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.
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