Global Flywheel Energy Storage System Market Research Report: Forecast (2023-2028)

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 & Analysis: Global Flywheel Energy Storage System Market (2023-28)

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.

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,

• Chakratec, headquartered in Tel Aviv, Israel, has devised new kinetic energy storage systems. The company has incorporated flywheels to ensure fast charging even in grid-constrained regions, enabling customers to save ample money on expensive upgraded transmission and distribution (T&D) infrastructure.

Global Flywheel Energy Storage System Market Key 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.

Global Flywheel Energy Storage System Market (2023-28): Segmentation Analysis

The Global Flywheel Energy Storage System Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Application the market has been further classified as:

Based on Application,

• Frequency Regulation
• Uninterruptible Power Supplies (UPS)
• Distributed Energy Generation (DEG)

Among all, Uninterruptible Power Supplies (UPS) demonstrated a noticeable growth with a substantial market share during the historical period and is anticipated to prevail in the same trend during the forecast period. The dominance predominantly attributes to the mounting need for adequate power backup solutions, particularly in developing nations where power outages are frequent. As such, power supply interruptions and fluctuations have called for more energy storage systems like UPS to tackle and minimize such disruptions in commercial sectors in the past few years. This factor undoubtedly has compelled the key players to invest heavily and bring more innovative products into the Global Flywheel Energy Storage System Market, thereby cushioning the industry growth in the coming years.

On the other hand, Distributed Energy Generation(DEG) method is expected to attain maximum growth rate, among others, during the forecast period. It is primarily because of the cost reduction benefits associated with this technique as the power is generated on-site. Since power generates at the point of consumption, the method eliminates inefficiencies and complexities in transmission and distribution.

Global Flywheel Energy Storage System Market Regional Projection

Geographically, the Global Flywheel Energy Storage System Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Here, North America acquired a sizable market share in the historical period and is anticipated to make significant contributions to the overall market expansion in the coming years. This dominance is backed by the mounting demand for UPS systems, to maintain a continuous supply of power necessitated by commercial and industrial applications. Likewise, a substantial surge in demand for data centers intended for storing large amounts of data has led to more adoption of flywheel energy storage systems across the region. For instance,

• An international car rental company is piloting Zooz Power's flywheel-based EV charging system at New York City's LaGuardia Airport.

Global Flywheel Energy Storage System Industry Recent Developments 

• 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.

Global Flywheel Energy Storage System Market Key Driver:

Expanding Demand for Grid Flexibility and Reliability - There has been a surge in demand for more flexible and reliable power grids in recent years. Since smarter, more flexible electric grids can reduce energy losses, a flywheel energy storage system seems paramount to the grids. Reliability seeks to minimize the risk and impact of power outages, withstanding disruptions, and thereby quickly and efficiently restoring the system. Since the flywheel energy storage system provides the utmost reliability, consumers may now count on a consistently operational and functional grid. This factor has led to the steady adoption of such systems, thereby favorably fostering market expansion.

Gain a Competitive Edge with Our Global Flywheel Energy Storage System Market Report

1. Global Flywheel Energy Storage System Market report provides a detailed and thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics and make informed decisions.
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