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.
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* 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 PeriodsView Full Report Buy This Report Now