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The flywheel energy storage market size is forecast to increase by USD 224.2 billion at a CAGR of 9.4% between 2023 and 2028. Market growth depends on several factors, including the significant expansion in the data center construction market, which is notably driving demand. One key trend shaping the market is the growth in advanced energy storage solutions, as businesses and consumers seek more efficient and renewable energy options. However, the market also faces challenges, with competition from fossil fuels being a major hurdle that impacts growth. As renewable energy sources gain traction, balancing this competition will be crucial for sustaining long-term growth in the sector. Together, these dynamics influence the overall trajectory of the market, highlighting both opportunities and obstacles.
Flywheel energy storage, a technology that utilizes the principle of storing energy in the form of rotational kinetic energy, has emerged as a promising solution in the renewable energy sector. This technology is gaining traction due to its ability to provide uninterrupted electricity, especially during power cuts and peak electricity demand. The renewable energy sector is witnessing a significant shift towards sustainable energy sources, such as solar and wind. However, the intermittent nature of these sources poses a challenge in providing consistent electricity supply.
Moreover, the urban populations and developing countries are increasingly focusing on electricity infrastructure improvement, driven by government mandates and the Paris Agreement's carbon emissions reduction goals. Isolated communities and power grid infrastructure require reliable energy storage solutions, making flywheel UPS systems an attractive alternative to battery UPS systems. The carbon footprint of coal-powered plants and the need for electricity generation and distribution infrastructure improvement necessitate the deployment of renewable energy, such as wind power plants, which are increasingly adopting flywheel energy storage systems. Real-time monitoring capabilities, remote monitoring, and alarm notifications are essential features of these systems, making them ideal for data centers, cloud computing, healthcare, and other industries that require uninterrupted power supply and quality protection. Flywheel energy storage systems offer a competitive edge in terms of power efficiency, reducing the overall carbon footprint and contributing to a more sustainable energy sector.
Similarly, in the power grid, flywheels can help maintain grid stability by providing quick response to frequency fluctuations. In UPS systems, they can provide backup power during power outages. In data centers, they can help ensure uninterrupted power supply (UPS) to critical systems. Flywheel energy storage systems have several advantages over batteries, which are the most common energy storage technology. Flywheels have a longer lifespan, require less maintenance, and have a faster response time. They also have a higher power density, making them suitable for high-power applications. Flywheels have found applications in various industries, including Formula 1 cars, hybrid vehicles, and passenger vehicles. They have also been used in manufacturing plants and developing nations to provide a reliable electricity supply. Natural disasters, such as hurricanes and earthquakes, can cause widespread power outages, leading to significant economic losses.
Furthermore, the flywheel energy storage systems can help mitigate the impact of power outages by providing backup power during emergencies. Renewable sources, such as solar and wind, are becoming increasingly popular due to their environmental benefits and decreasing costs. However, their intermittent nature makes them less reliable for providing a consistent electricity supply. Flywheel energy storage systems can help address this challenge by storing excess energy generated during off-peak hours and releasing it during peak hours or during power outages.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The composite rims segment is estimated to witness significant growth during the forecast period. Flywheel energy storage is a technology that utilizes a spinning rotor to store energy. Composite rims, a significant component in these systems, are typically constructed from carbon-fiber materials, providing both strength and lightweight properties. The high rotational speeds achievable with these rims enable efficient energy storage. In a flywheel energy storage system, the composite rim is affixed to a rotor, which spins within a vacuum chamber when energy is input. Energy is stored as rotational kinetic energy. When energy is required, this kinetic energy is converted back into electrical energy. Leading applications for flywheel energy storage include uninterruptible power supply (UPS) systems for data centers and frequency regulation.
Moreover, in the automotive sector, flywheel energy storage is used in Formula 1 cars and hybrid vehicles for regenerative braking. Additionally, natural disasters and renewable energy sources can benefit from this technology, as it provides a reliable energy source during power outages and stabilizes the grid from renewable energy fluctuations. Industry developments continue to expand the potential uses for flywheel energy storage, making it a valuable addition to the energy storage landscape.
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The composite rims segment was valued at USD 183.10 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market is projected to experience notable expansion over the coming years. This growth can be attributed to the increasing energy demand across various industries and the aging electricity infrastructure in the region. A significant number of flywheels have been deployed in the US and Canada, primarily for frequency regulation and uninterruptible power supply (UPS) applications. The UPS segment is witnessing an upward trend in the adoption of flywheels due to their extended duration discharge capabilities and low maintenance costs. The US dominates the advanced energy storage market in North America, driven by escalating scientific and industrial investments and government budgets that prioritize the development of grid storage systems. This investment in grid storage systems is essential to meet the energy needs of urban populations and developing countries in North America, while reducing carbon emissions and improving power efficiency.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in the data center construction market is notably driving market growth. The market is witnessing significant growth due to the increasing demand for uninterrupted power supply in various sectors, particularly in the renewable energy sector. Kinetic energy stored in high-power maglev flywheels is becoming an attractive alternative to batteries for energy storage. Leading companies are expanding their product offerings with flywheel energy storage solutions for data center applications and frequency regulation. Flywheel energy storage systems provide uninterrupted electricity during power cuts and are ideal for distributed energy generation. They are also used in hybrid projects, where they complement battery storage systems. The applications of flywheel energy storage extend to Formula 1 cars, hybrid vehicles, and passenger vehicles for energy recovery and storage. Industry developments include advancements in flywheel technology, which can store large amounts of energy and operate under various climatic conditions.
