Flywheel Energy Storage System Market Poised for Robust Growth, Forecasted to Expand at 8.2% CAGR from 2023-28
MarkNtel Advisors has released its latest report highlighting strong growth in The Global Flywheel Energy Storage System Market is projected to grow at a CAGR of around 8.2% during the forecast period, i.e., 2023-28.
Report Coverage
This report offers a comprehensive analysis of the Flywheel Energy Storage System Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2022
- Forecast Years: 2023-28
- Historical Years: 2018-21
Flywheel Energy Storage System Market Overview
The overall market expansion can be attributed primarily to the growing automobile industry paired with intensifying energy storage market. Besides, substantial investment in the energy sector is another crucial factor anticipated to augment the market growth in the coming years. According to the United Nations Sustainable Energy for All initiative, access to modern electric power is likely to ramp up with around USD 45,000 million in investment. In a bid to utilize existing and new energy resources in a better way, Flywheel energy storage systems are sure to make part of these investments.I
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Flywheel Energy Storage System Market Segmentation Outlook
The Flywheel Energy Storage System is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Type
- Solid Steel
- Carbon Composite
By Application
- Frequency Regulation
- Uninterruptible Power Supplies (UPS)
- Distributed Energy Generation (DEG)
By End User
- Transport
- Data Centre
- Aerospace and Defence
- Power & Utility
- Others (Marine, Manufacturing)
By Region
- North America
- South America
- Europe
- The Middle East and Africa
- Asia-Pacific
Flywheel Energy Storage System Market Trend
Electrification of Military Systems - The burgeoning demand for flywheels for powering military operations and ground vehicles, as well as weapons, navigation, communications, and their associated intelligent systems, has augmented in the past few years. In order to ensure continuity in terms of numerous weapons, and vehicles, the military systems must be devoid of any disruptions, particularly in terms of energy. As such, flywheel technology forms a suitable choice for energy storage. This storage system improves the system's stability and aids in current penetration in power systems. As a result, the electrification of military systems has been a prominent trend in the Flywheel energy storage system market in the past few years.
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Top Flywheel Energy Storage System Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies ABB Ltd., Beacon Power LLC, STORNETIC GmbH, Langley Holdings Plc (Active Power Inc.), Amber Kinetics Inc., Calnetix Technologies LLC (VYCON Inc), Energiestro, Kinetic Traction Systems Inc., Siemens AG, Bc New Energy (Tianjin) Co., Ltd. (BNE), Tesla, Inc., Piller Power System, WattsUp Power A/S, Xun Power Corp, Levisys., Others as key players shaping the market landscape.
Flywheel Energy Storage System Market News
- August 2022: As part of the Smart Grid Program, NYSERDA backed Beacon Power, LLC’s deployment of a 20-MW advanced flywheel-based energy storage system in Stephentown, NY. The facility seeks to deliver the New York Independent System Operator with fast-response frequency regulation, enabling them to maintain a balance between generation and load on the electric system of New York State.
- October 2021: Langley Holdings Plc, via its USA Tour looking to deliver its containerized POWERHOUSE UPS to customers' doorsteps. With this, the brand hopes to demonstrate the ease with which the POWERHOUSE can be transported, connected to a standby generator, and up & running on any desired site within hours.
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2028?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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