Flywheel Energy Storage Market Is Witnessing Significant Growth Due To Growing Demand For Uninterruptible Power Supply Till 2024

The global flywheel energy storage market is projected to reach USD 477.8 million by 2024, according to a new report by Grand View Research, Inc. Increasing demand for uninterrupted power supply and growing energy storage industry are expected to fuel the growth of this market. Flywheel systems store and regulate electricity by spinning continuously and hence are used for the majority of the frequency regulation applications. The major difference between photovoltaic solar cells and the flywheel storage systems is that the latter can produce power throughout the day and night.

U.S. Flywheel Energy Storage Market Revenue, By Application, 2013 - 2024 (USD Thousand)

The data centers segment held the largest share of 16% in terms of applications in 2015. Growing energy storage industry in the U.S. and the European region projected to drive the market. Growing demand for uninterruptible power supply, particularly from the industrial sector, has provided much-needed momentum.

Browse full research report on Flywheel Energy Storage Market: www.grandviewresearch.com/industry-analysis/flywheel-energy-storage-market               

Further key findings from the study suggest:

• The data centers segment is projected to dominate this industry from 2016 to 2024 and is estimated to reach over USD 65 million by 2024, growing at a CAGR of 7.2%. Continuous, uninterrupted power is a primary requirement for data centers, for which, flywheel energy storage systems are used. Growing commercial workstations, which require a large amount of data to be stored centrally, are driving the market in this application segment. Growing cloud-enabled IT services are expected to propel demand for data centers, thus influencing market growth.
• Distributed energy generation is projected to be the fastest growing application segment at a CAGR of 12% from 2016 to 2024. Low cost of power transmission, reduced complexity, and higher efficiency are key characteristics of DEG systems that are preferred over a conventional generation. Also, this method is expected to provide a boost to the use of renewable sources for power generation and reduce the dependency on fossil fuels.
• North America was the largest market for flywheel energy storage systems in 2015, with a share of more than 77%. It is projected to witness a steady CAGR from 2016 to 2024. Since this region is home to some of the major IT companies such as Oracle, Cisco Systems, Intel Corp, Google and Microsoft that need storage of large amounts of data centrally, the demand from the data centers segment is projected to increase, by 2024.
• Active Power, Amber Kinetics, Inc., Beacon Power, LLC, and Calnetix Technologies, LLC account for the majority of the share in this industry. Other important players include Piller Group GmbH, Powerthru, Power Tree, Temporal Power, and Rotonix USA. Agreements, collaborations, and joint ventures were the most commonly adopted development strategies by these players between 2011 and 2016, in order to consolidate their positions in the industry.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/power-generation-and-storage                                                                                                                                                      

Grand View Research has segmented the global flywheel energy storage market on the basis of application and region:

Application Outlook (Capacity, KW; Revenue, USD Thousand, 2013 - 2024)

• UPS
• Distributed Energy Generation
• Transport
• Data Centers
• Others

Regional Outlook (Capacity, KW; Revenue, USD Thousand, 2013 - 2024)

• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• South Korea
• Japan
• Latin America
• Brazil
• MEA

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-flywheel-energy-storage-market 

                                                                                                                     

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

Solar Cell Market Will Grow at a Steady Rate of 25.5% from 2015 to 2022: Grand View Research, Inc.

Global solar cell industry is expected to reach over 1,087.0 GW by 2022 owing to increasing demand for electricity coupled with rising consumer awareness regarding environmental benefits of renewable energy sources. Stringent government regulations in various economies to encourage use of solar energy through incentives and feed-in-tariffs is also anticipated to drive demand over the forecast period. 

Germany solar cell market installed capacity, by product, 2012-2022 (GW)

Technological advancements have led to efficient performance and reduction in manufacturing cost of the cells which is expected to fuel growth. Moreover, rising demand for eco-friendly energy sources in order to reduce dependence on fossil fuels and achieve energy security is expected to propel growth over the next seven years. 

Browse full research report on Solar Cell Market: www.grandviewresearch.com/industry-analysis/solar-cell-market        

Increasing demand for PV systems in residential, utility and commercial applications is expected to have a positive impact on the industry. Increasing government support coupled with rising R&D investments in the sector is projected to propel growth. In addition, rapid development in the industrial sector together with growing infrastructure improvements particularly in emerging economies is forecasted to fuel product utilization over the next seven years. 

Multicrystalline and monocrystalline which form the silicon wafer segment contributed to an overall market share of approximately 90.0% of aggregated installation capacity in 2014. 

In 2014, monocrystalline silicon wafer market reached over 57.0 GW. Industry players are expected to have ample growth opportunities in the market owing to increasing utilization of the product in developed nations. Properties of monocrystalline solar cells including stability, high efficiency and compact design is expected to propel demand over the next seven years. Research and development aimed at incorporating magnetic nanoparticles in manufacturing solar cells owing to enhanced performance is anticipated to open new avenues over the forecast period. 

Emerging economies including China, Indonesia, India and Japan are expected to experience significant growth inthe market owing to supportive government programs and policies over the next seven years. 

Multicrystalline silicon cells are projected to witness rapid growth exceeding 25.0% in the forecast period owing to simple production process leading to reduced costs. Asia Pacific is expected to be a major market for multi crystalline solar cell owing to rising demand for multi crystalline solar cells in residential and commercial applications and increasing consumer awareness regarding cost efficiencyof the product. 

UAE is one of the major markets for solar cells in MEA owing to reliable operation and cost benefits of the product.Impressive aesthetic exteriors and flexibility offered by photovoltaics is estimated to propel thin film solar cell market over the next seven years.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/renewable-energy                                                                                                                                                

Grand View Research has segmented the global solar cell market on the basis of product and region:

Global Solar Cell Product Outlook (Installed capacity, GW, 2012 - 2022)

• Silicon Wafer
• Monocrystalline
• Multicrystalline
• Thin Film
• Cadmium Telluride
• Amorphous silicon
• Copper Indium Gallium Selenide

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-solar-cell-market 

                                                                                                              

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com