This market research report includes a detailed segmentation of the global flywheel energy storage market by application (UPS, load following for distributed generation, transportation, and others). It also outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are Active Power, Beacon Power, Calnetix Technologies, and EnSync Energy.
Technavio’s market research analysts estimate the global flywheel energy storage market, to grow at a CAGR of around 20% between 2016 sand 2020. Flywheel technology responds to control signals promptly and can be 100 times quicker than traditional generation sources. The flywheel energy storage technology has found huge application in the utility sector to balance the grid-regulate voltage up or down, for spinning reserve, and for voltage support. EMEA dominates the flywheel storage market, accounting for 41% of the overall market share. Europe majorly uses flywheel in the transportation sector, which is the one of the primary factor contributing to market growth in EMEA.
The new market research report from Technavio provides a breakdown and analysis of the flywheel energy storage segments by technology.
“The increasing use of renewable sources such as wind, solar, and biofuels is boosting the demand for flywheels. Globally, fossil fuel is the most extensively used power source. However, combustion of fossil fuel emits large quantities of GHGs, leading to global warming and extreme weather conditions. Therefore, many developed and developing countries are focusing on sustainable and clean energy sources like wind, solar, and biofuels, thereby increasing the demand for energy storage such as flywheels,” says Vishu R., Lead Analyst, Energy, Technavio Research.
The UPS segment led the flywheel energy storage market during 2015, with a market share of over 33%. Rapid industrial development and growing population have increased the global demand for power. In developing nations, the energy demand-supply gap frequently leads to power outages, thereby propelling the demand for power backups such as UPS.
Global flywheel energy storage market by UPS 2015¬-2020 ($ millions)
Source: Technavio, 2016
The leading vendors in the global flywheel energy storage market are Active Power, Beacon Power, Calnetix Technologies, and EnSync Energy. This market is witnessing the entry of many new vendors and government agencies, yet they find it difficult to contend with the existing well-diversified international vendors in terms of quality, functionalities, and services. It is expected that an increase in technological innovations and applications of the flywheel will intensify the competition in the market over the next few years.
A more detailed analysis is available in the Technavio report, Global Flywheel Energy Storage Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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