Flywheel Energy Storage Systems Market to Reach $744.3 Million, Globally, by 2033 at 7.8% CAGR: Allied Market Research

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Aug 07, 2024, 02:39 ET

Rise in renewable energy sources, such as solar and wind, which are intermittent in nature, drives the need for effective energy storage solutions. FES systems store and release energy quickly, balancing supply and demand. Effective energy storage solutions such as FES have the ability to reduce the reliance on fossil fuel-based backup power plants, which are typically used to balance supply and demand. This reduces greenhouse gas emissions and promotes a cleaner energy grid.

WILMINGTON, Del. , Aug. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Flywheel Energy Storage Systems Market by Component (Flywheel Rotor, Motor-Generator, Magnetic Bearings, and Others), and Application (Uninterrupted Power Supply, Distributed Energy Generation, Transport, Data Centers, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2033". The global flywheel energy storage systems market was valued at $353 million in 2023 and is estimated to reach $744.3 million by 2033, exhibiting a CAGR of 7.8% from 2024 to 2033.

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Prime determinants of growth

Supportive government policies and incentives aimed at promoting renewable energy and energy storage solutions are driving the adoption of FES systems. These policies often include subsidies, tax benefits, and funding for research and development. However, the upfront costs for installing FES systems can be high due to the specialized materials and technology required. This can be a barrier for adoption, especially for smaller projects or in developing regions. Nevertheless, as the penetration of renewable energy increases globally, there is a significant opportunity for FES systems to be integrated with renewable energy projects, providing necessary storage and stability.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$353 Million
Market Size in 2033	$744.3 Million
CAGR	7.8 %
No. of Pages in Report	250
Segments Covered	Component, Application, and Region
Drivers	• Increase in Demand for Energy Storage • Government Policies and Incentives
Opportunities	• Integration with Renewable Energy
Restraint	• High Initial Costs

Earthmoving equipment segment is expected to lead during the forecast period

The flywheel rotor stands out as the major segment in the flywheel energy storage systems market as it is the core component responsible for storing kinetic energy. As it spins, it converts and retains energy, which can later be released to generate electricity. This critical function makes the rotor indispensable in FES systems. As the critical component where the energy is stored and retrieved, advancements in the flywheel rotor technology are pivotal to the overall success and adoption of FES systems.

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Uninterrupted power supply segment is expected to exhibit fastest growth during the forecast period

Uninterrupted power supply (UPS) applications are critical in nature, requiring absolute reliability and rapid response times. FES systems excel in these areas, providing immediate power delivery during outages or power quality issues. Industries such as healthcare, military, finance, and data centers all require robust UPS systems. The high power density and quick discharge capabilities of FES systems make them ideal for these demanding applications.

Moreover, the rapid expansion of data centers globally, driven by increase in cloud computing and digital services, further solidifies the demand for reliable UPS solutions. FES systems are increasingly being adopted in data centers to ensure continuous operation and power quality.

Asia-Pacific to maintain its dominance by 2033

The Asia-Pacific region is experiencing significant urbanization and industrial growth, leading to increase in demand for stable and reliable power supplies. FES systems are expected to play a critical role in providing this stability. Countries such as China, India, Japan, and Australia are investing heavily in renewable energy sources such as solar and wind. The intermittent nature of these sources necessitates effective energy storage solutions, with FES systems being a viable option.

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Players: -

Langley Holdings plc
Amber Kinetics, Inc.
Stornetic GmbH
Energiestro
VYCON
Beacon Power Systems
Kinetic Traction Systems, Inc.
Langley Holdings plc
Tesla
ABB Ltd.

Recent Industry Advancement:

Flywheel energy storage systems are being integrated into electric vehicle (EV) powertrains to enhance battery life and performance. By capturing and storing kinetic energy during regenerative braking, flywheel systems reduce the load on the EV battery, leading to fewer charge-discharge cycles and slower degradation. This integration helps in managing energy fluctuations and provides additional power during high-demand situations, thus improving the reliability and reducing the maintenance costs of EVs.
Modern flywheel rotors are increasingly being constructed from advanced composite materials. These composites, which can include carbon fiber, allow for higher rotational speeds (up to 60, 000 RPM) compared to traditional steel flywheels. This results in greater energy storage capacity and improved safety, as composite materials are designed to contain fragments in case of failure.
The use of active magnetic bearings in flywheel systems is a significant advancement. These bearings minimize friction and wear, allowing for higher efficiency and longer operational life. They also enable precise control of the rotor's position, which enhances the overall stability and performance of the system.
Companies such as Thien eDrives have developed loss-optimized synchronous reluctance motors for flywheel applications. These motors achieve high efficiency without requiring magnets or rare earth materials, making them more sustainable and cost-effective. However, they do consume some energy to maintain the charge, resulting in a gradual discharge over time, making them suitable for short-term energy storage solutions.

The report provides a detailed analysis of these key players in the global flywheel energy storage systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Report Review:

Advancements in flywheel technologies are playing a pivotal role in driving the growth of the flywheel energy storage (FES) systems market. These technological developments enhance the efficiency, performance, and versatility of flywheel-based energy storage solutions, making them increasingly attractive for a wide range of applications in the evolving energy landscape. Notably, advancements in magnetic bearings and vacuum encasement technologies have significantly reduced friction and energy losses within flywheel systems. By minimizing these losses, the efficiency of energy storage and retrieval processes is improved, making flywheel systems more competitive compared to other energy storage technologies.

The rising global demand for electricity, coupled with the need for grid stability, renewable energy integration, and reliable backup power solutions, is accelerating the adoption of flywheel energy storage systems across diverse sectors, thus fueling market expansion. For instance, India ranks as the world's third-largest producer and consumer of electricity, with an installed power capacity of 429.96 GW as of January 31, 2024. In the same year, India's installed renewable energy capacity, including hydro, reached 182.05 GW, constituting 42.3% of the total installed power capacity. Solar energy accounted for 72.31 GW, followed by wind power at 44.95 GW, biomass at 10.26 GW, small hydropower at 4.99 GW, waste-to-energy at 0.58 GW, and hydropower at 46.93 GW. During the fiscal year 2022-2023, non-hydro renewable energy capacity increased by 15.27 GW, marking significant growth in India's power generation sector, with a 6.80% increase in power generation to 1, 452.43 billion kilowatt-hours (kWh) by January 2024.

China also reported substantial electricity generation growth, with a 2.2% increase per annum to 8, 388.6 TWh in 2022. The country's thermal production of electricity, which includes coal and natural gas, rose 0.9% to 5, 853.1 TWh, accounting for over 70% of total generation. This growing electricity demand underscores the importance of efficient and reliable energy storage solutions like flywheels.

However, the high upfront capital investment for FES systems can be a barrier, particularly when compared to other energy storage technologies like lithium-ion batteries. The costs associated with advanced materials, precision engineering, and installation can be prohibitive for some users, especially for smaller-scale applications. Additionally, flywheels generally have lower energy densities (20-80 Wh/kg) compared to chemical batteries (150-250 Wh/kg), making them less suitable for long-duration energy storage and better suited for short-term, high-power applications. These factors can hamper market growth.

Nevertheless, technological advancements in flywheel design are creating significant opportunities in the FES market. Innovations in magnetic bearings and control systems reduce friction, enhance efficiency, and allow for longer spin times. Combined with sophisticated control algorithms, these developments improve the precision and stability of flywheels, making them more reliable for various grid support functions, such as frequency regulation and energy smoothing. These factors are anticipated to offer new growth opportunities for the flywheel energy storage (FES) systems market during the forecast period.

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