Flywheel Energy Storage Market Size - By Technology (Adiabatic, Diabatic, Isothermal), By Application (On Site Power, Black Start, Electric Supply Capacity), Growth Drivers & Forecast, 2023 - 2032

Flywheel Energy Storage Market Size - By Technology (Adiabatic, Diabatic, Isothermal), By Application (On Site Power, Black Start, Electric Supply Capacity), Growth Drivers & Forecast, 2023 - 2032

Global Flywheel Energy Storage Market will record 2.4% CAGR between 2023 and 2032, driven by the rapid integration of renewable energy. The increasing adoption of renewable energy sources, such as wind and solar, creates intermittent power generation.

According to Renewable Power Forecast 2023 by the International Energy Agency for the period 2022-2027, renewable energy capacity is expected to increase by nearly 2,400 GW. To put this in perspective, it's equivalent to China's current total installed power capacity. This represents an 85% acceleration compared to the previous five years and is nearly 30% higher than what was predicted in last year's report, marking the most significant upward revision in our history. Flywheel energy storage systems help stabilize the grid by storing excess energy during periods of generation and releasing it when needed.

The overall flywheel energy storage market is classified based on application and region.

The transportation segment size will expand at 2.1% over 2023-2032, owing to the unique advantages of flywheel energy storage in transportation applications. Flywheels offer rapid energy recovery and discharge, making them ideal for regenerative braking systems in electric and hybrid vehicles, enhancing energy efficiency and range. Additionally, their durability and ability to withstand frequent charge-discharge cycles align with the demands of transportation use. As the transportation industry shifts towards electrification and sustainability, flywheel energy storage systems play a vital role in meeting these goals, driving their high demand.

Asia Pacific Flywheel Energy Storage Industry is experiencing substantial growth and could exhibit over 14.8% through 2032. Increasing investments in renewable energy projects, in line with the need for grid stability and reliability, have driven demand for energy storage solutions like flywheels.

At COP26, India unveiled an ambitious goal, aiming to achieve 500 GW of non-fossil fuel-based energy by 2030. This target signifies a substantial commitment to renewable energy sources such as solar, wind, and hydroelectric power, as the country seeks to reduce its carbon footprint and transition towards a more sustainable and eco-friendly energy landscape. Moreover, Asia Pacific's rapidly expanding urbanization and industrialization require dependable backup power sources. Flywheels, known for their quick response and energy efficiency, are well-suited to meet these demands, contributing to the industry's robust growth in the region.