Flywheel Energy Storage Market has been valued at US$ 321.2 million in the year 2021 and it is estimated to reach US$ 469.40 million by the year 2027, with a CAGR of 7.5% from 2022 to 2027. Flywheel Energy Storage employs kinetic energy stored in a rotating mass with very low frictional losses. Electric energy input accelerates the mass to speed via an integrated motor generator. The energy is discharged by drawing down the kinetic energy using the same motor-generator; these are the main factors that have considerably increased the demand for Flywheel Energy Storage in the market, thereby driving the huge growth of the Flywheel Energy Storage market in the upcoming years
Market Drivers and Restraints:
The main factors that have considerably increased the demand for Flywheel Energy Storage in the market is mainly due to the Increasing demand from UPS and data center application segments has driven the market for flywheel energy storage systems, within this region. Distributed energy generation involves the generation of power at the place of consumption. This method has several advantages such as elimination of cost, inefficiencies, and complexities related to power generation as compared to centrally generated power. Further, distributed energy generation aids to provide faster power backup in case of natural disasters such as floods and earthquakes; these are the main factors that have considerably increased the demand for Flywheel Energy Storage in the market, thereby driving the huge growth of the Flywheel Energy Storage market in the upcoming years
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The report is segmented as:
Flywheel Energy Storage Market is segmented on the basis of:
By Application (UPS, Distributed Energy Generation, Transport, Data Centers)
Flywheel Energy Storage Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and the rest of the world. North America has the dominant share in Flywheel Energy Storage due to the growing demand for data centers designed for storing large amounts of data has resulted in the growth of the flywheel energy storage market within this region these are the main factors that have considerably increased the demand for the Flywheel Energy Storage in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Flywheel Energy Storage Market
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Impact of COVID-19 on the Market
Covid -19 pandemic has affected every industry, and the long-term consequences are projected to influence the Flywheel Energy Storage boom for the duration of the forecast period. The covid-19 pandemic has impacted largely on the income of the Flywheel Energy Storage market. COVID-19 has adversely affected the Flywheel Energy Storage market. The restrictions and lockdown imposed by means of the authorities in quite a few international locations have gradually down the market and reduced the Flywheel Energy Storage. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Flywheel Energy Storage market growth.
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