Asia-Pacific to Grab Lion's Share in the Global Flywheel Energy Storage Market

Mon, 30 November 2020 10:42

Asia-Pacific region is witnessing the fastest growth rate in the global flywheel energy storage market owing to the rapid industrialization and urbanization in the country. The growing incomes of the region's middle-class populace have resulted in massive volume migrations to urban areas. The existing power grids and electricity distribution systems are aging and cannot supply the energy according to the demand. There is a need for new infrastructure for modernization and expansion of the grid to serve the growing populations and bring power to more than half of the world's population living in the region.

Around 30% of the developing countries' population lives without electricity access, which is a key driver for the flywheel's market growth. As per the United Nations Sustainable Energy for All initiative, around USD 45,000 million investment is expected to be made for access to modern electric power. Flywheel energy storage systems are considered essential in these investments, allowing better utilization of existing and new energy resources. Therefore, the energy sector's considerable investments are projected to propel the regional demand for flywheel energy storage systems in the coming seven years.

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Impact of COVID-19

The outbreak of the COVID-19 pandemic has drastically changed the economic outlook for the future. Currently, the government impositions and severe lockdowns across the globe has adverse effects on industries and has created disruptions in the global supply chain. The halt in the production activities has significantly lowered energy demand. Moreover, during the unlocking phase and the prevalence of uncertainty still hanging around, the manufacturing sectors worldwide have considerably reduced production and operations. The decline in production activities results in lower demand for continuous energy and power, limiting the market's revenue potential.

However, the demand for flywheel energy storage systems witnessed an upward trend in these unprecedented times. Hospitals and the rising number of quarantine centers have created a need for flywheels to provide backup and smooth distribution of power. The systems allow the hospitals to function efficiently without risking the patient's life and are reliable alternatives to UPS systems that use lead-acid batteries.

Key Highlights

  • The global flywheel energy storage market is expected to grow at a lucrative growth rate owing to the rapid growth in renewable energy plant deployment and the need for low-cost uninterrupted electricity in several industries.
  • UPS segment is projected to hold the largest market share with around 20-30% strongly supported by the growing number of data centers and significantly rising cloud computing and visualization worldwide.
  • North America is dominating the global flywheel energy storage market during the forecast period 2017–2029. The region's growth is attributed to the growing demand for energy from numerous sectors and aging existing electricity grids.
  • Some of the key players profiled in the global flywheel energy storage market are ABB Ltd, Active Power Solutions Ltd, Amber Kinetics, Inc., Beacon Power, LLC, Vycon, Inc., POWERTHRU (Phillips Service Industries, Inc.), STORNETIC GmbH, OXTO Energy, Energiestro, Piller UK Limited, Kinetech Power Systems S.A. and many others.
  • In August 2019, VYCON unveiled the VDC-XXT flywheel model, an eco-friendly system for clean energy storage solutions.

Flywheel Energy Storage Market: Segmentation

By Rim Type

  • Solid Steel
  • Carbon Composite

By Application

  • Power Distribution
  • Hybrid and Electric Vehicles
  • UPS
  • Microgrids
  • Distributed Energy Generation
  • Others

By End-User

  • Healthcare
  • Transportation
  • Utilities and Renewables
  • Telecommunication
  • Data Centers
  • Industrial and Manufacturing
  • Others

By Regions

  • North America
  • Europe
  • The Asia-Pacific
  • Central and South America and the Caribbean
  • The Middle-East
  • Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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