Flywheel Energy Storage Market

Flywheel Energy Storage Market

Growth Factors of Flywheel Energy Storage Market

The flywheel energy storage market size was valued at USD 339.92 billion in 2023, and the market is now projected to grow from USD 366.37 billion in 2024 to USD 713.57 billion by 2032, exhibiting a CAGR of 8.69% during the forecast period of 2024-2032.

Pandemic posed unprecedented issues for major economies international, affecting human health, family and financial conditions. Businesses additionally had considerable hurdles. The Energy Storage Association (ESA) survey determined sizable terrible implications at the strength garage quarter. Following the start of the radical coronavirus, predominant renewable and fossil-based energy-producing countries, which includes China and the United States, implemented strict measures to manipulate its spread. Governments throughout regions have carried out strict measures to prevent the unfold of COVID-19. Lockdowns and journey prohibitions not on time planned initiatives within the business.

The call for reliable, cost-efficient, long-lasting, and environmentally sound power garage systems is increasing due to improvements in materials generation, bearings, and electricity electronics. Flywheels for power storage have notably developed, main to manufacturers enhancing production capacities and increasing call FESS. In June 2022, Amber Kinetics, Inc., a leading energy storage firm, plans to double its production capacity in Sto. Tomas, Batangas, with the second plant aiming to export flywheels to other countries. Up to 70-80% of the plant's output is for the local market.

The international flywheel energy storage market growth is experiencing a surge in activity due to the developing adoption of renewable power resources like wind and solar. This has led to a need for energy storage solutions to control electricity technology variability and make sure grid balance. Flywheel systems provide fast response instances and speedy price/discharge competencies, making them ideal for frequency law, voltage help, and grid balancing services. Advancements in flywheel technology, such as energy density, performance, and reliability, are riding their adoption in grid-scale power storage and UPS structures. The developing cognizance on decarbonization and sustainability is likewise driving demand for flywheel power storage as an environmentally friendly alternative to standard plants.

Comprehensive Analysis of Flywheel Energy Storage Market

The market is categorized by application, including uninterrupted power supply, distributed energy generation, transportation, and data centers. The continuous power supply category has a higher proportion in 2022. Global need for continuous and uninterrupted electricity is steadily growing. The IEA estimates that global energy demand will rise through 6% in 2021. Rising call for results in more disruptions and volatility within the energy supply. This raises the need for uninterrupted power supply. Flexible AC Transmission System (FACTS) devices and other uses.

Flywheel energy storage is a popular choice for distributed energy generating due to its ability to provide quick power backup. Natural disaster-prone locations often build distributed energy generating to provide availability to electricity during calamities.

The Asia Pacific region lead the flywheel energy storage market by benefitting a market size of USD 154.76 billion in 2023 due to Asia Pacific accounts for the vast bulk of the worldwide flywheel energy storage market share. The growing need for continuous electricity is a key development factor for the industry. Flywheel energy storage technology is widely adopted in China, South Korea, Japan, India, and the Philippines because to its high efficiency and extended service life. The market is growing due to greater demand for continuous energy and increased investment in storage technologies.

Amber Kinetics Inc. is a leading player in the flywheel energy storage market, collaborating with various public and private entities. In September 2023, Orlando Utilities Commission (OUC) partnered with Amber Kinetics to install a 64 kWh FESS, supporting OUC's Grid Integration Laboratory research program. Piller Group GmbH, a subsidiary of Langley Holdings plc, offers kinetic energy storage products that save space and enhance power density per unit. Pillar Group's UB-V solutions provide over 1.3 GW of power protection at data centers and critical facilities across Asia, the U.S., and Europe.

In Changzhi, Shanxi Province, construction of China's first grid-level flywheel energy storage plant started in June 2023. The facility's storage system is supported by Shenzhen Energy Group, the project's principal investor. BC New Energy, a company specialized in advanced energy storage technologies, created the solutions.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 8.69% from 2024 to 2032

Unit Value (USD Million)

Segmentation By Application

- Uninterrupted Power Supply

- Distributed Energy Generation

- Transport

- Data Centers

- Others

By Region

- North America (By Application and Country)

• U.S.
• Canada

- Europe (By Application and Country)

• Germany
• UK
• Italy
• France
• Rest of the Europe

- Asia Pacific (By Application and Country)

• China
• Japan
• South Korea
• Rest of Asia Pacific

- Latin America (By Application and Country)

• Brazil
• Rest of Latin America

- Middle East & Africa (By Application and Country)

• GCC
• South Africa
• Rest of the Middle East & Africa


Please Note: It will take 5-6 business days to complete the report upon order confirmation.