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

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.