About Flywheel Energy Storage
Flywheel energy storage utilizes an electric motor to rotate the flywheel at a high speed so that the electrical power is converted into mechanical power and stored, and as per the requirement flywheels drive generators to generate power. Flywheel energy storage market is expected to grow in the future due to rising demand for back up energy sources and growth in the automobile sector. Government taking the high initiative to promote advanced energy storage will boost the market in the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.7% |
The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Flywheel Energy Storage market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Active Power Inc. (United States), Beacon Power (United States), Calnetix Technologies, LLC (United States), Acumentrics (United States), Piller Group GmbH (Germany), POWERTHRU (United States), PowerTree Pvt.Ltd (India), Siemens AG (Germany), Langley Holdings plc (United Kingdom), VYCON (United States) and NRStor Inc.( Canada) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Boeing (United States), Amber Kinetics (United States) and Kinetech Power Systems (Mexico).
Segmentation Overview
AMA Research has segmented the market of Global Flywheel Energy Storage market by , Application (Uninterruptible Power Supply (UPS), Transportation, Distributed Energy Generation, Motor Sports, Data Centers and Others) and Region.
On the basis of geography, the market of Flywheel Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component, the sub-segment i.e. Steel will boost the Flywheel Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Government Initiative for Advanced Energy Storage
Market Growth Drivers:
Rapid Industrialisation and High Demand for Back-Up Power Sources such as Unintrumpted Power Supply in Emerging Countries and Growth in Automobile Sector in Developing Countries
Challenges:
Availability of Other Storage Devices such as Battery Storage
Restraints:
High Initial Investment cost
Opportunities:
Upsurging Data Center Construction in Both Developed and Developing Countries and Growing Commercial Centers
Market Leaders and their expansionary development strategies
In August 2023, Regal Beloit Corporation, a global leader in electric motors and power transmission products, announced the acquisition of Flywheel Energy Storage, a provider of grid-scale energy storage solutions. This acquisition expands Regal Beloit's portfolio into the energy storage market and is expected to accelerate Flywheel's growth.
In June 2023, Flywheel Energy Storage announced a partnership with Ørsted, a leading renewable energy company, to develop a flywheel-based energy storage solution for offshore wind farms. This partnership aims to address the challenge of intermittency in renewable energy sources and improve the reliability of the grid.
Key Target Audience
Flywheel Energy Storage Manufacturers, Flywheel Energy Storage Suppliers/Distributors, Government and Research Organizations, Grid Operators, Technology Standard Organizations and Potential Investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.