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NEW YORK, Oct. 11, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Flywheel energy Storage Market
size is estimated to grow by USD 224.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over
9.4%
during the forecast period. Growth in data center construction market
is driving market growth,
with a trend towards
growth in advanced energy storage market. However,
competition from fossil fuels
poses a challenge - Key market players include Active Power Solutions Ltd., Amber Kinetics Inc., Beacon Power LLC, Calnetix Technologies LLC, ENERGIESTRO, FREQCON GmbH, Langley Holdings Plc, Omnes Energy, Oxto Ltd., POWERTHRU, PUNCH Flybrid, Revterra, Rotonix USA Inc., Schneider Electric SE, Schwungrad Energie, Siemens AG, Stantec Inc., STORNETIC GmbH, The Boeing Co., and VYCON Inc..
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Technavio has announced its latest market research report titled Global Flywheel Energy Storage Market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Type (Composite rims and Steel rims), Technology (UPS, Energy services, Transportation, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) |
| Region Covered |
North America, Europe, APAC, Middle East and Africa, and South America |
| Key companies profiled |
Active Power Solutions Ltd., Amber Kinetics Inc., Beacon Power LLC, Calnetix Technologies LLC, ENERGIESTRO, FREQCON GmbH, Langley Holdings Plc, Omnes Energy, Oxto Ltd., POWERTHRU, PUNCH Flybrid, Revterra, Rotonix USA Inc., Schneider Electric SE, Schwungrad Energie, Siemens AG, Stantec Inc., STORNETIC GmbH, The Boeing Co., and VYCON Inc. |
Key Market Trends Fueling Growth
The global advanced energy storage market, including flywheel energy storage, is experiencing significant growth due to increasing electricity demand, grid-related challenges, and the need to bridge the demand-supply gap. Advanced Energy Storage Systems (ESSs), including flywheels, are increasingly being adopted in large utility-scale power projects to manage grid demand and peak periods. Various countries are investing heavily in research and development initiatives to enhance the efficiency and operations of these systems. The thriving advanced energy storage industry is driven by the need for power management in electrical grids, in power consumption, and the growth in the infrastructure or construction market worldwide. Consequently, the flywheel energy storage market is poised for expansion during the forecast period.
The Flywheel Energy Storage market is gaining traction due to increasing government mandates for carbon emissions reduction and the Paris Agreement. Coal power plants are being phased out in favor of renewable energy deployment, particularly wind power plants. Flywheel UPS systems offer an alternative to battery UPS systems, with the added benefit of kinetic energy storage and real-time monitoring capabilities. Leading companies in the industry include those specializing in high-power maglev flywheels, battery storage, and UPS solutions. Applications include data centers, cloud computing, healthcare, and cloud technologies. Industry developments include hybrid projects and distributed energy generation. Flywheel energy storage offers uninterrupted power supply and a smaller carbon footprint compared to traditional battery storage. The Renewable Energy sector is driving growth, with visualization, remote monitoring, alarm notifications, and data center applications leading the way. The Wind Europe Organization anticipates continued growth in the wind power sector, making flywheel energy storage a promising solution for the future of energy storage.
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Market
Challenges
The International Energy Agency (IEA) reports that renewable energy sources accounted for over 42% of global electricity generation in 2021, with wind and solar PV contributing around 25%. To reach the zero-emission scenario of 2050, renewable electricity's share must increase from approximately 29% at the beginning of 2021 to over 60% by 2030. Annual production growth must exceed 12% from 2022 to 2030, double the 2019-2021 average. However, challenges persist, particularly in countries with abundant coal reserves, where governments prioritize coal-based electricity over renewable sources due to cost. Emerging economies aim to increase wind power generation but lack investments due to the absence of stable government policies and competition. Indonesia, with a high-potential wind power market, faces challenges installing wind turbines and generating profits due to the absence of government tariffs and support. Despite concerns about climate change encouraging the shift away from fossil fuels, the problem of grid instability can pose a significant challenge when the contribution from intermittent renewable power sources such as wind and solar is high. Fossil fuels will remain the major contributor to power generation during the forecast period, increasing its market share, posing a challenge for renewable power and impacting the global flywheel energy storage market for renewable energy grid integration. In summary, the competition from fossil fuels is hindering the growth of the global flywheel energy storage market for renewable energy grid integration.
