Market Insights and Analysis: Global Flywheel Energy Storage System Market Overview and Projections (2023-2028)
The Global Flywheel Energy Storage System Market is projected to grow at a CAGR of around 8.2% during the forecast period, i.e., 2023-28. The overall market expansion can be attributed primarily to the growing automobile industry paired with intensifying energy storage market.
Top leading companies in the Global Flywheel Energy Storage System Market includes:
ABB Ltd., Beacon Power LLC, STORNETIC GmbH, Langley Holdings Plc (Active Power Inc.), Amber Kinetics Inc., Calnetix Technologies LLC (VYCON Inc), Energiestro, Kinetic Traction Systems Inc., Siemens AG, Bc New Energy (Tianjin) Co., Ltd. (BNE), Tesla, Inc., Piller Power System, WattsUp Power A/S, Xun Power Corp, Levisys., Others.
Global Flywheel Energy Storage System Market Key Trend:
Electrification of Military Systems - The burgeoning demand for flywheels for powering military operations and ground vehicles, as well as weapons, navigation, communications, and their associated intelligent systems, has augmented in the past few years. In order to ensure continuity in terms of numerous weapons, and vehicles, the military systems must be devoid of any disruptions, particularly in terms of energy. As such, flywheel technology forms a suitable choice for energy storage. This storage system improves the system's stability and aids in current penetration in power systems. As a result, the electrification of military systems has been a prominent trend in the Flywheel energy storage system market in the past few years.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Type
-Solid Steel
-Carbon Composite
By Application
-Frequency Regulation
-Uninterruptible Power Supplies (UPS)
-Distributed Energy Generation (DEG)
By End User
-Transport
-Data Centre
-Aerospace and Defence
-Power Utility
-Others (Marine, Manufacturing).
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Global Flywheel Energy Storage System Market Geographic Reach:
The Geographic Reach of the Global Flywheel Energy Storage System Market evaluates the spread and significance of Global Flywheel Energy Storage System market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
- North America: US, Canada, Mexico
- Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
- Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East Africa: The UAE, Saudi Arabia, South Africa, Rest of MEA.
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