The flywheel energy storage systems market was valued at $353.0 million in 2023, and is projected to reach $744.3 million by 2033, growing at a CAGR of 7.8% from 2024 to 2033.
Flywheel energy storage system is an energy storage device that converts mechanical energy into electrical energy, achieving energy storage with the help of high-speed rotating flywheel. The system serves as a robust solution in applications that require fast charge and discharge cycles. The operation of flywheel energy storage system do not discharge of any hazardous chemicals, making it a sustainable and efficient alternative to traditional energy storage systems.
The growth of the global flywheel energy storage system is majorly driven by surge in demand for electricity across the globe and reliable power backup sources. For instance, India ranks as the world's third largest producer and consumer of electricity, boasting an installed power capacity of 429.96 GW as of January 31, 2024. Moreover, the need to reduce dependability of fossil fuel-based power backup plants, the necessity to reduce the greenhouse gas emissions, and promote the use of cleaner energy act as the key driving forces of the market. Increase in penetration of electric vehicles significantly contributes toward the market growth. This is attributed to the fact that the use of flywheels has been gaining high traction for energy storage and recovery in electric vehicles, thereby enhancing efficiency and extending the service life of batteries. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase.
However, high capital investment required for flywheel energy storage systems restrains the growth of the market. Moreover, the need for precision engineering, advanced materials, and constant maintenance incur additional costs, which limit the market growth. Lower energy density of flywheels as compared to chemical batteries make them less suitable in applications that require long-duration energy storage, thus hampering their demand across the globe.
On the contrary, constant R&D to further increase the energy density of flywheels and make them more efficient and capable of storing more energy is expected to offer remunerative opportunities for the expansion of the global flywheel energy storage system market during the forecast period. For instance, Siemens Energy AG delivered the world's biggest 177-ton flywheel to Ireland in 2022. The flywheel arrived at the Moneypoint coal-fired power station on the southwestern coast in early May.
The global flywheel energy storage systems market is segmented on the basis of component, application, and region. By component, the market is classified into flywheel rotor, motor-generator, magnetic bearings, and others. On the basis of application, it is classified into uninterrupted power supply, distributed energy generation, transport, data centers, and others. Region wise, it is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
By application, the uninterrupted power supply segment is expected to exhibit fastest growth during the forecast period.
Region wise, Asia-Pacific is anticipated to dominate the market by 2033.
Flywheel energy storage system is an energy storage device that converts mechanical energy into electrical energy, achieving energy storage with the help of high-speed rotating flywheel. The system serves as a robust solution in applications that require fast charge and discharge cycles. The operation of flywheel energy storage system do not discharge of any hazardous chemicals, making it a sustainable and efficient alternative to traditional energy storage systems.
The growth of the global flywheel energy storage system is majorly driven by surge in demand for electricity across the globe and reliable power backup sources. For instance, India ranks as the world's third largest producer and consumer of electricity, boasting an installed power capacity of 429.96 GW as of January 31, 2024. Moreover, the need to reduce dependability of fossil fuel-based power backup plants, the necessity to reduce the greenhouse gas emissions, and promote the use of cleaner energy act as the key driving forces of the market. Increase in penetration of electric vehicles significantly contributes toward the market growth. This is attributed to the fact that the use of flywheels has been gaining high traction for energy storage and recovery in electric vehicles, thereby enhancing efficiency and extending the service life of batteries. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase.
However, high capital investment required for flywheel energy storage systems restrains the growth of the market. Moreover, the need for precision engineering, advanced materials, and constant maintenance incur additional costs, which limit the market growth. Lower energy density of flywheels as compared to chemical batteries make them less suitable in applications that require long-duration energy storage, thus hampering their demand across the globe.
On the contrary, constant R&D to further increase the energy density of flywheels and make them more efficient and capable of storing more energy is expected to offer remunerative opportunities for the expansion of the global flywheel energy storage system market during the forecast period. For instance, Siemens Energy AG delivered the world's biggest 177-ton flywheel to Ireland in 2022. The flywheel arrived at the Moneypoint coal-fired power station on the southwestern coast in early May.
The global flywheel energy storage systems market is segmented on the basis of component, application, and region. By component, the market is classified into flywheel rotor, motor-generator, magnetic bearings, and others. On the basis of application, it is classified into uninterrupted power supply, distributed energy generation, transport, data centers, and others. Region wise, it is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of component, the flywheel rotor segment registers the highest growth.By application, the uninterrupted power supply segment is expected to exhibit fastest growth during the forecast period.
Region wise, Asia-Pacific is anticipated to dominate the market by 2033.
Competition Analysis
Competitive analysis and profiles of the major players in the global Flywheel Energy Storage Systems Market include Langley Holdings plc, Amber Kinetics, Inc., Stornetic GmbH, Energiestro, VYCON, Beacon Power Systems, Kinetic Traction Systems, Inc., Langley Holdings Plc, Tesla, and ABB Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to gain a strong foothold in the flywheel energy storage systems market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Component
- Flywheel Rotor
- Motor-Generator
- Magnetic Bearings
- Others
By Application
- Uninterrupted Power Supply
- Distributed Energy Generation
- Transport
- Data Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
Key Market Players
- Langley Holdings plc
- Amber Kinetics, Inc.
- Stornetic GmbH
- Energiestro
- VYCON
- Beacon Power Systems
- Kinetic Traction Systems, Inc.
- Langley Holdings Plc
- Tesla
- ABB Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: FLYWHEEL ENERGY STORAGE SYSTEMS MARKET, BY COMPONENT
CHAPTER 5: FLYWHEEL ENERGY STORAGE SYSTEMS MARKET, BY APPLICATION
CHAPTER 6: FLYWHEEL ENERGY STORAGE SYSTEMS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Langley Holdings plc
- Amber Kinetics, Inc.
- Stornetic GmbH
- Energiestro
- VYCON
- Beacon Power Systems
- Kinetic Traction Systems, Inc.
- Langley Holdings Plc
- Tesla
- ABB Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 353 million |
| Forecasted Market Value ( USD | $ 744.3 million |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
