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Global flywheel energy storage systems (FESS) market is projected to reach at a market value of US$ 699.3 million by 2031: Visiongain Research Inc

·6-min read

Visiongain has published a new report on Global Flywheel Energy Storage Systems Market Report Forecast 2021-2031. Forecasts by Material (Steel, Alloy, Composite, Others), by Application (Electric Energy Time Shift, Load Following, Transmission & Distribution Upgrade, Time of Use Energy Cost Management, Electric Service Reliability, Electric Service Power Quality, Renewables Energy Time Shift, Others), by End-use (UPS, DEG, Transportation, Data Center, Others). PLUS, Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios

Download Exclusive Sample of Report @ https://www.visiongain.com/report/flywheel-energy-storage-systems-market-2021/#download_sampe_div

Global flywheel energy storage systems (FESS) market is estimated to be valued at US$ 325.6 million in 2021 and is projected to reach at a market value of US$ 699.3 million by 2031. High demand for long lasting, reliable, and ecologically sound energy storage systems to support advanced energy storage applications is expected to drive the demand for FESS. FESS is anticipated to witness high traction in electric vehicle application over the coming years, on account of its high-power density, faster charging and low environmental impact.

COVID-19 Impact on Flywheel Energy Storage Systems Market

Visiongain has anticipated four scenarios for the FESS market to recover over the forecast period, namely, V, U, W, and L. The most favorable scenario for this market is anticipated to be the “V” shaped recovery pattern which is dependent on industries and organizations opening to enable a range of full-fledged services to their customers. This scenario is considered most probable as several countries have eased down on lockdown implementations and have effective treatment and vaccines in place. FESS is also engaged in providing critical power backup to several healthcare facilities which works in favor for a “V” shaped recovery of the market.

Market Drivers

Demand for Uninterrupted Power Supply

Increased energy demand is observed from households, transportation, and industries in order to keep up with growth rates in BRIC and developing countries. FESS are eco-friendly as compared to other power storage technologies with faster response time that enables no loss of productivity in industrial manufacturing, smooth operation of healthcare or other critical industries, and reduced downtime in datacenters. The environment friendly nature of flywheels coupled with its quick response time is expected to boost market growth over the coming years. According to the Energy Storage Association 35 GW of new energy storage is expected to be deployed by 2035.

Favourable Government Initiatives

Beacon Power received a USD 43 million loan guarantee from the U.S. Department of Energy for construction of a 20-megawatt (MW) flywheel-based energy storage plant to be located in Stephentown, New York. The rising burden of huge cost of power cuts on national revenues coupled with the corresponding need for modernizing grid infrastructures are expected to drive government initiatives in flywheel energy storage systems. European Union’s Horizon 2020 research and innovation programme has also provided several grants to FESS companies such as AdD HyStor, ENERGIESTRO, and Teraloop among others.

Market Opportunities

Advantageous in Electric Vehicle Application

Higher power densities, reliability, no environmental impact, and faster charging are some of the reasons FESS are gaining high demand for application in the electric vehicle segment. Flywheel energy storage systems are commonly used in transportation facilities such as buses, trams, trains, cars, etc. It is inserted in between the main energy storage and the traction motor in an electric vehicle. According to the EV Outlook 2020, it is expected that there will be 500 EV models globally by 2022. The demand for EV is expected to reach 1.7 million in 2020 and 54 million in 2040. China and Europe is expected to observe higher penetration as more than half of passenger vehicles sold will be electric.

Get Detailed TOC @ https://www.visiongain.com/report/flywheel-energy-storage-systems-market-2021/#download_sampe_div

Rising Preference for Clean Energy

Rising demand for continuous and clean electricity supply in end-use markets along with the growing energy storage industry is expected to drive the market over the forecast period. The concept of flywheel energy storage system is to store the electrical energy in the form of kinetic energy by rotating a mass which is connected mechanically into motor/generator combination. Companies like OXTO Energy are focused on developing innovative energy storage system in order to enable a sustainable, low-carbon future. This is driven by growing demand for clean energy and lower carbon footprints across the globe.

Competitive Landscape

Some of the companies profiled in the report include Active Power Inc. (Piller Group GmbH), Rotonix USA, Inc., Amber Kinetics, Inc., ABB, Calnetix Technologies, LLC, VYCON, Inc., POWERTHRU, OXTO Energy, Teraloop Oy, Stornetic GmbH, Fluence Energy, LLC, Beacon Power, LLC, NRStor Inc., and ELYTT ENERGY. The key companies operating in the FESS market are engaged in mergers & acquisitions and technological collaborations. Companies having large experience in AESS have invested significantly in the development of flywheel energy storage solutions.

  • In May 2020, InCampus GmbH, a Joint Venture of AUDI AG and the city Ingolstadt deployed Piller Power Systems UPS technology for a 10,000m² multi-mega-watt data centre. Data centre power will be protected using 4 Piller UNIBLOCK™ UBTD+ UPS systems, which encompasses POWERBRIDGE™ kinetic energy store, which is one of the cleanest and most sustainable power sources available.

  • In January 2019, Active Power Germany merged with Piller Germany in order to simplify customer purchases of Cleansource XT and CSHD products.

Find quantitative and qualitative analyses with independent predictions. Receive information that only our report contains, staying informed with this invaluable business intelligence.

To access the data contained in this document please email contactus@visiongain.com

Information found nowhere else
With our newly report title, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain's study is for everybody needing commercial analyses for the FESS market and leading companies. You will find data, trends and predictions.

Find more research reports on the Energy Storage Sector; please click on the following links:

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: catherine.walker@visiongain.com

About Visiongain

Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.

Contact:

Catherine Walker
PR at Visiongain Inc.
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SOURCE Visiongain Limited.


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