Flywheel Energy Storage Market By Type (Steel Rims And Composite Rims), By Application (Uninterrupted Power Supply, Distributed Energy Generation, and Others), And Region - Global Forecast To 2028
15th March 2019
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global flywheel energy storage market is expected to value at nearly US$ 0.3 Bn in 2019, and is projected to register a CAGR of 10.2%. The global flywheel energy storage market report has been segmented on the basis of type, application, and region.
Global Flywheel Energy Storage Market: Overview
A flywheel energy storage system is a type of an electromechanical system which is used for storing energy in the form of kinetic energy. Flywheel systems are made up of various materials that contain those materials composed of steel, resin, carbon-fiber composite, glass rotors.
Global Flywheel Energy Storage Market: Dynamics
An increasing number of data centers, owing to augmented demand for cloud-based services and the rising need for supporting digitization across the globe are some of the major factors expected to drive growth of the global market. In addition, rising need for new utility infrastructure, coupled with increasing electricity rates and rising adoption of electric vehicles in developed as well as developing countries are expected to fuel growth of the global market.
Demand for flywheel storage systems is increasing as they offer up-regulation and down-regulation while spinning at the same duration, provide instant response, with the ability to change power input and output rapidly. This is in turn estimated to support global market growth.
- For instance, In January 2016, Amber Kinetics, Inc. signed an agreement with Pacific Gas and Electric Company (PG&E) for 20 Megawatts of storage using its game-changing, four-hour duration Gen-2 Flywheel Systems. This steel flywheel technology was designed to help reduce the pricing, and enhance operational safety and flexibility for utility-scale energy storage.
Demand for both energy storage and sophisticated operation controls is expected to boost adoption on flywheel energy storage systems, owing to the shifting trend from using high-cost diesel fuel to variable renewable resources from the recent past.
Rapid urbanization in emerging economies has resulted in an increasing need for additional electricity reserve capacity. Grid infrastructure in some emerging economies is comparatively weak and may be susceptible to frequent outages, owing to limited capacity to effectively integrate local renewable energy resources. This is another key factor expected to boost demand for flywheel energy storage systems to a significant extent.
Increasing initiatives by governments of various countries to provide electricity in remote or underdeveloped areas are some of the key factors expected to fuel growth of the global market.
- For instance, under the Saubhagya Scheme, the Government of India had invested US$ 2.6 Bn till December 2018, for providing electricity to approximately four crore rural households
Increasing requirement for renewable energy resources, owing to increasing concerns about the depletion of non-renewable resources is a factor expected to propel growth of the target market.
- According to an article published by DownToEarth.Org, global non-renewable resources are depleting by 45% a year
Increasing demand for uninterrupted power supply to facilitate the rapid pace of industrial development activities across the globe is one of the key factor expected to create opportunities for major players operating in the global market to develop reliable and cost-effective electrical energy storage mechanisms such as flywheels, which turns in growth of the global market.
Global Flywheel Energy Storage Market, Analysis by Type:
Among type segments, the composite rims segment is expected to account for majority revenue share and is expected to continue its dominance over the forecast period. Moreover, the composite rimes segment is projected to register the highest CAGR of over 9.8% over the forecast period.
Global Flywheel Energy Storage Market, Analysis by Application:
Among the application segments, the distributed energy generation segment in the target market has been estimated to account for majority revenue share and is expected to register CAGR of 10.1% over the forecast period.
Global Flywheel Energy Storage Market, Analysis by Region:
North America market accounts for the largest revenue market share and is expected to sustain its dominance during the forecast period, attributable to rapid industrialization, and losses incurred because of outages in countries in this region is leading to increasing demand for UPS for providing continuous power supply and conditioning at data centers in various industrial verticals in the region.
- For instance, in October 2016, General Electric Company, which is a US-based company, partnered with US-based VYCON, Inc. in order to add a flywheel energy storage option for some of its UPS products for critical facilities, which is a category that includes data centers
The Europe market is projected to account for a second highest revenue share in the global market over the forecast period, attributable to increasing infrastructural spending and rising demand from energy generation sector for flywheel energy storage solutions.
- For instance, in September 2018, Irish Energy Storage Association received funding of approximately US$ 3.4 Mn to start the operation of hybrid flywheel battery system in Ireland as part of a pilot system service project
The market in Asia Pacific region is projected to contribute significant revenue shares, owing to rising demand for UPS systems and necessity to maintain an uninterrupted supply of power for commercial and industrial sectors in economies such as China, Japan, and India, which turns in growth of the target market.
Governments in emerging economies in the Asia Pacific have announced ambitious targets for zero-emission electric vehicles, and are providing subsidies for electric vehicle manufacturers and consumers, and as a result, demand for hybrid electric vehicles with flywheel energy storage systems is increasing rapidly. These are some additional factors expected to propel growth of the target market in this region.
- For instance, in May 2017, the Indian government announced an initiative with the objective to completely shift toward electric vehicles by 2030. Moreover, the government plans to have at least 6 million electric and hybrid vehicles on the roads by 2020 under the National Electric Mobility Mission Plan 2020, and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India Scheme).
Global Flywheel Energy Storage Market Segmentation:
Segmentation by Type:
- Steel Rims
- Composite Rims
Segmentation by Application:
- Uninterrupted Power Supply
- Distributed Energy Generation
- Data Centers
- Others (Transportation, Spacecraft, and Military)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Beacon Power, LLC
- Calnetix Technologies, LLC
- EnSync, Inc.
- Temporal Power, Ltd.
- VYCON, Inc.
- STORNETIC GmbH
- Piller Group GmbH
- Melrose Industries PLC (GKN Hybrid Power Limited)
- Alstom Transport SA
- Pentadyne Power Corporation
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.0 Chapter 2
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
- 2.2.4 Prudour Opportunity Map Analysis
- 2.1 Report Description
- 3.0 Chapter 3
- 1.0 Chapter 1
Request for Customization
Don't just take our word. We are trusted by these great companies!