NEW YORK – The rising demand for electricity, coupled with the fact that much of it is still generated from fossil fuels, is leading to a high amount of greenhouse gas emissions. Moreover, governments are focusing on providing electricity to remote places and deregulating the energy sector. Due to all these factors, global flywheel energy storage market generated ~$300 million in 2020 and is set to grow with significant growth rate between 2021 and 2030.
During the COVID-19 pandemic, strict lockdowns were implemented around the world to curb the spread of the infection. As a result, manufacturing operations were reduced, which led to a low demand for energy. This, in turn, resulted in stagnation in the growth of the flywheel energy storage market due to the declining demand for such systems.
Data center, aerospace, automotive, defense, and others are the categories under the end user segment. In 2020, data centers were the largest category in the flywheel energy storage market, as the burgeoning digitization rate is driving the construction of such facilities. Data centers require uninterrupted electricity; in this regard, such systems immediately discharge power in the event of a transient power failure, till the backup generators come online.
The divisions of the flywheel energy storage market under segmentation by application are distributed energy generation (DEG), uninterrupted power supply (UPS), and others (power quality and frequency regulators). During the forecast period, the UPS division is set to undergo the fastest growth due to the increasing demand for a continuous power supply in industries. Moreover, the frequent power outages in emerging economies necessitate an effective backup system.
Browse detailed report with COVID-19 impact analysis on Flywheel Energy Storage Market Research Report: By Application (Uninterruptible Power Supply, Distributed Energy Generation), End User (Automotive, Data Center, Aerospace, Defense)
North America dominated the flywheel energy storage market during 2015–2020 due to the numerous projects initiated to generate clean energy and conserve it for future use. Additionally, considerable growth in the market during the forecast period will be observed in Asia-Pacific (APAC) on account of the rising demand for electricity and government efforts to supply clean power to industries.
Key players in the flywheel energy storage market are acquiring electricity storage facilities to grow. For instance, in May 2019, an energy storage center with a capacity of 5 Megawatts (MW) was acquired by NRStor Inc. The facility is situated in Clear Creek, Ontario, in the vicinity of the Hydro One electrical infrastructure and a wind farm with a capacity of 20 MW.
ABB Ltd., STORNETIC GmbH, Beacon Power LLC, VYCON Inc., Rotonix USA Inc., Active Power Inc., Amber Kinetics Inc., and Williams Grand Prix Engineering Limited are the major companies in the global flywheel energy storage market.