Global Flywheel Energy Storage Systems (FESS) Market Expected to Reach a Market Value of US$699.3 Million by 2031: Visiongain Reports Ltd
Visiongain has published a new report on Global Flywheel Energy Storage Systems Market Report Forecasts 2021-2031. Forecasts by material (steel, alloy, composite, others), by application (power time lag, load tracking, transmission and distribution upgrade, time-of-use energy cost management , electrical service reliability, electrical power quality, renewable energy time difference, Other), by end use (UPS, DEG, transportation, data center, other). PLUS, Profiles of major manufacturing companies and analysis of key national and regional markets. MORE, COVID-19 Recovery Scenarios
Download exclusive sample report @ https://www.visiongain.com/report/flywheel-energy-storage-systems-market-2021/#download_sampe_div
Global Flywheel Energy Storage System (FESS) Market is estimated to be worth US$325.6 million in 2021 and is expected to reach a market value of US$699.3 million by 2031. is expected to drive the demand for FESS. FESS is expected to see high traction in electric vehicle applications over the next few years, due to its high power density, faster charging and low environmental impact.
Impact of COVID-19 on the Flywheel Energy Storage System Market
Visiongain has planned four scenarios for the FESS market to recover over the forecast period i.e. V, U, W, and L. The most favorable scenario for this market is expected to be the “V” shaped recovery pattern which depends on the opening of industries and markets. organizations to enable a full range of full-fledged services to their customers. This scenario is considered the most likely as several countries have eased lockdown implementations and introduced effective treatment and vaccines. FESS is also engaged in providing critical backup power to several healthcare facilities, which is supporting a “V” shaped recovery in the market.
Demand for uninterrupted power supply
An increase in energy demand is observed from households, transport and industries to keep up with the growth rates in the BRICs and developing countries. FESS are environmentally friendly compared to other energy storage technologies with a faster response time that allows no loss of productivity in industrial manufacturing, smooth operation of healthcare or other critical industries and reduction of downtime in data centers. The environment-friendly nature of flywheels coupled with its fast response time is expected to drive the market growth over the next few years. According to the Energy Storage Association, 35 GW of new energy storage is expected to be deployed by 2035.
Supportive government initiatives
Beacon Power has received a $43 million loan guarantee from the U.S. Department of Energy to build a 20 megawatt (MW) plant flywheel energy storage the plant will be located in Stephentown, New York. The growing burden of the huge cost of power outages on national revenues, coupled with the corresponding need for grid infrastructure upgrades, is expected to drive government initiatives in flywheel energy storage systems. The European Union’s Horizon 2020 research and innovation program has also awarded several grants to FESS companies such as AdD HyStor, ENERGIESTRO and Teraloop, among others.
Advantageous in electric vehicle application
Higher power densities, reliability, zero environmental impact and faster charging are some of the reasons why FESSs are increasingly in demand for applications 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 between the main energy storage and the traction motor in an electric vehicle. According to EV Outlook 2020, there are expected to be 500 electric vehicle models globally by 2022. Demand for electric vehicles is expected to reach 1.7 million in 2020 and 54 million in 2040. China and Europe are expected to see higher penetration as more and more than half of passenger vehicles sold will be electric.
Get a detailed table of contents @ https://www.visiongain.com/report/flywheel-energy-storage-systems-market-2021/#download_sampe_div
Growing preference for clean energy
Growing demand for continuous and clean electricity supply in end-use markets, along with growing energy storage industry, is expected to drive the market over the forecast period. The notion of flywheel energy storage system is to store electrical energy in the form of kinetic energy by rotating a mass mechanically connected to the motor/generator assembly. Companies like OXTO Energy are focused on developing an innovative energy storage system to enable a sustainable, low-carbon future. This is due to the growing demand for clean energy and the reduction in carbon footprint across the world.
Some of the companies featured 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 major companies operating in the FESS market are engaged in mergers and acquisitions and technology collaborations. Companies with extensive experience in SSEA 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 of Ingolstadt, deployed UPS technology from Piller Power Systems for a 10,000 m² multi-megawatt data center. Data center power will be protected using 4 Piller UNIBLOCK™ UBTD+ UPS systems, which encompass POWERBRIDGE™ kinetic energy storage, which is one of the cleanest and most sustainable power sources available.
In January 2019, Active Power Germany merged with Piller Germany to simplify customer purchases of Cleansource XT and CSHD products.
Find quantitative and qualitative analyzes with independent predictions. Receive insights that only our report contains, staying informed with this valuable business intelligence.
Information found nowhere else
With our new report title, you’re less likely to fall behind in your knowledge or miss opportunities. See how our work could benefit your research, analysis and decisions. The Visiongain study is for anyone who needs business analytics for the FESS market and leading companies. You will find data, trends and forecasts.
Find more research reports on the Energy storage sector; please click on the following links:
Do you have any custom requirements that we can help you with? Do you need specific information about a specific country, geographic region, market segment or company? contact us todaywe can discuss your needs and see how we can help you: email@example.com
Visiongain is one of the fastest growing and most innovative and independent market information companies, the company publishes hundreds of market research reports which he adds to his vast portfolio every year. These reports offer in-depth analysis of 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 may currently influence each other, these markets include automotive, aviation, chemical, cyber, defence, energy, food and beverage, materials, packaging, pharmaceuticals and utilities. Our customized and syndicated market research reports mean you can have tailored market intelligence tailored to your own business needs.
PR at Visiongain Reports Limited
Tel: + 44 0207 336 6100