Flywheel Energy Storage Market Plying for Significant Growth During 2022-2027
According to IMARC Group latest report titled “Flywheel Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on flywheel energy storage industry research report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global flywheel energy storage market reached a value of US$ 273 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 435.3 Million by 2027, exhibiting a CAGR of 8.4% during 2022-2027.
Flywheel energy storage stores energy in the form of rotational energy by escalating a flywheel to a very high speed. It helps save excess energy in terms of mechanical power rather than electrical power so that the system can supply continuously in outage conditions. It offers a range of advantages, including long operational life, minimal friction loss, low maintenance, and negligible environmental impact. It is extensively used over conventional energy storage systems like lead-acid batteries due to their better efficiency and long cycle life.
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Market Trends:
The global market is majorly driven by increasing demand for electrification. In line with this, the rising need to incorporate advanced energy storage systems to operate efficiently for a longer duration is positively influencing the market. Furthermore, the operational advantage of long life, good efficiency, and low maintenance are catalyzing the growth of the global flywheel energy storage market. Moreover, distributed energy generation, which involves power generation at the place of consumption, is expected to strengthen the market. Besides this, the augmenting demand for data centers designed for storing large amounts of data is resulting in the expansion of the flywheel energy storage market. Additionally, the implementation of favorable regulatory policies surrounding clean power generation and reduced reliance on fossil-fuel-based power sources are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- ABB Ltd
- Adaptive Balancing Power GmbH
- Amber Kinetics Inc.
- Beacon Power LLC
- Calnetix Technologies LLC
- Energiestro
- Langley Holdings plc
- Oxto Energy
- Phillips Service Industries Inc.
- Schwungrad Energie Limited
- Siemens Aktiengesellschaft
- Stornetic GmbH
- Teraloop Oy
Flywheel Energy Storage Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Uninterruptible Power Supply (UPS)
- Distributed Energy Generation
- Transport
- Data Centers
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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