A number of factors such as the escalating need for electricity in remote areas, increasing number of government policies related to electricity generation, and rising need to replace the conventional energy generation methods with new variants will complement the flywheel energy storage market growth during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at around $300.0 million in 2020. Flywheel energy storage systems are being used to aggregate power in traditional power generating plants, to meet the burgeoning energy demand and solve power quality problems.
The mounting demand for continuous energy supply in developing countries, such as Brazil, Russia, India, China, and South Africa, will contribute to the market growth in the upcoming years. Moreover, the escalating need for backup power sources, such as uninterruptible power supply (UPS), and the rising installation of intermittent power sources, including microgrids, will also boost the market growth in the upcoming years. Flywheels are also being integrated into the electrical networks to supplement power generation through intermittent renewable energy sources.
In recent years, the surging deployment of flywheels in the military sector for multiple applications has become a prominent trend in the flywheel energy storage market. Flywheels are used by the armed forces for powering ground vehicles, navigation equipment, weapons, and communication devices, as they help in improving the stability of these systems. Moreover, the UPS offered by flywheel energy storage systems also helps in powering intelligent systems associated with navigation and communication devices.
Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period as well. This can be credited to the soaring number of flywheel energy projects to conserve power in the region. Whereas, the Asia-Pacific (APAC) market is expected to exhibit the fastest growth during the forecast period, due to the burgeoning demand for continuous power supply and increasing government efforts to produce clean energy.
Thus, the mushrooming demand for regular and backup power supply will drive the market growth in the upcoming years.