Flywheel energy storage systems market is likely to gain traction on account of increasing demand for energy for residential, commercial, and industrial purposes. The acquisition of 40 MW flywheel project in Rockland Capital was announced by Convergent Energy + Power on 22nd May 2018. This storage system is capable of transmitting 80 million watts of electricity in a fraction of a second. Innovations such as these are likely to bode well for the global flywheel energy storage market, predicts Fortune Business Insights in their new report. Energy is an important need for sustaining life and the demand for energy is a major factor boosting this market.
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The study conducted on flywheel energy storage market by Fortune Business Insights is titled, “Flywheel Energy Storage Market Size, Share and Global Trend By Application (Uninterruptible Power Supply (UPS), Transport, Data Centers, Others) and Geography Forecast till 2026”. The report offers an elaborate study of the global flywheel energy storage market with prime focus on growth drivers and restraints. It also highlights the current trends and opportunities in the market to help market players make new strategies to establish their presence in the competition.
According to the report, the market is categorized based on application and geography. Further segmentation of application includes data centers, transport, uninterruptible power supply (UPS), and others.
Rising Demand for Smooth and Reliable Power Supply to Boost Market
Flywheel systems gather energy and utilize it for delivering continuous power output. The flywheel is considered an ideal solution for regulating energy supply as electric energy can be created by spinning the flywheel, and they are capable of producing energy throughout the day unlike wind turbines or solar photovoltaic cells that exhausts itself within few hours. This factor is anticipated to promote the growth of the flywheel energy storage systems market in the forecast period.
Major application of the flywheel energy storage systems includes uninterruptible power supply (UPS) systems, end-use industries, and data centers. Thus, increasing demand from the sectors mentioned above is also promoting the growth of the flywheel energy storage system market in the forecast period. This system is also used in naval industries, aerospace, and automotive industries. The increasing demand for energy from all the mentioned sources is anticipated to promote the flywheel energy storage market growth in the forecast duration.
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Increasing Investments in Power Projects to Help Asia Pacific Generate High Revenue in Market
The emerging economies of Asia Pacific such as India, China, Japan, and South Korea, are anticipated to create lucrative growth opportunities in the flywheel energy storage system market. The rise in population and need to provide energy to all residential, commercial, and industrial sectors is attributable to the rapid growth of Asia Pacific. Besides this, advent of hydro storage systems for power and increasing popularity of innovative energy storage technologies. For instance, the company Li-ion is focusing on the energy and grid-scale storage markets with the help of hydro storage systems. China invests about more than US#300 billion annually in the global flywheel clean energy storage market.
The market in North America is anticipated to show steady growth during the forecast period due to the expansion of automotive and aerospace infrastructure and wide adoption of clean energy storage systems. An investment of US$ 36/MWh in solar energy storage systems and US$ 21/MWh on wind storage systems was expected by Xcel Energy, a company in Colorado. This is likely to boost the market in North America in the near future.
The market highlights some of the major shareholders in the flywheel energy storage market. These companies include:
- VYCON Inc.
- Rotonix USA Inc.
- Temporal Power Ltd.
- EnSync Energy
- Convergent Energy + Power
- Piller Group GmbH
- Pentadyne Power Corporation
- Kinetech Power Company
- Power Tree
- Calnetix Technologies LLC
- Beacon Power LLC
- Amber Kinetics Inc
Major Table of Content for Flywheel Energy Storage Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Flywheel Energy Storage Market Analysis, Insights and Forecast, 2026
- North America Flywheel Energy Storage Market Analysis, Insights and Forecast, 2026
- Europe Flywheel Energy Storage Market Analysis, Insights and Forecast, 2026
- Asia Pacific Flywheel Energy Storage Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Flywheel Energy Storage Market Analysis, Insights and Forecast, 2026
- Latin America Flywheel Energy Storage Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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