Flywheel energy storage (FES) is a type of energy storage device, that converts electrical energy into mechanical energy, and then stores energy in the form of rotational kinetic energy. Flywheel stores energy that is based on rotating mass principle. Input energy for FES is generally drawn from an electric source. Components such as flywheel, motor/generator, magnetic bearings, inductor, and power electronics interface are mainly used for designing of FES.
North America market accounted for largest market share in terms of revenue in the global flywheel energy storage market, as compared to that of markets in other regions
A major factor driving growth of the global flywheel energy storage market is increasing adoption of eco-friendly energy sources globally. Also, properties such as longer life, low operation and maintenance costs of flywheel energy storage are expected to increase demand for flywheel energy storage system. Moreover, increasing demand for un-interrupted power supply and for backup power supplies are other factors expected to boost growth of the global flywheel storage market over the forecast period.
Shorter discharge time and lack of awareness regarding use of FES are key factors restraining growth of the global flywheel energy storage market. In addition, utilization of flywheel accumulators can cause threat of explosion which is another factor expected to hamper growth of the target market to a moderate extent.
The global flywheel energy storage market is segmented on the basis of type, application, and region. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounted for largest market share in terms of revenue in the global flywheel energy storage market, as compared to that of markets in other regions. This can be attributed to increasing demand for continuous supply of electricity by IT & communication industry in countries in the region. Owing to growing automotive industry in the region and demand for uninterrupted power sources, the market in Europe is anticipated to account for second-highest revenue share in the global flywheel energy storage market over the forecast period. Owing to developing industrialization in countries such as China, India, etc., the market in Asia Pacific is expected to register highest growth rate with CAGR of XX.X% over the forecast period.
Prominent players in the global flywheel energy storage market include EnSync, Inc., Beacon Power, LLC, Calnetix Technologies, LLC, VYCON, Inc., Temporal Power, Ltd., Pentadyne Power Corporation, Piller Group GmbH, STORNETIC GmbH, GKN Hybrid Power Limited, and Alstom Transport SA.