Flywheel energy storage is an innovative technology gaining traction in various industries for frequency regulation and uninterrupted electricity supply. Companies like Formula 1 cars and hybrid vehicles use flywheels for energy recovery and storage. However, challenges exist in applying this technology for passenger vehicles and renewable energy sources due to climatic conditions and intermittent sourcing. Natural disasters and power cuts impact electricity demand, making uninterrupted power essential for manufacturing plants in developing nations. Environmental concerns and the need for new infrastructure are driving the energy storage sector. Flywheels offer high reliability, quick function, and extended duration discharge with low maintenance costs. Significant players in the market include traditional batteries, but flywheels provide high power efficiency, quick response, and quality protection. Despite these advantages, challenges remain, such as high cycle times, overtime costs, and installation costs. Operating conditions and durability are crucial factors, especially in harsh climates. Flywheels' environmental impact and availability of resources also need consideration. Maintenance and capacities are essential for ensuring efficient and effective energy storage. In conclusion, flywheel energy storage offers a promising solution for renewable energy sources, electricity infrastructure improvement, and power grid distribution infrastructure. With advancements in technology and cost reduction, flywheels can provide a reliable and efficient energy storage solution for urban populations and isolated communities.
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Segment Overview
This flywheel energy storage market report extensively covers market segmentation by
Type
1.1 Composite rims
1.2 Steel rims
Technology
2.1 UPS
2.2 Energy services
2.3 Transportation
2.4 Others
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1
Composite rims-
Flywheel energy storage systems utilize composite rims as a key component for efficient and fast energy storage. These rims, typically made from carbon-fiber composites, offer high strength and lightweight properties, enabling rotational speeds necessary for energy storage. Composite rims are mounted on a rotor in a vacuum chamber, converting electrical energy into rotational kinetic energy when charged and vice versa. Filament-wound and hoop-wound rims are common types, with the former made by wrapping carbon fiber around a mandrel and the latter around a metal hoop. Benefits of composite rims include high efficiency, quick response times, and minimal maintenance. However, the high cost of these systems remains a significant challenge to wider adoption. The UN's Sustainable Energy for All initiative anticipates USD45,000 million in investments for modern electricity access, with flywheel energy storage systems playing a crucial role. The energy sector's substantial investments in these technologies are expected to fuel the growth of the global flywheel energy storage market, specifically the composite rims segment, during the forecast period.
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Research Analysis
Flywheel energy storage is an innovative technology that utilizes kinetic energy to store and release electricity. This technology has gained significant attention in the renewable energy sector due to its ability to provide uninterrupted electricity, especially during power cuts and natural disasters. The Energy Storage Association reports that flywheel energy storage is becoming increasingly popular for frequency regulation applications, hybrid projects, and UPS systems in data centers. High-power maglev flywheels can deliver quick responses and high power output, making them suitable for various applications, including Formula 1 cars and hybrid vehicles. In addition, flywheel energy storage is being explored for passenger vehicles and manufacturing plants in developing nations to meet growing electricity demand from renewable sources. Flywheel energy storage offers several advantages over batteries, including longer cycle life, faster response times, and no degradation over time.
Market Research Overview
Flywheel energy storage is an innovative technology in the energy sector that utilizes kinetic energy to store and release electricity. This technology is gaining popularity in the renewable energy sector for its ability to provide uninterrupted power supply and frequency regulation. Unlike batteries, which have limited cycle times and high overtime costs, flywheels offer extended duration discharge and low maintenance costs. Flywheel energy storage is ideal for distributed energy generation and hybrid projects, making it a leading application in the renewable energy sector. The technology is also used in uninterruptible power supply (UPS) systems, data centers, and frequency regulation applications. Industry developments include the creation of high-power maglev flywheels, which offer quick function and high reliability, making them suitable for various applications. Flywheels are also being used in Formula 1 cars, hybrid vehicles, and passenger vehicles for energy storage. Natural disasters and climatic conditions can cause power cuts, making flywheel energy storage an essential solution for manufacturing plants and developing nations. The technology's environmental impact is minimal, making it an attractive alternative to traditional batteries and coal-powered plants. The energy storage sector is witnessing significant growth due to government mandates for carbon emissions reduction and the Paris Agreement. Flywheel energy storage offers a carbon footprint-friendly solution, with real-time monitoring capabilities, remote monitoring, and alarm notifications. The technology's durability, high reliability, and power efficiency make it an attractive option for various applications, including data centers, cloud computing, healthcare, and visualization. Flywheel UPS systems are also gaining popularity over battery UPS systems due to their extended duration discharge and low maintenance costs. Despite the advantages, flywheel energy storage faces challenges such as high installation costs, available resources, and operating conditions. However, the technology's quick function and high reliability make it a worthwhile investment for industries and communities seeking uninterrupted electricity. The future of flywheel energy storage lies in its ability to improve electricity infrastructure, distribution infrastructure, and electricity generation, especially in urban populations and developing countries. The technology's role in renewable energy deployment, wind power plants, and coal-powered plant replacement is crucial in reducing carbon emissions and meeting electricity demand.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Composite Rims
Steel Rims
Technology
UPS
Energy Services
Transportation
Others
Geography
North America
Europe
APAC
Middle East And Africa
South America
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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