Flywheel Energy Storage Market Growth Analysis, Opportunities, Trends, Development and Demand Forecast to 2030

The flywheel energy storage market growth between 2021 and 2030 will thrive on the surging need for electricity in remote places, the increasing preference for traditional energy generation methods, and the rising number of government policies regarding electricity production. Flywheel storage systems play a vital role in traditional power generating plants, as they help meet the soaring energy demand and solve power quality problems, such as limiting CO2 emissions, data errors, automatic resets, and equipment/circuit board failures.

The burgeoning demand for electricity in BRICS nations and other emerging economies, owing to the rapid industrialization in these countries, is one of the key growth drivers of the market. Flywheel energy storage systems are necessary for aggregate traditional generating plants, as they help meet soaring power demand and supplement intermittent RES for their integration into electrical networks. In addition, the soaring demand for backup power will also increase the deployment of flywheel energy storage systems.

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According to P&S Intelligence, in 2020, the data center category, within the end user segment, accounted for the largest share in the flywheel energy storage market. This is credited to the wide-scale deployment of energy storage systems in data centers of large IT corporations, such as Google. In situations of a transient power outrage, flywheel energy storage systems offer instant power to the connected systems, which, in turn, provides backup generators time to start. Due to these factors, the category will also retain its market lead in the coming years.

In recent years, the deployment of flywheels for military operations, ground vehicles, navigation, weapons, communications, and their associated intelligent systems has become a key trend in the flywheel energy storage industry. The increasing use of flywheels in these applications can be credited to the uninterrupted energy offered by this energy storage technology. Additionally, a flywheel energy storage system enhances the stability of weapons and other systems and helps in the penetration of current in power systems.

In contemporary years, players in the flywheel energy storage industry have actively engaged in product launches and acquisitions to consolidate their position. For instance, in May 2019, NRStor Inc. (NRStor) acquired a 5-Megawatt (MW) connected energy storage facility located in Clear Creek, Ontario. Furthermore, in September 2019, Active Power Inc. unveiled CLEANSOURCE PLUS, a battery-free UPS, which provides more power and saves cost per kilowatt. Other players adapting such strategic measures include ABB Ltd., VYCON Inc., STORNETIC GmbH, and Beacon Power LLC.

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Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to retain its dominance in the coming years as well. This can be owed to the increasing number of flywheel projects to conserve energy in the region. Flywheels are being connected with renewable energy sources to make sure that the intermittent nature of renewable energy becomes more consistent. Whereas, the APAC market is projected to display the fastest growth in this decade, owing to the surging requirement for the continuous power supply.

Therefore, the rising energy need in developing countries is expected to drive the demand for flywheel energy storage systems in the coming years.

Browse more reports:

Data Center Power Industry - https://www.psmarketresearch.com/press-release/data-center-power-market

Distributed Energy Generation Systems Industry - https://www.psmarketresearch.com/market-analysis/distributed-energy-generation-systems-market

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