USD 330.40 billion
Flywheels Market Size, Share, Growth Analysis, By Product(Transportation, Energy Storage, Automotive, Aerospace & Defense), By Type(Steel Rotor, Composite Rotor, Carbon Fiber Rotor and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2039 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
77
Flywheels Market Insights
Flywheels Market size was valued at USD 330.40 billion in 2021 and is poised to grow from USD 360.80 billion in 2022 to USD 668.07 billion by 2030, at a CAGR of 9.2% during the forecast period (2023-2030).
A significant factor in the market expansion for the flywheel is the 30% of people in developing nations who lack access to energy. According to the UN Sustainable Energy for All project, around USD 45,000 in investment is anticipated to be committed to provide access to modern electric power. As the demand for electricity continues to grow, there is an increasing need for energy storage systems that can help to stabilize the grid and ensure a steady supply of power. Flywheel energy storage systems offer several advantages over other types of energy storage, including high efficiency, fast response times, and a long operational life. Companies in the global flywheels market are developing new technologies and products to meet the growing demand for energy storage solutions, and they are working to improve the efficiency, reliability, and affordability of flywheel systems. The company hopes to export flywheels from the second plant to other nations that require energy storage devices. Considering that a flywheel weighs roughly 2.5 tonnes, up to 70-80% of the current plant's output is for the neighbourhood market.
US Flywheels Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Steel Rotor
Fastest Growth
Steel Rotor
Growth Rate
9.2% CAGR
Global Flywheels Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Flywheels Market Segmental Analysis
Global Flywheels Market is segmented on the basis of type, end use and region. By type, the market is segmented into steel rotor, composite rotor, carbon fiber rotor, others. By end use, the market is segmented into transportation, energy storage, automotive, aerospace & defense, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Flywheels Market Analysis by End Use
The aerospace and defense segment are expected to be the dominant segment, with a CAGR of around 8%. Flywheels are used in aerospace and defense applications to store energy and provide backup power for critical systems such as guidance, navigation, and communication
The power generation segment is the second-largest segment of the flywheels market, driven by the increasing adoption of renewable energy sources such as wind and solar power. Flywheels are used in power generation applications to store energy and provide backup power during outages. The power generation segment is expected to grow at a CAGR of around 6%.
Flywheels Market Analysis by Type
Composite rotor flywheels are expected to be the dominant segment, with a CAGR of around 7.5%, as they offer higher energy storage capacity and lower weight compared to steel rotor flywheels. Composite rotor flywheels are used primarily in applications where weight reduction is critical, such as aerospace and defense and automotive industries.Steel rotor flywheels are the most growing segment of the flywheels market, as they are widely used for energy storage and power generation applications due to their high energy storage capacity and durability. The steel rotor flywheel segment is expected to continue its dominance over the forecast period, with a CAGR of around 6%.
Global Flywheels Market Size By Type 2022(%)
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Flywheels Market Regional Insights
From 2021 to 2028, the region is expected to dominate at a CAGR of 7.5%. Flywheel energy storage systems currently have the largest market in North America, with the United States being the dominating nation in the region. The expansion of the flywheels market in North America is being driven by the rising demand for energy storage solutions to enable the integration of renewable energy sources and the requirement for dependable backup power in important facilities such as hospitals and data centers.
Due to the nation's quick industrialization and urbanization, the Asia-Pacific region is experiencing the fastest development in the worldwide flywheel market. Numerous middle-class residents in the area have moved in large numbers to urban areas as a result of their rising salaries. Because of their ageing infrastructure, the current electricity grids and distribution systems are unable to meet demand for energy. More than half of the world's population lives in this area, hence there is a need for new infrastructure for grid upgrading and extension to accommodate the expanding populations.
Global Flywheels Market Size By Geography, 2022-2030
- Largest
- Fastest
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Flywheels Market Dynamics
Flywheels Market Drivers
Government Initiatives to Promote Energy Efficiency will Bring Novel Market Expansion Opportunities
- Many governments around the world are implementing policies and incentives to promote energy efficiency and reduce greenhouse gas emissions. Flywheel energy storage systems are a sustainable and efficient energy storage solution that can help to support these initiatives.
- With the growing demand for electricity, there is a need for energy storage solutions that can help to stabilize the grid and ensure a steady supply of power. Flywheel energy storage systems offer fast response times and can provide backup power in the event of a grid outage, making them an attractive option for applications such as data centres, hospitals, and other critical facilities.
Flywheels Market Restraints
Limited Energy Storage Capacity to Hinder Market Growth
- Flywheels are typically used for short-duration energy storage applications, such as frequency regulation and backup power. However, they may not be suitable for longer duration energy storage applications due to their limited energy storage capacity.
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Flywheels Market Competitive Landscape
The market players are focusing on developing advanced flywheel energy storage systems that offer high energy efficiency, longer cycle life, and improved performance. They are also investing in research and development activities to develop next-generation flywheel energy storage systems that can meet the increasing demand for energy storage solutions.
Flywheels Market Top Player’s Company Profiles
- Pentadyne Power Corporation (United States)
- VYCON Inc. (United States)
- ABB Ltd. (Switzerland)
- Powerthru (Ireland)
- Amber Kinetics Inc. (United States)
- Teraloop Oy (Finland)
- Piller Group GmbH (Germany)
- Temporal Power Ltd. (Canada)
- Calnetix Technologies, LLC (United States)
- Flywheel Energy Storage (FES) GmbH (Germany)
- STORNETIC GmbH (Germany)
- Kinetic Traction Systems (United States)
- Rotonix USA, Inc. (United States)
- L3 Harris Technologies, Inc. (United States)
- ST Kinetics Ltd. (Singapore)
- Vycon Energy, Inc. (United States)
- Torotrak plc (United Kingdom)
- Freqcon GmbH (Germany)
- Schwungrad Energie Ltd. (India)
Flywheels Market Recent Developments
- In June 2022, by delivering a new charging infrastructure with flywheel storage, Adaptive Balancing Power allowed the region to switch to e-buses even without having to increase its power grids. In September, the high-performance flywheel mass storage pantograph charging station is anticipated to start operating. It will take 18 months to complete the test phase in normal driving operations. The infrastructure concept will also be implemented in more areas following a successful test.
- In May 2022, Together, Central Power and Active Power brought standby generators from Central Power and real-time Powerhouse displays of power outages. The CLEAN SOURCE PLUS MMS 1.33MW UPS, the company's flagship unit, is installed in the POWERHOUSE.
Flywheels Key Market Trends
- The development of smart grid technology is driving the demand for energy storage solutions that can respond quickly to changes in supply and demand. Flywheel energy storage systems can play a significant role in supporting the smart grid by providing fast and reliable energy storage.
Flywheels Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global flywheels market is expected to grow at a significant pace in the coming years. While the market faces some challenges such as high initial investment costs and competition from other energy storage technologies, the development of advanced materials and technology is expected to drive innovation and growth in the industry. The use of composite materials, the growth of hybrid and electric vehicles, and the development of smart grid technology are all expected to drive the demand for flywheel energy storage systems. The global flywheels market is poised for growth in the coming years, driven by several factors including the increasing demand for energy storage solutions, the adoption of renewable energy, and advancements in technology. While the market faces some challenges, the overall outlook is positive, and the industry is expected to see continued innovation and development in the years to come.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 330.40 billion |
| Market size value in 2031 | USD 668.07 billion |
| Growth Rate | 9.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Flywheels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Flywheels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Flywheels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Flywheels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Flywheels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Flywheels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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