Flywheel Energy Storage Market Worth USD 551.9 million by 2029

Fortune Business Insights projects that the global Flywheel Energy Storage market will grow from USD 279.6 Million in 2021, to USD 551.9 million in 2029, at a CAGR of 8.3% over the forecast period.

Pune, India. Jan 16, 2023. (GLOBE NEWSWIRE). — The global flywheel energy storage market Size was valued at USD 297.6 millions in 2021, and USD 318.8 million by 2022. Market size is forecast to grow 8.3% over the forecast period to USD 551.9million by 2029. The market is expected to move in a positive direction due to the increasing use of renewable energy sources. The market will develop due to the growing demand for electricity storage. Fortune Business Insights™ shares this information in its report titled “Flywheel Energy Storage Market, 2022-2029.

Important Industry Development:

July 2022 – Active Power partnered Central Power to bring POWERHOUSE power-outage demonstrations live and Central Power standby Generators. The POWERHOUSE has the company’s flagship CLEANSOURCE PLUS MMS 1.33MW UPS with automatic transfer

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Report Scope

Drivers and Restraints

The market for flywheel energy storage is expected to grow due to the increasing demand for electricity. Energy Storage Systems are able balance demand and supply for electricity. There is an increasing energy demand in various countries such as South Africa, India, China and Brazil. This has led to higher energy prices. Market growth will be boosted by increasing production capacity for environmentally-friendly storage systems.

However, market growth is expected to be limited by low energy density and high components costs.

COVID-19 Impacts:

Pandemic-affected Market Progress: Delay in Various Projects

Market growth was negatively affected by the COVID-19 pandemic, which saw many projects delayed. The market growth was impeded by the stern actions of major fossil-based and renewable energy-producing countries like China and the U.S. Several projects in the energy storage sector were delayed by travel bans and lockdowns.

Please visit this page to find out more about the short-term as well as long-term effects of COVID-19. https://www.fortunebusinessinsights.com/industry-reports/flywheel-energy-storage-market-100756

Report coverage:

The report includes a detailed analysis on the top market segments and current trends. The report covers the market’s driving and restraining forces, as well as the impact of COVID-19. It also examines regional developments and strategies taken by market leaders.

Segmentation:

UPS to Lead the Segment due to Growing Demand for Uninterrupted Energy 

According to the application, the market can be classified into Uninterrupted Power Supply or UPS, distributed energy generation, transport and data centers, as well as other segments. Because the world is experiencing a rapid increase in demand for uninterrupted, continuous energy, the Uninterrupted Energy Supply (UPS), segment is expected to be the most dominant. Due to the faster power backup, distributed energy generation is expected to grow.

Regional Insights

Asia Pacific Leads Market Share due to Uninterrupted Electricity Demand

Asia Pacific is expected lead the flywheel storage market share because of rising demand for continuous electricity. Because of its high efficiency, long service life, and superior performance, flywheel energy storage has been popularized in countries like China, South Korea and Japan.

North America will be one of the most lucrative. The U.S. was the dominant country in the region, while Canada is working to improve the flywheel storage capacity.

Europe’s growth is due to the shift to renewable energy in order to reach carbon-neutral status. Because of its strong power and environment-friendly qualities, it is a preferred technology.

The energy transition is expected to lead to a significant increase in Latin America’s growth. Countries are quickly moving from traditional sources of energy like hydroelectricity or crude oils to a variety of alternative fuels.

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Competitive Landscape

Many small and big players are present on the global market. They have established local, regional, as well as international footholds. Their goal is to improve their global position. Active Power expanded its market reach and geographic footprint in November 2021 with the installation of new flywheel energy storage units. It is helping industries to transition to net zero operations. The company plans to expand its geographic presence through such development.

Here is a List of Key Manufacturers in the Global Market.

• Active Power

• Amber Kinetics, Inc

• Beacon Power, LLC

• Calnetix Technologies, LLC

• Piller Group GmbH

• Powerthru

• VYCON, Inc

• Stornetic GmbH

• Energiestro

• Oxto Energy

• Revterra

• Adaptive Balancing Power GmbH

Segmentation for the Flywheel Energy Storage Market

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Table of Content

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends

4.2.    Technology advancements

4.3.    Regulatory Landscape

4.4.    Porters Five Forces Analysis

4.5.    Impact of COVID-19 upon the Flywheel Energy Storage Market

5.       Global Flywheel Energy Storage Market Analysis, USD Million, Insights & Forecast, 2018-2029

5.1.    Summary of Key Findings

5.2.    Market Analysis, Insights and Forecast – By Application

5.2.1. Uninterrupted Power Supply

5.2.2. Distributed Energy Generation

5.2.3. 5.2.3.

5.2.4. Data Centers

5.2.5. Other

5.3.    Market Analysis, Insights and Forecast – By Region

5.3.1.North America

5.3.2.Europe

5.3.3.Asia Pacific

5.3.4. Latin America

5.3.5.Middle East & Africa

Continued…

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