Growth in the data center construction market is the key factor driving the market growth
NEW YORK, Jan. 22, 2024 /PRNewswire/ — The flywheel energy storage market is expected to grow by USD 200.38 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 9.13% during the forecast period. North America accounts for 30% of the growth of the global market during the forecast period. Increased investments and state-level initiatives in North America have propelled the flywheel energy storage market’s expansion. This growth is driven by rising demand for advanced grid storage facilities, supported by Smart Grid Technology, Distributed Energy Resources, Carbon Footprint Reduction, Demand Response, Regenerative Braking Systems, and Uninterruptible Power Supplies (UPS). Favorable government policies, the imperative to curb CO2 emissions, and the need to address the intermittent nature of renewable energy sources further fuel this demand. Market Trends, Investment and Funding, Regulatory Framework, and Technological Advancements are key factors shaping this market’s trajectory.
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The flywheel energy storage market from 2023 to 2027 features a fragmented landscape with numerous global and regional players, including category-focused, industry-focused, and diversified vendors. The global off-grid flywheel energy storage market is expected to grow rapidly during the forecast period due to the Growth in the data center construction market. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies. 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.
Flywheel energy storage market Key Offerings are;
Active Power Solutions Ltd.: The company offers flywheel energy storage systems such as Cleansource Plus SMS, Cleansource Plus MMS, and Cleansource Plus UPS.
Amber Kinetics Inc: The company offers flywheel energy storage systems for ancillary services, energy arbitarge, and energy firming.
Based on Type, The market share growth by the composite rims segment is significant during the forecast period. Composite rims are pivotal components in Flywheel Energy Storage Systems (FESS), often crafted from carbon-fiber composites for their exceptional strength and lightweight properties. These materials enable the rims to achieve high rotational speeds and efficient energy storage. The utilization of composite rims in FESS offers numerous advantages, including high efficiency, rapid response times, and minimal maintenance requirements. This technology is significant in Kinetic Energy Storage, where factors like Rotational Speed, Energy Density, High-Speed Bearings, Vacuum Enclosure, Composite Materials, Magnetic Levitation, Energy Efficiency, Power Management, Sustainable Energy, Renewable Energy Integration, Frequency Regulation, Grid Stabilization, Energy Arbitrage, Backup Power, Peak Shaving, Energy Storage Capacity, Lifecycle Cost, Energy Conversion Efficiency, and Industrial Energy Storage are essential in driving its effectiveness and adoption. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Imperative Insights on the following aspects:
- What was the size of the global flywheel energy storage market by value?
- What will be the size of the global flywheel energy storage market in 2027?
- How has the industry perform over last 5 years?
- What factor are affecting the strength of competition in the global flywheel energy storage market?
- What main segments make up the global flywheel energy storage market?
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Technology
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.
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SOURCE Technavio
