Mechanical Flywheel Market Size, Share, Growth, and Industry Application by Type (Steel Flywheel and Carbon Fiber Flywheel) by Application (Power Generation, Transportation and Others), Regional Forecast To 2031

Updated On: 22 April 2024

Mechanical Flywheel Market Report Overview

• 

• Request a Free Sample to learn more about this report

The global mechanical flywheel market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

The global mechanical flywheel, also known as the mechanical energy storage. It works by storing kinetic energy in a rotating mass, typically a large spinning disc. When energy is needed, the spinning disc releases its storage energy, which can be used to power a generator or other machinery. The speed of the spinning disc determines the amount of energy stored, and the energy can be released rapidly or slowly depending on the application. It can be used for a variety of applications, including grid-scale energy sources like wind and solar power, helping to overcome the intermittent nature of these energy sources.

The mechanical flywheel market progression can be credited to the upsurge in the demand due to increasing demand for energy storage solutions and efficiency and electric vehicles. It can be used in hybrid and electric vehicles to store energy and improve their performance. The growing demand for electric vehicles is expected to drive the demand for this machinery is used in these vehicles. With growing concerns over the climatic change, there is a global shift towards the adoption of renewable energy sources. It can help to store the energy generated by renewable sources, thereby driving their adoption and market growth.

COVID-19 Impact: Disruptions in global supply chains impeded market growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global mechanical flywheel market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on machinery and equipment as well. The pandemic caused disruptions in global supply chains, resulting in delays in the delivery of raw materials and components used in production of mechanical flywheels. Recovery of the market is expected as there is increasing demand for renewable energy, uninterrupted power supply and energy-efficient solutions.

LATEST TRENDS

"Growing focus on energy efficiency to boost the product adoption in global market"

The growing focus on energy efficiency is generating new prospects for mechanical flywheel market. It is highly efficient energy storage devices that can help improve the efficiency of power grids and reduce energy consumption. As a result, there is a growing focus on energy efficiency, which is expected to boost the demand for this machinery. Such trend of growing focus on energy efficiency is expected to pose an opportunity for market growth during the forecast period.

Mechanical Flywheel Market SEGMENTATION

• 

• Request a Free Sample to learn more about this report

• By Type

Based on type, the global mechanical flywheel market is divided into steel flywheel and carbon fiber flywheel.

• By Application

Based on application, the market is divided into power generation, transportation and others. 

DRIVING FACTORS

"Increasing demand for energy storage solutions to surge the demand for the product"

Mechanical flywheels are a form of kinetic energy storage that can be used to store energy generated by renewable sources such as wind and solar power. The increasing demand for energy storage solutions to balance the intermittent supply of renewable energy is expected to drive the demand for this machinery.

"Growing demand for electric vehicles to offer lucrative opportunities to the market"

Mechanical flywheels can be used in hybrid and electric vehicles to store energy and improve their performance. The growing demand for electric vehicles is expected to drive the demand for this machinery is used in these vehicles. There are challenges associated with the use of this machinery product in EVs, their quick energy storage and release capabilities and long lifespan make them an attractive option for regenerative braking systems in electric vehicles. As the demand for sustainable and efficient energy solutions continues to grow, the mechanical flywheel market is expected to be impacted positively.

"Increasing adoption of renewable energy sources to boost market growth"

With the growing concerns over climate change, there is a global shift towards the adoption of renewable energy sources. Mechanical flywheels can help store the energy generated by renewable sources, thereby driving their adoption and market growth.

RESTRAINING FACTORS

"Side Effects associated with the machine to Hinder Market Progress"

While the mechanical flywheel market is growing, there are several restraining factors that are influencing the growth and adoption of the technology. This machinery product is having lower energy storage technologies like batteries. This means they require larger and heavier systems to store the same amount of energy, which can be a limitation in applications where space and weight are important factors. It can lose a significant amount of energy due to friction, bearing losses, and other inefficiencies. This can reduce overall efficiency and make them less attractive for some applications.

Mechanical Flywheel Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"North America to dominate the market due to the rising demand for mechanical flywheels"

North America has a highly developed industrial sector, which creates a high demand for mechanical flywheels. This demand is driven by the need for reliable and efficient energy storage solutions, particularly in applications such as renewable energy and transportation. It is home to many leading   manufacturers of this machinery and it has well-established infrastructure for the distribution and installation of this machinery. This infrastructure includes a network of distributors, service providers and installers who can provide customers with quick and reliable access to this machinery solutions.

Europe and Canada are anticipated to have second-largest market share. Europe has a strong focus on renewable energy and energy efficiency, which had driven demand for this machinery in the region. It also has strong network of distributors and service providers for this machinery, which facilitates the easy availability and installation of these systems. These service providers have the expertise to install and maintain machinery in a safe and efficient manner, ensuring that customers can rely on their energy storage systems.

Key Industry Players

"Market Players to adopt organic growth strategies to gain consistent growth in the market"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Active Power (Texas, U.S.)
• Piller (Germany)
• Calnetix Technologies (California, U.S.)
• POWERTHRU (United States)
• PUNCH Flybrid (United Kingdom)
• Amber Kinetic (California, U.S.)
• Bc New Energy (China)
• Kinetic Traction Systems (California, U.S.)
• Stornetic (United Kingdom)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.