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Flywheel Energy Storage Market to Spin Up to USD 0.57 Billion by 2031, Fueled by Demand for Reliable and Sustainable Power Solutions

The SNS Insider report forecasts a promising future for the Flywheel Energy Storage Market. The market, valued at USD 0.3 Billion in 2023, is projected to reach USD 0.57 Billion by 2031, reflecting a healthy CAGR of 8.4% over the forecast period (2024-2031). This growth is driven by the increasing need for reliable and sustainable power solutions across various sectors.

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Major Key Players Included are:

  • Langley Holdings pic
  • Amber Kinetics, Inc.
  • Stornetic GmbH
  • Energiestro
  • VYCON, Inc.
  • Be New Energy (Tianjin) Co., Ltd. (BNE)
  • Beacon Power, LLC
  • PUNCH Flybrid
  • Kinetic Traction Systems, Inc.

Flywheel Energy Storage Market Takes Off as Demand for Reliable Power Grows

The Flywheel Energy Storage market offers reliable backup power for critical applications like healthcare and data centres, ensuring smooth operation during outages. The rise of renewable energy sources like solar and wind creates a need for storage solutions. Flywheel systems can effectively store excess renewable energy for later use, promoting grid stability and efficient utilization of these resources.  Furthermore, growing environmental concerns make flywheel systems attractive due to their minimal environmental impact.  Advancements in technology are also leading to more efficient and cost-effective flywheel systems, making them even more appealing.  Beyond traditional uses, flywheel technology is finding exciting applications in electric vehicles and hybrid buses. This dynamic market is further fueled by continuous research and development, supportive government policies, and strategic collaborations between industry players.

Recent Developments

  • In June 2023 –Key Energy successfully installed an 8 kW / 32 kWh flywheel energy storage system at Sawyers Valley. This system’s high cycle life and long lifespan demonstrate the practical application and reliability of flywheel technology for backup power needs.
  • In February 2023 –Candela New Energy is now mass-producing large, powerful flywheel systems using magnetic levitation technology. This could make flywheel storage a more viable option for many applications.

Segmentation Analysis

  • ByApplication: Uninterruptible Power Supply (UPS) systems currently dominate the market due to the critical need for reliable backup power in various sectors. However, segments like data centres, distributed energy generation, and transportation are expected to witness significant growth as flywheel technology integration expands.

Market segmentation

By Application

  • UPS
  • Data Centre
  • Distributed Energy Generation
  • Transport
  • Others

Impact of the Geopolitical Tensions on the Flywheel Energy Storage Market

The war in Russia-Ukraine presents a complex situation for Flywheel Energy Storage. Supply chain disruptions might cause issues, but the focus on energy security could lead to government support for domestic flywheel production, lessening reliance on imports.  This, along with potential disruptions to traditional energy supplies, could increase demand for reliable backup power.  However, an economic slowdown might delay investments and reduce demand in some sectors. Despite this, the long-term outlook remains positive. Flywheel technology’s strengths and growing environmental concerns position it for future growth, with demand for reliable and sustainable energy storage expected to rebound as the economy recovers.

North America leads the Charge

North America currently holds the dominant position in the Flywheel Energy Storage market. This can be attributed to the rising demand for reliable backup power across residential and commercial sectors, particularly in regions prone to power outages. Additionally, the focus on grid stability and increasing energy needs in a growing economy fuel market expansion.

Europe is the second highest region in this market, showcasing steady growth. Stringent environmental regulations in the region push manufacturers to develop cleaner and more efficient energy storage solutions. Flywheel technology aligns perfectly with this objective, offering a sustainable and reliable alternative.

The Asia Pacific region is poised for the fastest growth rate in the Flywheel Energy Storage market. This surge is driven by the factors like abundant availability of resources for flywheel production, increasing demand for renewable energy sources, and government initiatives promoting the use of these storage solutions.

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Key Takeaways

  • The report highlights the value of flywheel systems for storing excess renewable energy and promoting grid stability through efficient utilization of these sustainable sources.
  • The report emphasizes the new applications of flywheel technology in electric vehicles and hybrid buses, creating a new market segment for exploration.
  • The report analyzes the dominance of North America due to its demand for reliable power and grid stability concerns.

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 Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Flywheel Energy Storage Market Segmentation, By Application
  9. Regional Analysis
  10. Company Profiles
  11. Competitive Landscape
  12. Conclusion

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