Flywheel Energy Storage Market Trends

Global Flywheel Energy Storage Market size was valued at USD 438.32 Billion in 2023 and is poised to grow from USD 461.11 Billion in 2024 to USD 691.72 Billion by 2032, growing at a CAGR of 5.2% in the forecast period (2025-2032).

'Beacon Power', 'Active Power', 'Calnetix Technologies', 'Amber Kinetics', 'Pentadyne Power Corporation', 'Piller Group GmbH', 'Vycon Inc.', 'Temporal Power Ltd.', 'Stornetic GmbH', 'Powerthru', 'GKN Hybrid Power', 'Oxto Energy', 'Adaptive Balancing Power GmbH', 'Schwungrad Energie Limited', 'Kinetic Traction Systems Inc.'

Many countries are moving towards renewable energy, like wind and solar power, to respond to the rising energy demands. The renewable energy sector is witnessing increasing investments and faster growth, due to increasing support from government initiatives and reduced source expenses. Today, the available resources have many drawbacks, like high maintenance, reduced capacities, limited operating conditions, among many others. This is increasing the demand for flywheel energy storage solutions because it has the ability to maintain and stabilize the voltage and frequency of the power system. These flywheel energy storage systems are also eco-friendly, which smoothens the adoption of clean energy.

Rising Production Capacities for Eco-Friendly Storage Systems: There is an increasing demand for reliable, cost-effective, long-lasting, and environmentally sound energy storage systems to support various energy storage applications. With advances in materials technology, bearings, and power electronics, the technology of flywheels for energy storage has significantly developed. With the growing advancement and adoption of this technology in energy storage, manufacturers are increasing their production capacities, which is increasing the demand for flywheel energy storage.

North America is dominating with the largest flywheel energy storage market share. This region is leading in the market mainly because of the increasing energy demand in various industries and the aging electricity infrastructure in the region. In recent times, many flywheels have been implemented in countries like the US and Canada, mainly for regulating frequency and uninterruptible power supply (UPS) applications. Moreover, the demand for UPS is increasing in this region due to the adoption of flywheels. These technologies are used for their extended duration discharge capabilities and low maintenance expenses. The US is dominating in the flywheel energy storage market in North America due to increasing R&D, industrial investments, and government budgets that focuses on the development of grid storage systems. This investment in grid storage systems is essential to meet the energy needs of urban populations and developing countries in North America, while minimizing carbon emissions and enhancing power efficiency, leading to the growth of flywheel energy storage market.