Flywheel Energy Storage System Market: is expected to reach US $469.30 million by 2027, thanks to growth in the Application segment. The report analyzes market dynamics by region and end-user industries.
Flywheel Energy Storage System Market Overview:
The market for Flywheel Energy Storage Systems Market was estimated at $303.75 million in 2020, and it is predicted to grow at a CAGR of 7.52 percent to $469.30 million by 2027.
Flywheel energy storage (FES) systems work by spinning a flywheel at a high frequency and storing energy in the device in the form of rotational energy. As a result of the energy savings concept, the speed of the fly-rotational wheel is reduced when the energy is captured; adding additional power to the device causes the fly-wheel speed to increase. Modern FES systems are often constructed up of composites of high-performance carbon-fiber rotors suspended by magnet bearings and revolving in a vacuum atmosphere at speeds ranging from 20,000 to over 50,000 rpm.
Flywheel Energy Storage System Market Dynamic:
Rising demand for energy storage systems across various industries, as well as the implementation of favourable regulatory policies around clean power generation and reducing reliance on fossil-fuel-based power sources, are projected to boost the market throughout the forecast period. In underdeveloped countries with unreliable grid infrastructure and high electricity bills, as well as on islands where networks rely on biofuels and diesel generators, flywheel offers a viable energy storage solution. In remote places, flywheel storage is used in conjunction with renewable wind and solar power to eliminate the inconsistency of renewable energy while giving a steady power supply to the grid or other facilities.
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Flywheel Energy Storage System Market Segmentation:
This is mostly due to an increase in demand across all industries for a continuous electricity supply in order to operate electrical devices and equipment without interruption. Additionally, UPSs are in great demand due to the growing need for suitable power backup solutions, especially in developing countries where power outages are widespread.
Furthermore, throughout the forecast period, the category is expected to maintain its dominance. This is likely due to the rapid implementation of flywheels by large IT companies, such as Google, at their gigantic data centres, the number of which is expanding. In the event of a transient power outage, flywheels provide rapid electricity to connected equipment, giving backup generators time to start.
Flywheel Energy Storage System Market Key Players: Active Power, Amber Kinetics Inc., Beacon Power LLC, Calnetix Technologies, LLC, Piller Group GmbH, Powerthru, Vycon, Inc, Stornetic GmbH, Energiestro, Oxto Energy, Langley Holding PLC, Schwungrad Energie Ltd, Phillips Service Industries Inc, Kinetic Traction Systems, Beijing Qifeng, Punch Flybrid, BC New Energy, Others
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Flywheel Energy Storage System Market Regional Analysis:
North America was the most dominating region in 2020, accounting for 78 percent of the market. It is the largest market for flywheel energy storage systems in terms of revenue and power capacity, with the United States accounting for the majority of regional market share. In the United States, flywheels are utilised in conjunction with renewable energy sources to offer storage capacity and balance the variable nature of renewables. In addition, power generation is responsible for over 40% of carbon emissions in the United States. As a result, renewable energy generation and storage technologies such as flywheels are projected to efficiently cut carbon emissions.
Impact of COVID-19 on the Flywheel Energy Storage System Market:
The arrival of COVID-19 has turned the world upside down. It has affected every field in the world except for the medical and health industry. Everyone is now getting used to this change that COVID-19 has created. Like every other market, this Flywheel Energy Storage System market is also affected and has faced many difficulties in these tough times. Our researchers here at the Maximize Market Research have studied and analyzed the market considering the impact of COVID-19 on the market they have found solutions that can overcome the problem that you are facing and it will only help you to grow and expand your position in the market.
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