Yahoo Finance 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
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
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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.
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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.
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