Flywheel Energy Storage Market Report, Driving Factors, Future Outlook and Growth Opportunities 2022-2027

Flywheel energy storage stores rotational energy by accelerating a flywheel or a high-mass rotor to a very high speed.

BROOKLYN, NY, UNITED STATES, February 28, 2023 /EINPresswire.com/ -- 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 market size¹. 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.

The flywheel energy storage (FES) system functions by speeding a flywheel at a very high speed that enables energy retention. It comprises a rotating cylinder, bearings, a generator or motor, and a container to accommodate the flywheel. It operates in a high vacuum environment and utilizes motors to transform electrical power into mechanical power. It is used in power grid frequency modulation due to its low friction, moderate wind resistance, long-life span, environmental safety, and requires no maintenance properties. Additionally, it is vital to aggregate traditional generating plants to meet the increasing energy demand, solve power quality problems, and limit carbon dioxide emissions. Consequently, it is extensively utilized in transportation and space applications for transferring energy and stabilizing or driving satellites.

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Market Trends:

The growing demand for continuous electricity supply is driving the global market. Coupled with this, the rising demand for reliable and energy-efficient storage systems and the increasing adoption of backup power sources, including uninterruptible power supply (UPS), is contributing to the market. Moreover, the rising adoption of the FES system to reduce the carbon footprint levels for power generation and to opt for cleaner and greener energy technologies are acting as other growth-inducing factors. Furthermore, continuous technological innovations, such as the advent of electrical machines, magnetic bearings, and high-strength composite materials obtained from carbon fibers in FES systems, are providing impetus to the market. Other factors, including extensive research and development (R&D) activities conducted by leading players, favorable government subsidiaries, and rising awareness about green energy, are also creating a positive market outlook.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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¹ https://www.imarcgroup.com/flywheel-energy-storage-market