What is the global market size of Flywheels Market?

The Flywheels Market size was valued at USD 330.40 billion in 2021 and is expected to grow from USD 360.80 billion in 2022 to USD 668.07 billion by 2030, at a CAGR of 9.2% during the forecast period (2023-2030).

Who are the key vendors in the Global Flywheels Market?

The key vendors in the Global Flywheels Market include Beacon Power LLC, Active Power Inc., Pentadyne Power Corporation, VYCON Inc., ABB Ltd., Siemens AG, Powerthru, Amber Kinetics Inc., Teraloop Oy, Piller Group GmbH, Temporal Power Ltd., Calnetix Technologies, LLC, Flywheel Energy Storage (FES) GmbH, STORNETIC GmbH, Kinetic Traction Systems, Rotonix USA, Inc., L3 Harris Technologies, Inc., ST Kinetics Ltd., Vycon Energy, Inc., Torotrak plc, Freqcon GmbH, and Schwungrad Energie Ltd.

What is the key driver of Global Flywheels Market?

The key driver of the Global Flywheels Market is the implementation of policies and incentives by governments worldwide to promote energy efficiency and reduce greenhouse gas emissions.

What is the key market trend for Global Flywheels Market?

The key market trend for the Global Flywheels Market is the development of smart grid technology, which is driving the demand for energy storage solutions that can respond quickly to changes in supply and demand.

Flywheels Market Size, Share, Growth Analysis, By Product(Transportation, Energy Storage), By Type(Steel Rotor, Composite Rotor) - Industry Forecast 2024-2031

Q: Which region accounted for the largest share in Global Flywheels Market?

North America accounted for the largest share in the Global Flywheels Market. The United States dominates the market in this region, driven by the rising demand for energy storage solutions to integrate renewable energy sources and provide reliable backup power for critical facilities such as hospitals and data centers.

Report ID: SQMIG55F2039 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 77

Flywheels Market Dynamics

Flywheels Market Drivers

Government Initiatives to Promote Energy Efficiency will Bring Novel Market Expansion Opportunities

Many governments around the world are implementing policies and incentives to promote energy efficiency and reduce greenhouse gas emissions. Flywheel energy storage systems are a sustainable and efficient energy storage solution that can help to support these initiatives.

With the growing demand for electricity, there is a need for energy storage solutions that can help to stabilize the grid and ensure a steady supply of power. Flywheel energy storage systems offer fast response times and can provide backup power in the event of a grid outage, making them an attractive option for applications such as data centres, hospitals, and other critical facilities.

Flywheels Market Restraints

Limited Energy Storage Capacity to Hinder Market Growth

Flywheels are typically used for short-duration energy storage applications, such as frequency regulation and backup power. However, they may not be suitable for longer duration energy storage applications due to their limited energy storage capacity.

Flywheels Market Report Snapshots

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Flywheels Market size was valued at USD 330.40 billion in 2021 and is poised to grow from USD 360.80 billion in 2022 to USD 668.07 billion by 2030, at a CAGR of 9.2% during the forecast period (2023-2030).

The market players are focusing on developing advanced flywheel energy storage systems that offer high energy efficiency, longer cycle life, and improved performance. They are also investing in research and development activities to develop next-generation flywheel energy storage systems that can meet the increasing demand for energy storage solutions. 'Beacon Power LLC (United States)', 'Active Power Inc. (United States)', 'Pentadyne Power Corporation (United States)', 'VYCON Inc. (United States)', 'ABB Ltd. (Switzerland)', 'Siemens AG (Germany)', 'Powerthru (Ireland)', 'Amber Kinetics Inc. (United States)', 'Teraloop Oy (Finland)', 'Piller Group GmbH (Germany)', 'Temporal Power Ltd. (Canada)', 'Calnetix Technologies, LLC (United States)', 'Flywheel Energy Storage (FES) GmbH (Germany)', 'STORNETIC GmbH (Germany)', 'Kinetic Traction Systems (United States)', 'Rotonix USA, Inc. (United States)', 'L3 Harris Technologies, Inc. (United States)', 'ST Kinetics Ltd. (Singapore)', 'Vycon Energy, Inc. (United States)', 'Torotrak plc (United Kingdom)', 'Freqcon GmbH (Germany)', 'Schwungrad Energie Ltd. (India)'

Many governments around the world are implementing policies and incentives to promote energy efficiency and reduce greenhouse gas emissions. Flywheel energy storage systems are a sustainable and efficient energy storage solution that can help to support these initiatives.

The development of smart grid technology is driving the demand for energy storage solutions that can respond quickly to changes in supply and demand. Flywheel energy storage systems can play a significant role in supporting the smart grid by providing fast and reliable energy storage.

From 2021 to 2028, the region is expected to dominate at a CAGR of 7.5%. Flywheel energy storage systems currently have the largest market in North America, with the United States being the dominating nation in the region. The expansion of the flywheels market in North America is being driven by the rising demand for energy storage solutions to enable the integration of renewable energy sources and the requirement for dependable backup power in important facilities such as hospitals and data centers.

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Flywheels Market Size, Share, Growth Analysis, By Product(Transportation, Energy Storage), By Type(Steel Rotor, Composite Rotor) - Industry Forecast 2024-2031

Flywheels Market Dynamics

Flywheels Market Report Snapshots

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FAQs

What is the market size of Flywheels Market?

Who are the key vendors in the Flywheels Market?

What is the key driver of Flywheels Market?

What is the key market trend for Flywheels Market?

Which region accounted for the largest share in Flywheels Market?

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