According to IMARC Group latest report titled” Flywheel Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a value of US$ 324.8 Million in 2020. Looking forward, IMARC Group expects the Global Flywheel Energy Storage Market size to grow at a CAGR of 7% during 2021-2026. Flywheel energy storage assists in storing energy by accelerating rotors and maintaining the energy in the system as rotational energy. It offers high power and energy density, short recharge time, and large energy storage capacity. As it also provides low friction, moderate wind resistance, and environmental safety, its utilization is increasing in power grid frequency modulation across the globe.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
At present, flywheel energy storage system finds extensive applications in automotive, transmission and distribution (T&D), and information and technology (IT) sectors around the world. It is also used in renewable integration, grid balancing, and providing power supply to islands and isolated grids. Apart from this, numerous initiatives undertaken by governing agencies to facilitate the generation of clean power are creating a favorable market outlook. The market is also driven by research and development (R&D) activities and the increasing use of electrical machines and high-strength composite materials obtained from carbon fibers in flywheel energy storage systems.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- ABB Ltd
- Adaptive Balancing Power GmbH
- Amber Kinetics Inc.
- Beacon Power LLC
- Calnetix Technologies LLC
- Energiestro
- Langley Holdings plc
- Oxto Energy
- Phillips Service Industries Inc.
- Schwungrad Energie Limited
- Siemens Aktiengesellschaft
- Stornetic GmbH
- Teraloop Oy
Flywheel Energy Storage Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Uninterruptible Power Supply (UPS)
- Distributed Energy Generation
- Transport
- Data Centers
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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