Market Definition
A flywheel comprises a motor-generator rolling element bearing in a typical setup. Flywheel energy storage (FES) systems perform by spinning a flywheel at a high frequency and storing energy in the form of rotary energy in the machine. Once the energy is captured, the fly-rotational wheel's speed is reduced by applying the energy savings principle. In order to minimize the energy loss and friction produced, the vacuum chamber is employed to place the float wheel and the engine generator.
The first generation of flywheel energy storage systems features a large steel flywheel rotating on mechanical lockers. However, modern FES systems comprise high-performance carbon-fiber rotors suspended by magnet bearings and rotating at speeds ranging from 20,000 to over 50,000 rpm in a vacuum environment. These flywheels can reach their energy capacity significantly faster than any other form of storage in a couple of minutes.
Market Insights
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. 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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 8.2% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific | |
| South America: Brazil, Argentina, Rest of South America | |
| Middle East & Africa: The UAE, Saudi Arabia, South Africa, Rest of MEA | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Moreover, in an attempt to promote healthy competition among players, certain guidelines have been enforced by the industrial standards that act as critical references to be used while designing, testing, installing, manufacturing, and maintenance of flywheel power systems. The guidelines not just ensure compliance and minimalist liability but also collectively downsize overall costs by eliminating wasted time and effort to develop high-quality flywheel energy storage systems.
Another factor backing the frequent adoption of flywheel energy storage systems is their higher efficiency and longer life span, facilitating market expansion in the coming years. Moreover, extensive investment by the key players in research and development to tackle the high maintenance costs associated with the technology is expected to improve revenue shares. As such, manufacturers are focusing on enhancements regarding geometry and metallurgical qualities of flywheel rotors, as well as the chemical composition and refinement of low-carbon steel alloy processes. Thus, it is anticipated to offer lucrative growth opportunities for the market during the forecast period. For instance,
