Flywheel Energy Storage Systems Market Growth & Trends
The global flywheel energy storage system market size is expected to reach USD 552.1 million by 2027, escalating at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for energy storage systems across various industries along with the implementation of favorable regulatory policies regarding clean power generation and reducing dependence on fossil-fuel based power sources is likely to drive the market over the forecast period.
Flywheel serves as a reliable energy storage solution in developing areas with less reliable grid infrastructure and high electricity costs, and in island areas where grids are reliant on biofuels and diesel generators. In these remote areas, flywheel storage is set up in integration with renewable wind and solar power, thereby combating the intermittent nature of renewable power while providing a continuous power supply to the grid or other facilities.
The technology offers several advantages over batteries to store energy. Some of the advantages include unlimited daily cycling capacity, no chemical reaction, zero capacity degradation, and high round-trip efficiency. However, parameters such as high cost and short duration of flywheel power are among the critical factors expected to hamper market growth over the forecast period.
Industry participants are heavily investing in research and development activities in order to find a solution to the high maintenance cost incurred by technology. Manufacturers are focusing on optimizing the geometry and metallurgical properties of flywheel rotor including the chemical composition and processing refinement of low-carbon steel alloy. Moreover, large market players are tying up with small regional companies in order to enhance their foothold in the market globally.
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Flywheel Energy Storage System Market Report
Flywheel Energy Storage Systems Market Report Highlights
- Others segment occupied the largest market share in 2019 in terms of revenue. Flywheel energy storage providing frequency regulation in grid balancing operations is set to be driving the market across this segment
- The distributed energy generation segment is anticipated to be the fastest-growing application segment owing to the rising demand for isolated grids across remote communities and remote industrial operations
- The data centers segment occupied a significant market share and is projected to witness a high growth rate over the forecast period. This growth can be attributed to the large number of IT companies deploying the technology at their massive data centers
- North America accounted for the largest regional market share in terms of revenue, owing to the growing number of projects to reserve power across the region, mainly the U.S.
- In Asia Pacific, the market is expected to witness significant CAGR over the forecast period owing to the growing demand for continuous power supply along with government efforts to supply clean power across end-use markets.
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