Flywheel Energy Storage Systems Market to grow at a Steady Rate During the Forecast Period
Rising demand for continued and clean electricity in the
industries drive the growth of Global Flywheel Energy Storage System Market.
According to TechSci Research report, “Global Flywheel Energy Storage
System Market By Component (Rotor
System, Bearing System, Generator System) By Application (Uninterrupted Power
Supply, Power Quality, Frequency Regulation, Voltage Control, & Others) By
End User (Transportation, Data Centres, Aerospace, Renewable Energy, Defence,
& Others) By Region, Competition Forecast & Opportunities, 2026”, the Global Flywheel Energy Storage Systems is
expected to grow at an impressive CAGR during the forecast period, 2022-2026. The
growth of global flywheel energy system market can be understood by
understanding the increasing demand of electricity for the industrial
productions. With the ever rising industrialization number of manufacturing
units, production centers, and processing factories are increasing worldwide.
These industries require a continued flow of electricity for their
uninterrupted production. Thus, driving the flywheel energy storage system
market to its projected growth.
Flywheel energy storage system stores the kinetic
energy and later converts it into required electricity supply and supplies the
same to the industrial sector. The rotor systems are employed for the purpose
of the same and it converts the kinetic energy into electricity which is then
transmitted to industries. Unlike other energy storage systems like wind
turbines and photovoltaic cells, flywheel energy storage system does not
exhaust itself after few hours of energy storage. It has the capacity to store
the kinetic energy and convert it into electricity round the clock thus is more
preferred and the growth of the market is quite promising in the next five
years.
Due to the onset of COVID-19 and imposition of
complete lockdown to mitigate the coronavirus, there has been shutdown of many service
vendors and disruption in the supply chain and other end user industries resulting
in interrupted production and lesser supply of the services all around the
globe. Also, the economy has been adversely affected in many countries
resulting in the hinderance to the growth of the Flywheel Energy Storage
Systems market. However, after relief from lockdown market is again going to
pick up pace to grow significantly.
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Global Flywheel Energy Storage Systems Market"
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Global
Flywheel Energy Storage Systems market is segmented by component, application,
end user and regional distribution. Based on end users the market is further
fragmented into transportation, data centres, aerospace, renewable energy,
defence, & others. Renewable energy sector shows the clear dominance in the
market in the historical year. It is also projected to continue its dominance
over the market owing to the fact that power generation is actively done by
renewable resources over the fossil fuels. Fossil fuels are on the verge of
exhaustion and also have the issue of massive CO2 emission levels. Renewable resources like solar energy
and wind energy overcome these setbacks and is actively employed to store the
energy in the form of kinetic energy and later be converted into electricity and
be used in the industrial sector. Flywheel energy storage system can rectify
the wind oscillations and improve the system frequency for the wind energy
along with battery integration in the solar energy systems thereby, improving
the system output.
Some of the
major players in the market are Active Power Inc., Amber Kinetics, Inc., Beacon
Power, LLC, Calnetix Technologies, LLC, Piller Group GmbH, Powerthru,VYCON, Inc., Stornetic GmbH,
Energiestro, Oxto Energy, among others. The competitors are continuously
involved in research and development and various mergers and acquisitions for
the advancement of their services as well as the growth of market.
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“North American
region has substantial amount of IT industries, so is seen as a maximum energy
storage system demanding region in the whole world. Europe has a huge
automotive industry thereby amounting to as much as demand for continued flow
of electricity. New investors can focus on the regions for a quick and
substantial market slot.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based Global management consulting firm.
“Global Flywheel Energy
Storage System Market By Component (Rotor System, Bearing System, Generator System)
By Application (Uninterrupted Power Supply, Power Quality, Frequency
Regulation, Voltage Control, & Others) By End User (Transportation, Data
Centres, Aerospace, Renewable Energy, Defence, & Others) By Region,
Competition Forecast & Opportunities, 2026”, has evaluated
the future growth potential of Global Flywheel Energy Storage Systems and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Flywheel Energy Storage Systems.
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