Global $552.1 Million Flywheel Energy Storage System Markets, Analysis 2016-2019 & Forecasts 2020-2027
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Friday, September 18, 2020
The global flywheel energy storage system market size is expected to reach USD 552.1 million by 2027, escalating at a CAGR of 7.4% over the forecast period.
Key Points:
- The global flywheel energy storage system market size is expected to reach USD 552.1 million by 2027, escalating at a CAGR of 7.4% over the forecast period.
- Flywheel energy storage providing frequency regulation in grid balancing operations is set to be driving the market across this segment
The data centers segment occupied a significant market share and is projected to witness a high growth rate over the forecast period. - Flywheel serves as a reliable energy storage solution in developing areas with less reliable grid infrastructure and high electricity costs, and in island areas where grids are reliant on biofuels and diesel generators.
- Manufacturers are focusing on optimizing the geometry and metallurgical properties of flywheel rotor including the chemical composition and processing refinement of low-carbon steel alloy.