DUBLIN, Dec. 22, 2023 /PRNewswire/ — The “Flywheel Energy Storage Market Report by Application (Uninterruptible Power Supply (UPS), Distributed Energy Generation, Transport, Data Centers, and Others), and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global flywheel energy storage market demonstrates a robust growth trajectory, propelled by a marked rise in applications across Uninterruptible Power Supply (UPS), transportation, data centers, and clean energy production.
As of 2022, the market reached an impressive valuation of US$ 295.9 Million and is anticipated to surge to US$ 474.9 Million by 2028. This progress reflects a strong Compound Annual Growth Rate (CAGR) of 8.2% throughout the forecast period from 2022 to 2028.
Flywheel Energy Storage Emerges as a Sustainable Solution
The urgent call for renewable energy sources and the necessity for a reliable power supply are primary drivers steering the global flywheel energy storage market. Flywheels store energy via high-speed rotation, thus presenting a dynamic and environmentally friendly solution. Innovations within the sector, such as the integration of advanced electrical machinery, magnetic bearings, and the utilization of high-performance composite materials, support this technology’s move towards mainstream adoption.
Industry Applications Drive Market Expansion
Analyzed through a lens of practical applications, the report categorizes the market into segments including UPS, distributed energy generation, transport, data centers, and other uses.
The largest of these segments, UPS, finds flywheel energy storage systems (FESS) indispensable due to their efficiency in providing clean and instantaneous power. Moreover, their deployment in data centers for power quality and reliability underscores the technology’s versatility and growth potential within various infrastructural settings.
Geographic Insights Highlight North America’s Market Dominance
Regionally, North America emerges as a significant market shareholder, shaped by the upsurge in smart grid initiatives and the escalating demand for electric vehicles that integrate flywheel systems for improved energy efficiency.
The market analysis encompasses a detailed evaluation of key regions which also includes growth assessments for Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The global flywheel energy storage market is characterized by numerous entities renowned for their innovation and strategic initiatives. These industry players contribute to a competitive and evolving landscape by focusing on sustainable energy solutions and technological advancements.
Insightful Analysis and Key Questions Addressed
- The market report answers critical questions regarding the current size and future growth prospects of the flywheel energy storage market.
- Detailed explorations of market dynamics offer insights into the factors promoting the widespread use of flywheel energy storage solutions across various sectors.
- It further delves into the COVID-19 pandemic’s impact, outlining adaptations and resilient market segments amidst global disruptions.
The global interest in sustainable energy storage reflects a substantial transformation in energy paradigms. This latest report provides strategic insights for stakeholders on emerging trends that will shape the flywheel energy storage landscape in the forthcoming years.
Companies Profiled
- ABB
- Adaptive Balancing Power
- Amber Kinetics
- Beacon Power
- Calnetix Technologies
- Energiestro
- Langley Holdings
- Oxto Energy
- Phillips Service Industries
- Schwungrad Energie
- Siemens Aktiengesellschaft
- Stornetic GmbH and Teraloop
For more information about this report visit https://www.researchandmarkets.com/r/73mk58
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SOURCE Research and Markets
