The GMI Research expects the flywheel energy storage market to expand at a significant rate. From a regional perspective, North America is projected to lead the market due to the strong presence of large industries and IT companies and the high demand for rapid power supply to run their data centers and other business operations.
Request for a FREE Sample Report on Flywheel Energy Storage Market
Flywheel Energy Storage Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global flywheel energy storage market size is predicted to witness an upsurge in demand during the forecast period due to the strong demand for constant and clean electricity supply, growing electricity demand in the commercial sector, and rising energy storage industry. Moreover, the high demand for the flywheel energy storage system due to its numerous benefits in comparison to chemical batteries, such as the capability to work in very low temperatures, longer life, and high-power density of storing a substantial amount of energy in a short period of time is further stimulating the growth of the flywheel energy storage market share in terms of revenue.
The increasing industrialization, followed by the growing demand for continuous power supply in industries and factories, is further fuelling the demand for the market. The system is rapidly utilized for grid balancing and offering power supply to islands and isolated grids. In addition to this, flywheels are extremely used to change the typical lead-acid batteries and to overcome the restrictions of intermittent energy supplies, including wind turbines and solar PV that don’t generate 24/7 electricity. This driver is expected to boost the growth of the market. On the other hand, the factors hindering the growth of the market in the upcoming years include increased storage costs regarding flywheel technology and variation in raw material costs.
Application Segment Drivers
Based on the application, the market is segmented into UPS (Uninterrupted Power Supply), transport, distributed energy generation, data centers, and others. The UPS application segment is expected to increase at a higher CAGR in the upcoming years due to the growing dependency on electronic equipment, rising industrial and commercial sectors, coupled with the high demand for constant electricity supply to run electric equipment and devices. Furthermore, flywheel UPS provides reliable power-backup, prevents the voltage-sensitive device, avoids uncertain data losses, and protects any losses during regular power outages across several facilities. All these drivers will accelerate the growth of the flywheel energy storage market.
Flywheel Energy Storage Market’s leading Manufacturers:
- Langley Holdings Plc
- Beacon Power, LLC
- Amber Kinetics, Inc.
- Calnetix Technologies, LLC
- Schwungrad Energie Ltd.
- Phillips Service Industries, Inc.
- VYCON
- STORNETIC GmbH
- Energiestro
- OXTO Energy
Flywheel Energy Storage Market Segmentation:
Segmentation by Application:
- UPS
- Distributed Energy Generation
- Transport
- Data Centres
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com