Growing Demand for Flexible Grids Drives the Flywheel Energy Storage System Market

Several countries worldwide are facing the consequences of rapid climate change, which is why it has not become increasingly crucial to find renewable energy sources that can provide power without being dependent on fossil fuels. Though solar & wind energy technologies are being utilized extensively for many years, the challenge remains with the efficient storage of these energies for later use. Here comes the role of flywheels that allow us to store the abundant energy generated by renewables and use it whenever required.

Today's flywheel energy storage systems have high-performance carbon-fiber rotors suspended by magnet bearings that move at significantly high speeds (from 20000 to over 50000rpm) in a vacuum environment. These flywheels can reach their energy density just in a couple of minutes and way faster than any other energy storage form. Hence, in view of these aspects and the rising demand for flywheels, a recent research report has cited that the Global Flywheel Energy Storage System Market is set to register around 8.2% CAGR during 2023-28. The flourishing energy storage & automobile industries worldwide and the ever-evolving requirements for uninterrupted power supplies in different end-user sectors are the prime aspects projected to drive the industry in the forecast years

Key Highlights from the Research Report

• Certain guidelines in line with industrial standards have been executed for the designing, manufacturing, testing, installation, & maintenance of flywheel power systems.
• These policies will not just ensure compliance & minimum liability but also collectively reduce overall production costs by eliminating wasted time & effort in developing high-quality flywheel power storage systems.
• Moreover, extensive R&D investments to address & mitigate the high maintenance costs associated with the technology are also likely to benefit the market with improved revenue shares.
• Manufacturers are actively working on improving the geometry & metallurgical qualities of flywheel rotors and the chemical composition & refinement of low-carbon steel alloy processes, thereby creating new directions for market expansion.
• In addition, flywheels are also witnessing high demand in the military & defense sector for powering ground vehicles, weapons, navigation, communications, and their associated intelligent systems to ensure continuous military operations.
• UPS (Uninterrupted Power Supply) is among the key applications of flywheel energy storage systems, owing to the ever-growing demand for adequate power backup solutions, especially in emerging countries where power outages are frequent. Hence, the rising demand for energy storage systems like UPS to minimize such disruptions, particularly in commercial sectors, shall promote the flywheel energy storage system market growth in the coming years.
• DEG (Distributed Energy Generation) application is also gaining momentum. It owes to its cost reduction benefits provided by on-site power generation that eliminates inefficiencies & complexities in transmission & distribution.

North America Promises Lucrative Prospects for the Industry

The ever-increasing requirement for UPS systems to ensure a continuous power supply for commercial & industrial operations, coupled with the rising demand for data centers for storing massive amounts of data, are the prime aspects contributing to the increasing number of flywheel projects for power conservation. Moreover, the booming automotive sector with the growing penetration of electric mobility and significant technological advancements is another prominent factor stimulating the North America Flywheel Energy Storage Systems Market.

• In November 2022, ZOOZ Power recently announced signing a MoU with an unnamed worldwide leading car rental company to build & operate a flywheel-based ultra-fast charging station in the US. The site, i.e., LaGuardia Airport, New York, is expected to become operational by Q2 of 2023.

In the US, flywheels are used in combination with renewable energy sources to provide storage capacity & balance the unpredictable nature of renewables. As around 40% of carbon emissions in the country are due to power generation, technologies like flywheel energy generation & storage are gaining immense traction and, in turn, contributing to the regional market expansion.

Remarkable developments in the renewable energy sector and the mounting proliferation of EVs are set to create lucrative prospects for the Flywheel Energy Storage System Market in the nearer future. More & more countries are devising policies to expand the utilization of sustainable energy sources and reduce the emission levels caused by fossil fuels. While kinetic energy storage is a groundbreaking idea in the renewable resources sector, companies are actively working on developing more innovative, sustainable, & highly efficient flywheel designs, which shall provide the necessary impetus to the industry over the coming years.