The Global Flywheel energy storage market is forecasted to rise at a CAGR of 8.93% over the forecast period of 2018-2026
LONDON, Sept. 5, 2018 /PRNewswire/ -- KEY FINDINGS
A flywheel energy storage system is a mechanical battery that stores kinetic energy in the form of a rotating mass.In the flywheel energy storage system, a flywheel or rotor is accelerated at high speed, and the energy is maintained as rotational energy.
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The Global Flywheel energy storage market is forecasted to rise at a CAGR of 8.93% over the forecast period of 2018-2026.
MARKET INSIGHTS
The global flywheel energy storage market is segmented on the basis of applications.This segment includes distributed energy generation, UPS, data centers, transport, and others.
The Distributed Energy Generation segment is currently leading the market.Other than flywheels, some of the commonly used energy storage systems are lithium-ion batteries, sodium-sulfur (Na-S) batteries, and lead-acid batteries.
Factors like the growing automotive industry and energy storage market, coupled with the rising demand for uninterrupted power supply (UPS) is chiefly driving the market. However, the growing popularity of battery storage could restrain the market expansion.
REGIONAL INSIGHTS
The global flywheel energy storage market is spread over Europe, Asia-Pacific, North America, South America and the Middle East & Africa.In March 2016, the first hybrid flywheel energy storage plant was developed in the European region.
The region is also predicted to exhibit the fastest growth over the forecast period.However, the North America market is predicted to account for the largest market share during 2018-2026.
This success can primarily be attributed to increasing demand for UPS systems and the need to maintain a continuous supply of power for commercial and industrial sectors from this region.
COMPETITIVE INSIGHTS
Product launch is the primary strategy adopted by the various market companies in the global flywheel energy storage market, in order to gain a competitive edge. Some of the pioneering companies in this market are Active Power, Beacon Power Llc, Calnetix Technologies Llc, Piller Group GmbH, Acumentrics Inc, Powerthru, Power Tree and Temporal Power Ltd.
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