Flywheel energy storage is also being used in natural disaster recovery and for providing uninterrupted power to manufacturing plants in developing nations. The environmental impact of flywheel energy storage is minimal, making it an attractive solution for renewable energy sources and existing grids. Flywheel energy storage systems have various capacities and operating conditions, making them suitable for different applications. Their durability and low maintenance requirements make them a reliable solution for meeting electricity demand during intermittent sourcing from renewable energy sources. Thus, such factors are driving the growth of the market during the forecast period.
Growth in the advanced energy storage market is the key trend in the market. Flywheel energy storage, utilizing the principle of storing energy in the form of kinetic energy, is gaining significant attention in the renewable energy sector. This advanced energy storage solution finds extensive use in large utility-scale projects, hybrid projects, and distributed energy generation. High-power maglev flywheels are increasingly being adopted for uninterrupted power supply in various applications, including data centers and frequency regulation. Leading companies are investing heavily in this technology to improve efficiency and operations. Applications include UPS systems, data centers, and frequency regulation. Industry developments also include the use of flywheels in Formula 1 cars and hybrid vehicles, as well as for natural disaster recovery and renewable energy sources.
With increasing electricity demand and the need for uninterrupted electricity, flywheel energy storage offers a durable, environmentally-friendly solution for manufacturing plants in developing nations and existing grids, especially in climatic conditions where intermittent sourcing is a challenge. Capacities range from a few kilowatts to megawatts, with operating conditions and maintenance requirements depending on the specific application and operating conditions. Thus, such trends will shape the growth of the market during the forecast period.
Competition from fossil fuels is the major challenge that affects the growth of the market. The renewable energy sector is witnessing significant growth, with flywheel energy storage playing a crucial role in ensuring uninterrupted power supply. Kinetic energy stored in high-power maglev flywheels is increasingly being used as an alternative to batteries in various applications. In the context of renewable energy sources, flywheel energy storage offers advantages such as durability, long operating cycles, and quick response times. Leading companies in the market are focusing on product/service types that cater to distributed energy generation, frequency regulation applications, and uninterrupted power supply (UPS) for data centers. Industry developments include the use of flywheels in hybrid projects, Formula 1 cars, and hybrid vehicles for energy recovery and storage.
Flywheel energy storage is also being explored for natural disaster resilience, manufacturing plants in developing nations, and intermittent renewable energy sourcing in existing grids. Climatic conditions and available resources are key factors influencing the capacities and operating conditions of flywheel energy storage systems. Maintenance and durability are critical considerations for ensuring the long-term viability of these systems. As renewable energy sources become increasingly important in meeting global electricity demand, the role of energy storage solutions like flywheel technology will continue to grow. The market is expected to expand significantly, driven by the need for uninterrupted electricity, power cuts, and the environmental impact of traditional energy sources. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Active Power Solutions Ltd. - The company offers flywheel energy storage systems such as Cleansource Plus SMS, Cleansource Plus MMS, and Cleansource Plus UPS.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Flywheel energy storage is an innovative technology that utilizes the concept of storing energy in the form of kinetic energy. This technology is gaining significant traction in the renewable energy sector due to its ability to provide uninterrupted power supply and frequency regulation. High-power maglev flywheels are at the forefront of this technology, offering advantages over traditional batteries in terms of quick function, durability, and extended-duration discharge. Flywheel energy storage is increasingly being used in hybrid projects to complement battery storage. It is finding applications in various sectors such as data centers, UPS systems, and frequency regulation. The automotive industry is also exploring the use of flywheel energy storage in Formula 1 cars, hybrid vehicles, and passenger vehicles.
Moreover, the energy storage sector is witnessing several industry developments, including the integration of renewable energy sources into existing grids. Natural disasters and climatic conditions necessitate the need for reliable energy storage solutions, making flywheel energy storage an attractive option. Manufacturing plants in developing nations are also adopting flywheel energy storage to improve their electricity infrastructure and reduce their carbon footprint. The technology's low maintenance costs and high reliability make it an attractive alternative to traditional batteries. The energy storage sector is undergoing a paradigm shift towards renewable energy sources, driven by government mandates and the Paris Agreement's carbon emissions reduction goals.
Furtheremore, the flywheel energy storage is well-positioned to meet the growing electricity demand and provide uninterrupted electricity during power cuts. Flywheel energy storage offers several advantages over traditional batteries, including quick function, low maintenance costs, high reliability, and power efficiency. The technology's real-time monitoring capabilities, remote monitoring, and alarm notifications make it an ideal solution for various applications, including data centers, cloud computing, healthcare, and visualization.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.4% |
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Market Growth 2024-2028 |
USD 224.2 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.7 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 51% |
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Key countries |
US, China, UK, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Active Power Solutions Ltd., Amber Kinetics Inc., Beacon Power LLC, Calnetix Technologies LLC, ENERGIESTRO, FREQCON GmbH, Langley Holdings Plc, Omnes Energy, Oxto Ltd., POWERTHRU, PUNCH Flybrid, Revterra, Rotonix USA Inc., Schneider Electric SE, Schwungrad Energie, Siemens AG, Stantec Inc., STORNETIC GmbH, The Boeing Co., and VYCON Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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