

To meet rising energy demands, many countries are shifting towards renewable energy sources such as wind and solar power. The renewable energy sector is seeing increased investment and faster growth, thanks to government initiatives and lower source costs. However, rapidly changing climatic conditions are contributing to intermittent renewable energy supply. Today's available resources have numerous drawbacks, including high maintenance, lower capacities, and limited operating conditions, among others. This has resulted in a search for tools to maintain and stabilise the overall voltage and frequency of the power system. Flywheel energy storage are used in renewable energy plants because of their high durability and ability to restore local power quickly. Because market competition is fierce, many significant players are innovating and developing solutions, primarily for high cycle times, thereby reducing overtime costs. Flywheel energy storage are a desirable option due to their long discharge duration, low maintenance costs, and high reliability. The info graph below depicts a comparison of the total cost of ownership of various types of storage systems. Consequently, during the predicted period, increased product dependence will support industry growth. As a result, the market will benefit from growth and increased adoption of clean energy. It will help the services sector flourish and accelerate the Flywheel Energy Storage market growth.

"Growing Residential and commercial construction to support market expansion"

The population of countries around the world is critical to the development of the energy storage market. Energy storage has become critical because it aids in meeting peak electricity demands, such as in the summer for air conditioners and in the winter for heaters. Because of the scarcity, electricity becomes more expensive during peak hours as power plants ramp up production to meet rising energy demand. Flywheel energy storage enables power grids to adapt to the requirements of residential, commercial, and industrial applications. Together, these elements are encouraging market expansion, which is raising business revenues. As a result, the market will grow thanks to the growing residential and commercial construction.

RESTRAINING FACTORS

"Lack of knowledge of the product Will Prevent Market Expansion"

The global flywheel energy storage market is significantly hampered by a number of unfavourable factors, including an increasing preference for battery storage in some developing countries due to a lack of awareness about high-end energy storage systems, low tensile strength, and high deployment costs. Other factors, such as the possibility of intrinsic and parasitic losses, mechanical stress, and fatigue limitations, are expected to limit market growth in the coming years. This will be a significant impediment to market growth during the forecast period. This could be a significant issue limiting market growth. If this issue is resolved, the market will immediately begin to grow.

Flywheel Energy Storage Market REGIONAL INSIGHTS

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"The Market is Globally Dominated by North America"

Since this area is the largest user of the product, the market for Flywheel Energy Storage in North America has profited from the region's expanding industrial development and several driving factors that have boosted the potential sectors. The increasing demand for products in the Transportation, UPS, Distributed Power Generation and other industries is one of the important factors driving the Flywheel energy Storage Market Share. Rapid urbanisation trends will further strengthen the market as a whole.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

The analysis covers data on market participants and their positions within the industry. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more is provided in the study on materials. 

List of Market Players Profiled

• EnSync Energy (U.S.)
• Beacon Power (U.S.)
• Siemens (Germany)
• GKN Hybrid Power (U.K.)
• Active Power (U.S.)
• Calnetix Technologies (U.S.)
• Vycon Energy (U.S.)
• Temporal Power Ltd (Canada)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost Flywheel energy Storage Market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.